Stock analysts at Stifel Nicolaus assumed coverage on shares of Pennsylvania Real Estate Investment Trust (NYSE:PEI) in a research report issued to clients and investors on Friday, Marketbeat reports. The brokerage set a “hold” rating and a $11.50 price target on the real estate investment trust’s stock. Stifel Nicolaus’ price target would suggest a potential downside of 3.44% from the stock’s current price.
A number of other brokerages have also issued reports on PEI. ValuEngine lowered shares of Pennsylvania Real Estate Investment Trust from a “buy” rating to a “hold” rating in a research note on Friday, June 2nd. J P Morgan Chase & Co cut their price target on shares of Pennsylvania Real Estate Investment Trust from $20.00 to $18.00 and set a “neutral” rating on the stock in a research note on Wednesday, March 22nd. Barclays PLC restated an “underweight” rating and set a $14.00 price target (down previously from $15.00) on shares of Pennsylvania Real Estate Investment Trust in a research note on Wednesday, April 19th. Boenning Scattergood lowered shares of Pennsylvania Real Estate Investment Trust from an “outperform” rating to a “neutral” rating in a research note on Monday, May 15th. Finally, Zacks Investment Research upgraded shares of Pennsylvania Real Estate Investment Trust from a “sell” rating to a “hold” rating in a research note on Tuesday, May 2nd. Two equities research analysts have rated the stock with a sell rating and five have given a hold rating to the stock. Pennsylvania Real Estate Investment Trust has an average rating of “Hold” and a consensus target price of $16.70.
Pennsylvania Real Estate Investment Trust (NYSE PEI) remained flat at $11.91 during midday trading on Friday. The company had a trading volume of 1,170,643 shares. The company’s 50-day moving average is $11.14 and its 200-day moving average is $15.10. Pennsylvania Real Estate Investment Trust has a 52 week low of $10.00 and a 52 week high of $25.67. The stock’s market cap is $830.62 million.
Pennsylvania Real Estate Investment Trust (NYSE:PEI) last issued its quarterly earnings results on Tuesday, April 25th. The real estate investment trust reported $0.35 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.37 by $0.02. Pennsylvania Real Estate Investment Trust had a negative net margin of 3.49% and a negative return on equity of 1.78%. The company had revenue of $89.26 million for the quarter, compared to analyst estimates of $97.98 million. During the same quarter in the previous year, the company posted $0.43 EPS. The company’s revenue for the quarter was down 12.5% compared to the same quarter last year. On average, equities research analysts forecast that Pennsylvania Real Estate Investment Trust will post ($0.04) earnings per share for the current year.
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In other Pennsylvania Real Estate Investment Trust news, Director George J. Alburger, Jr. acquired 5,000 shares of the business’s stock in a transaction dated Monday, June 12th. The shares were purchased at an average price of $11.78 per share, for a total transaction of $58,900.00. Following the completion of the purchase, the director now directly owns 5,000 shares of the company’s stock, valued at $58,900. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director John Joseph Roberts acquired 10,000 shares of the business’s stock in a transaction dated Tuesday, May 30th. The stock was acquired at an average price of $10.76 per share, for a total transaction of $107,600.00. Following the purchase, the director now directly owns 33,060 shares of the company’s stock, valued at $355,725.60. The disclosure for this purchase can be found here. Insiders bought 35,000 shares of company stock worth $391,000 in the last quarter. Company insiders own 4.40% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the company. Louisiana State Employees Retirement System raised its stake in Pennsylvania Real Estate Investment Trust by 0.4% in the second quarter. Louisiana State Employees Retirement System now owns 28,400 shares of the real estate investment trust’s stock worth $321,000 after buying an additional 100 shares during the last quarter. State of Alaska Department of Revenue raised its stake in Pennsylvania Real Estate Investment Trust by 24.8% in the second quarter. State of Alaska Department of Revenue now owns 100,399 shares of the real estate investment trust’s stock worth $1,135,000 after buying an additional 19,959 shares during the last quarter. Bank of Montreal Can raised its stake in Pennsylvania Real Estate Investment Trust by 1,232.6% in the second quarter. Bank of Montreal Can now owns 23,640 shares of the real estate investment trust’s stock worth $268,000 after buying an additional 21,866 shares during the last quarter. Independence Advisors LLC acquired a new stake in Pennsylvania Real Estate Investment Trust during the second quarter worth $1,390,000. Finally, Public Employees Retirement System of Ohio raised its stake in Pennsylvania Real Estate Investment Trust by 1.2% in the first quarter. Public Employees Retirement System of Ohio now owns 82,789 shares of the real estate investment trust’s stock worth $1,253,000 after buying an additional 1,001 shares during the last quarter.
Pennsylvania Real Estate Investment Trust Company Profile
Pennsylvania Real Estate Investment Trust (PREIT) is a self-managed and self-administered real estate investment trust (REIT). The Company’s primary business is owning and operating retail shopping malls, which it does primarily through operating partnership, PREIT Associates, L.P. (PREIT Associates).
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