Equities analysts expect that Pennsylvania Real Estate Investment Trust (NYSE:PEI) will post earnings of $0.37 per share for the current quarter, Zacks Investment Research reports. Four analysts have made estimates for Pennsylvania Real Estate Investment Trust’s earnings, with the highest EPS estimate coming in at $0.38 and the lowest estimate coming in at $0.35. Pennsylvania Real Estate Investment Trust reported earnings per share of $0.43 in the same quarter last year, which would suggest a negative year over year growth rate of 14%. The firm is scheduled to issue its next earnings report after the market closes on Tuesday, August 8th.
According to Zacks, analysts expect that Pennsylvania Real Estate Investment Trust will report full-year earnings of $1.67 per share for the current fiscal year, with EPS estimates ranging from $1.64 to $1.70. For the next year, analysts anticipate that the company will report earnings of $1.81 per share, with EPS estimates ranging from $1.74 to $2.05. Zacks’ earnings per share calculations are a mean average based on a survey of sell-side analysts that follow Pennsylvania Real Estate Investment Trust.
Pennsylvania Real Estate Investment Trust (NYSE:PEI) last posted its earnings results on Tuesday, April 25th. The real estate investment trust reported $0.35 EPS for the quarter, missing the Zacks’ consensus estimate of $0.37 by $0.02. The company had revenue of $89.26 million during the quarter, compared to analyst estimates of $97.98 million. Pennsylvania Real Estate Investment Trust had a negative net margin of 3.49% and a negative return on equity of 1.78%. The company’s quarterly revenue was down 12.5% compared to the same quarter last year. During the same period in the previous year, the company earned $0.43 EPS.
Several research firms have recently weighed in on PEI. Zacks Investment Research lowered Pennsylvania Real Estate Investment Trust from a “hold” rating to a “sell” rating in a research note on Wednesday, July 12th. Stifel Nicolaus began coverage on Pennsylvania Real Estate Investment Trust in a research note on Friday, July 14th. They issued a “hold” rating and a $11.50 price objective on the stock. Boenning Scattergood lowered Pennsylvania Real Estate Investment Trust from an “outperform” rating to a “neutral” rating in a research note on Monday, May 15th. Barclays PLC reaffirmed an “underweight” rating and issued a $14.00 price objective (down from $15.00) on shares of Pennsylvania Real Estate Investment Trust in a research note on Wednesday, April 19th. Finally, ValuEngine lowered Pennsylvania Real Estate Investment Trust from a “buy” rating to a “hold” rating in a research note on Friday, June 2nd. Two investment 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 a consensus rating of “Hold” and a consensus target price of $16.70.
In other news, CEO Joseph F. Coradino acquired 10,000 shares of Pennsylvania Real Estate Investment Trust stock in a transaction dated Tuesday, June 13th. The shares were acquired at an average cost of $11.57 per share, with a total value of $115,700.00. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Also, Director George J. Alburger, Jr. acquired 5,000 shares of Pennsylvania Real Estate Investment Trust stock in a transaction dated Monday, June 12th. The stock was purchased at an average cost 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 in the company, valued at $58,900. The disclosure for this purchase can be found here. Insiders bought a total of 35,000 shares of company stock worth $391,000 over the last ninety days. Corporate insiders own 4.40% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in the stock. Mckinley Capital Management LLC Delaware purchased a new position in Pennsylvania Real Estate Investment Trust during the first quarter valued at $132,000. BlueCrest Capital Management Ltd bought a new position in Pennsylvania Real Estate Investment Trust during the first quarter valued at approximately $202,000. Mason Street Advisors LLC raised its position in Pennsylvania Real Estate Investment Trust by 6.9% in the first quarter. Mason Street Advisors LLC now owns 16,247 shares of the real estate investment trust’s stock valued at $246,000 after buying an additional 1,052 shares during the period. Bank of Montreal Can raised its position 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 valued at $268,000 after buying an additional 21,866 shares during the period. Finally, Louisiana State Employees Retirement System raised its position 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 valued at $321,000 after buying an additional 100 shares during the period. 97.67% of the stock is currently owned by institutional investors and hedge funds.
Shares of Pennsylvania Real Estate Investment Trust (NYSE:PEI) opened at 12.02 on Monday. The firm’s market cap is $838.29 million. The stock’s 50 day moving average is $11.36 and its 200 day moving average is $14.33. Pennsylvania Real Estate Investment Trust has a 12 month low of $10.00 and a 12 month high of $25.67.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Friday, September 1st will be paid a $0.21 dividend. This represents a $0.84 annualized dividend and a dividend yield of 6.99%. The ex-dividend date of this dividend is Wednesday, August 30th. Pennsylvania Real Estate Investment Trust’s dividend payout ratio is currently -182.61%.
About Pennsylvania Real Estate Investment Trust
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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