TIAA CREF Investment Management LLC lowered its position in Pennsylvania Real Estate Investment Trust (NYSE:PEI) by 2.9% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 195,184 shares of the real estate investment trust’s stock after selling 5,737 shares during the period. TIAA CREF Investment Management LLC owned about 0.28% of Pennsylvania Real Estate Investment Trust worth $2,955,000 at the end of the most recent reporting period.
Other hedge funds have also recently bought and sold shares of the company. AEW Capital Management L P bought a new stake in shares of Pennsylvania Real Estate Investment Trust during the first quarter valued at about $10,867,000. IndexIQ Advisors LLC increased its stake in shares of Pennsylvania Real Estate Investment Trust by 12.4% in the first quarter. IndexIQ Advisors LLC now owns 73,269 shares of the real estate investment trust’s stock valued at $1,109,000 after buying an additional 8,071 shares in the last quarter. APG Asset Management US Inc. increased its stake in shares of Pennsylvania Real Estate Investment Trust by 6.9% in the first quarter. APG Asset Management US Inc. now owns 3,640,300 shares of the real estate investment trust’s stock valued at $55,114,000 after buying an additional 233,469 shares in the last quarter. Amica Mutual Insurance Co. increased its stake in shares of Pennsylvania Real Estate Investment Trust by 37.0% in the first quarter. Amica Mutual Insurance Co. now owns 207,830 shares of the real estate investment trust’s stock valued at $3,147,000 after buying an additional 56,103 shares in the last quarter. Finally, Amica Retiree Medical Trust increased its stake in shares of Pennsylvania Real Estate Investment Trust by 32.1% in the first quarter. Amica Retiree Medical Trust now owns 26,069 shares of the real estate investment trust’s stock valued at $395,000 after buying an additional 6,338 shares in the last quarter. Institutional investors own 93.89% of the company’s stock.
Pennsylvania Real Estate Investment Trust (NYSE:PEI) opened at 12.05 on Monday. Pennsylvania Real Estate Investment Trust has a 1-year low of $10.00 and a 1-year high of $25.67. The firm’s market capitalization is $840.38 million. The company has a 50-day moving average price of $11.54 and a 200 day moving average price of $14.05.
The business 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 dividend of $0.21 per share. This represents a $0.84 annualized dividend and a dividend yield of 6.97%. The ex-dividend date of this dividend is Wednesday, August 30th. Pennsylvania Real Estate Investment Trust’s dividend payout ratio is presently -182.61%.
Several analysts have recently issued reports on the company. Barclays PLC restated 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 report on Wednesday, April 19th. Zacks Investment Research upgraded Pennsylvania Real Estate Investment Trust from a “sell” rating to a “hold” rating in a research report on Tuesday, May 2nd. Stifel Nicolaus assumed coverage on Pennsylvania Real Estate Investment Trust in a research report on Friday, July 14th. They issued a “hold” rating and a $11.50 price objective on the stock. Boenning Scattergood downgraded Pennsylvania Real Estate Investment Trust from an “outperform” rating to a “neutral” rating in a research report on Monday, May 15th. Finally, ValuEngine downgraded Pennsylvania Real Estate Investment Trust from a “buy” rating to a “hold” rating in a research report on Friday, June 2nd. Two research analysts have rated the stock with a sell rating and five have issued a hold rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $16.70.
In other Pennsylvania Real Estate Investment Trust news, Director George J. Alburger, Jr. bought 5,000 shares of the firm’s stock in a transaction dated Monday, June 12th. The stock was acquired at an average price of $11.78 per share, with a total value of $58,900.00. Following the completion of the transaction, the director now directly owns 5,000 shares in the company, valued at approximately $58,900. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director John Joseph Roberts bought 10,000 shares of the firm’s stock in a transaction dated Tuesday, May 30th. The stock was acquired at an average cost of $10.76 per share, with a total value of $107,600.00. Following the transaction, the director now owns 33,060 shares of the company’s stock, valued at $355,725.60. The disclosure for this purchase can be found here. Over the last three months, insiders have bought 35,000 shares of company stock valued at $391,000. Corporate insiders own 4.40% of the company’s stock.
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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