Pennsylvania Real Estate Investment Trust (NYSE:PEI) was upgraded by investment analysts at BidaskClub from a “sell” rating to a “hold” rating in a report issued on Monday.
Several other brokerages have also weighed in on PEI. Barclays PLC reissued an “underweight” rating and set a $14.00 price objective (down from $15.00) on shares of Pennsylvania Real Estate Investment Trust in a report on Wednesday, April 19th. Zacks Investment Research raised shares of Pennsylvania Real Estate Investment Trust from a “sell” rating to a “hold” rating in a report on Tuesday, May 2nd. Stifel Nicolaus began coverage on shares of Pennsylvania Real Estate Investment Trust in a report on Friday, July 14th. They issued a “hold” rating and a $11.50 price target for the company. Boenning Scattergood lowered shares of Pennsylvania Real Estate Investment Trust from an “outperform” rating to a “neutral” rating in a report on Monday, May 15th. Finally, ValuEngine lowered shares of Pennsylvania Real Estate Investment Trust from a “buy” rating to a “hold” rating in a report on Friday, June 2nd. Two equities research analysts have rated the stock with a sell rating and six have assigned a hold rating to the company. Pennsylvania Real Estate Investment Trust presently has a consensus rating of “Hold” and an average target price of $16.70.
Shares of Pennsylvania Real Estate Investment Trust (NYSE:PEI) traded down 1.33% during midday trading on Monday, reaching $11.89. 1,768,056 shares of the company were exchanged. The company’s market capitalization is $829.22 million. The stock’s 50-day moving average price is $11.56 and its 200-day moving average price is $13.94. Pennsylvania Real Estate Investment Trust has a 52-week low of $10.00 and a 52-week high of $25.49.
In related news, Director George J. Alburger, Jr. purchased 5,000 shares of the company’s stock in a transaction on Monday, June 12th. The shares were bought at an average cost of $11.78 per share, for a total transaction of $58,900.00. Following the transaction, the director now owns 5,000 shares of the company’s stock, valued at $58,900. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Robert F. Mccadden purchased 10,000 shares of the company’s stock in a transaction on Monday, June 19th. The shares were bought at an average price of $10.88 per share, for a total transaction of $108,800.00. The disclosure for this purchase can be found here. Insiders have acquired a total of 35,000 shares of company stock worth $391,000 over the last 90 days. 4.40% of the stock is owned by insiders.
Several hedge funds have recently added to or reduced their stakes in the company. Louisiana State Employees Retirement System increased 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 period. Arizona State Retirement System increased its stake in Pennsylvania Real Estate Investment Trust by 1.1% in the first quarter. Arizona State Retirement System now owns 36,213 shares of the real estate investment trust’s stock worth $548,000 after buying an additional 400 shares during the period. Municipal Employees Retirement System of Michigan increased its stake in Pennsylvania Real Estate Investment Trust by 3.5% in the second quarter. Municipal Employees Retirement System of Michigan now owns 16,400 shares of the real estate investment trust’s stock worth $186,000 after buying an additional 550 shares during the period. Texas Permanent School Fund increased its stake in Pennsylvania Real Estate Investment Trust by 1.2% in the second quarter. Texas Permanent School Fund now owns 50,918 shares of the real estate investment trust’s stock worth $576,000 after buying an additional 613 shares during the period. Finally, Public Employees Retirement System of Ohio increased 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 period. Institutional investors own 93.89% 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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