Pennsylvania Real Estate Investment Trust (NYSE:PEI) Releases FY17 Earnings Guidance

Pennsylvania Real Estate Investment Trust (NYSE:PEI) updated its FY17 earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of $1.66 – $1.72 for the period, compared to the Thomson Reuters consensus estimate of $1.67.

Shares of Pennsylvania Real Estate Investment Trust (NYSE PEI) traded down 1.44% during mid-day trading on Friday, reaching $10.24. The company’s stock had a trading volume of 2,247,136 shares. The firm’s 50 day moving average is $11.58 and its 200-day moving average is $13.41. The company’s market capitalization is $715.03 million. Pennsylvania Real Estate Investment Trust has a 52-week low of $9.84 and a 52-week high of $25.43.

Pennsylvania Real Estate Investment Trust (NYSE:PEI) last announced its quarterly earnings data on Tuesday, August 8th. The real estate investment trust reported $0.39 EPS for the quarter, beating the consensus estimate of $0.37 by $0.02. The business had revenue of $89.25 million during the quarter, compared to the consensus estimate of $95.60 million. Pennsylvania Real Estate Investment Trust had a negative net margin of 18.13% and a negative return on equity of 9.06%. The company’s revenue was down 5.3% on a year-over-year basis. During the same period in the previous year, the business earned $0.43 earnings per share. Analysts forecast that Pennsylvania Real Estate Investment Trust will post ($0.27) EPS for the current year.

The business also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Friday, September 1st will be issued a dividend of $0.21 per share. The ex-dividend date of this dividend is Wednesday, August 30th. This represents a $0.84 annualized dividend and a dividend yield of 8.20%. Pennsylvania Real Estate Investment Trust’s dividend payout ratio (DPR) is presently -64.12%.

Several brokerages have recently issued reports on PEI. Boenning Scattergood reiterated a hold rating on shares of Pennsylvania Real Estate Investment Trust in a report on Thursday, August 10th. Barclays PLC reduced their price objective on shares of Pennsylvania Real Estate Investment Trust from $12.00 to $11.00 and set an underweight rating on the stock in a research note on Tuesday. Citigroup Inc. reduced their price objective on shares of Pennsylvania Real Estate Investment Trust from $13.50 to $12.50 and set a neutral rating on the stock in a research note on Monday. BidaskClub raised shares of Pennsylvania Real Estate Investment Trust from a sell rating to a hold rating in a research note on Monday, July 31st. Finally, Zacks Investment Research cut shares of Pennsylvania Real Estate Investment Trust from a hold rating to a sell rating in a research report on Wednesday, July 12th. Two investment analysts have rated the stock with a sell rating and seven have issued a hold rating to the company. The stock presently has an average rating of Hold and an average price target of $15.50.

In other Pennsylvania Real Estate Investment Trust news, Director George J. Alburger, Jr. bought 5,000 shares of the stock in a transaction that occurred on Monday, June 12th. The shares were bought at an average price of $11.78 per share, for a total transaction of $58,900.00. Following the acquisition, the director now directly owns 5,000 shares of the company’s stock, valued at approximately $58,900. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Robert F. Mccadden bought 10,000 shares of the stock in a transaction that occurred on Monday, June 19th. The stock was acquired 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 bought a total of 35,000 shares of company stock worth $391,000 in the last three months. Insiders own 4.40% of the company’s stock.

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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).