Tudor Investment Corp ET AL Cuts Stake in Pennsylvania Real Estate Investment Trust (NYSE:PEI)

Tudor Investment Corp ET AL decreased its stake in Pennsylvania Real Estate Investment Trust (NYSE:PEI) by 61.0% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 10,951 shares of the real estate investment trust’s stock after selling 17,108 shares during the period. Tudor Investment Corp ET AL’s holdings in Pennsylvania Real Estate Investment Trust were worth $166,000 as of its most recent filing with the SEC.

Other hedge funds also recently made changes to their positions in the company. BlueCrest Capital Management Ltd bought a new stake in shares of Pennsylvania Real Estate Investment Trust during the first quarter valued at approximately $202,000. State Street Corp increased its stake in shares of Pennsylvania Real Estate Investment Trust by 2.6% in the first quarter. State Street Corp now owns 2,622,882 shares of the real estate investment trust’s stock valued at $39,704,000 after buying an additional 67,473 shares during the last quarter. Bank of America Corp DE increased its stake in shares of Pennsylvania Real Estate Investment Trust by 92.2% in the first quarter. Bank of America Corp DE now owns 530,229 shares of the real estate investment trust’s stock valued at $8,028,000 after buying an additional 254,310 shares during the last quarter. Weiss Multi Strategy Advisers LLC bought a new stake in shares of Pennsylvania Real Estate Investment Trust during the first quarter valued at approximately $1,814,000. Finally, BlackRock Inc. increased its stake in shares of Pennsylvania Real Estate Investment Trust by 10,081.1% in the first quarter. BlackRock Inc. now owns 10,229,923 shares of the real estate investment trust’s stock valued at $154,881,000 after buying an additional 10,129,443 shares during the last quarter. 97.76% of the stock is owned by institutional investors and hedge funds.

Shares of Pennsylvania Real Estate Investment Trust (PEI) traded down 3.27% during trading on Friday, reaching $10.05. 1,093,440 shares of the company’s stock traded hands. The company’s 50-day moving average is $11.58 and its 200 day moving average is $13.41. The company’s market cap is $701.76 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 results 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 firm had revenue of $89.25 million for the quarter, compared to analyst estimates of $95.60 million. Pennsylvania Real Estate Investment Trust had a negative return on equity of 9.06% and a negative net margin of 18.13%. The business’s revenue for the quarter was down 5.3% on a year-over-year basis. During the same quarter last year, the firm posted $0.43 earnings per share. Equities analysts forecast that Pennsylvania Real Estate Investment Trust will post ($0.27) EPS for the current year.

The company also recently declared 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. The ex-dividend date of this dividend is Wednesday, August 30th. This represents a $0.84 annualized dividend and a dividend yield of 8.08%. Pennsylvania Real Estate Investment Trust’s dividend payout ratio is currently -64.12%.

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A number of analysts have issued reports on the stock. Barclays PLC cut their price objective on shares of Pennsylvania Real Estate Investment Trust from $12.00 to $11.00 and set an “underweight” rating for the company in a report on Tuesday. Citigroup Inc. cut their price objective on shares of Pennsylvania Real Estate Investment Trust from $13.50 to $12.50 and set a “neutral” rating for the company in a report on Monday. Boenning Scattergood reissued a “hold” rating on shares of Pennsylvania Real Estate Investment Trust in a report on Thursday, August 10th. BidaskClub raised shares of Pennsylvania Real Estate Investment Trust from a “sell” rating to a “hold” rating in a report on Monday, July 31st. Finally, Zacks Investment Research downgraded shares of Pennsylvania Real Estate Investment Trust from a “hold” rating to a “sell” rating in a report on Friday, July 21st. Two investment analysts have rated the stock with a sell rating and seven have assigned a hold rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $15.50.

In related news, Director John Joseph Roberts acquired 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 30th. The shares were bought at an average price of $10.76 per share, with a total value of $107,600.00. Following the completion of the transaction, the director now directly owns 33,060 shares in the company, valued at $355,725.60. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director George J. Alburger, Jr. acquired 5,000 shares of the company’s stock in a transaction that occurred 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 disclosure for this purchase can be found here. In the last 90 days, insiders have bought 35,000 shares of company stock worth $391,000. Insiders own 4.40% of the company’s stock.

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).