Pennsylvania Real Estate Investment Trust (PEI) Rating Reiterated by Boenning Scattergood

Pennsylvania Real Estate Investment Trust (NYSE:PEI)‘s stock had its “hold” rating reissued by Boenning Scattergood in a report released on Thursday.

Other equities research analysts also recently issued reports about the company. Zacks Investment Research raised 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 Pennsylvania Real Estate Investment Trust in a report on Friday, July 14th. They issued a “hold” rating and a $11.50 target price on the stock. ValuEngine downgraded Pennsylvania Real Estate Investment Trust from a “buy” rating to a “hold” rating in a report on Friday, June 2nd. BidaskClub raised Pennsylvania Real Estate Investment Trust from a “sell” rating to a “hold” rating in a report on Monday, July 31st. Finally, Barclays PLC reissued an “underweight” rating and issued a $14.00 target price (down from $15.00) on shares of Pennsylvania Real Estate Investment Trust in a report on Wednesday, April 19th. Two analysts have rated the stock with a sell rating and six have issued a hold rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $16.70.

Pennsylvania Real Estate Investment Trust (NYSE PEI) opened at 11.71 on Thursday. The firm’s 50-day moving average price is $11.63 and its 200 day moving average price is $13.67. The company’s market capitalization is $810.43 million. Pennsylvania Real Estate Investment Trust has a 52 week low of $10.00 and a 52 week high of $25.43.

Pennsylvania Real Estate Investment Trust (NYSE:PEI) last issued its quarterly earnings results on Tuesday, August 8th. The real estate investment trust reported $0.39 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.37 by $0.02. Pennsylvania Real Estate Investment Trust had a negative return on equity of 9.09% and a negative net margin of 18.13%. The company had revenue of $89.25 million for the quarter, compared to analysts’ expectations of $95.60 million. During the same period in the prior year, the firm earned $0.43 earnings per share. The firm’s revenue for the quarter was down 5.3% on a year-over-year basis. Equities research analysts expect that Pennsylvania Real Estate Investment Trust will post ($0.04) earnings per share for the current fiscal year.

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In other Pennsylvania Real Estate Investment Trust news, Director George J. Alburger, Jr. purchased 5,000 shares of the stock in a transaction dated Monday, June 12th. The shares were purchased at an average cost of $11.78 per share, with a total value of $58,900.00. Following the completion of the acquisition, the director now directly owns 5,000 shares in the company, valued at approximately $58,900. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Robert F. Mccadden purchased 10,000 shares of the stock in a transaction dated Monday, June 19th. The shares were acquired at an average cost of $10.88 per share, for a total transaction of $108,800.00. The disclosure for this purchase can be found here. Insiders acquired 35,000 shares of company stock worth $391,000 over the last three months. Corporate insiders own 4.40% of the company’s stock.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. JPMorgan Chase & Co. increased its position in shares of Pennsylvania Real Estate Investment Trust by 16.6% in the second quarter. JPMorgan Chase & Co. now owns 920,121 shares of the real estate investment trust’s stock worth $10,416,000 after buying an additional 131,067 shares during the last quarter. Westpac Banking Corp increased its position in shares of Pennsylvania Real Estate Investment Trust by 34.6% in the second quarter. Westpac Banking Corp now owns 305,422 shares of the real estate investment trust’s stock worth $3,457,000 after buying an additional 78,462 shares during the last quarter. Front Barnett Associates LLC acquired a new position in shares of Pennsylvania Real Estate Investment Trust during the second quarter worth about $233,000. Principal Financial Group Inc. increased its position in shares of Pennsylvania Real Estate Investment Trust by 35.8% in the second quarter. Principal Financial Group Inc. now owns 716,975 shares of the real estate investment trust’s stock worth $8,116,000 after buying an additional 188,865 shares during the last quarter. Finally, IndexIQ Advisors LLC increased its position in shares of Pennsylvania Real Estate Investment Trust by 12.1% in the second quarter. IndexIQ Advisors LLC now owns 82,148 shares of the real estate investment trust’s stock worth $930,000 after buying an additional 8,879 shares during the last quarter. 96.03% of the stock is currently owned by hedge funds and other institutional investors.

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).

Analyst Recommendations for Pennsylvania Real Estate Investment Trust (NYSE:PEI)

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