Zacks Investment Research upgraded shares of Pennsylvania R.E.I.T. (NYSE:PEI) from a sell rating to a hold rating in a research report sent to investors on Wednesday morning.
According to Zacks, “PENNSYLVANIA R.E. INVEST. TR. is a real estate investment trust, engaged in acquiring and holding for investment interests in real estate. “
Several other research firms also recently issued reports on PEI. JPMorgan Chase & Co. downgraded shares of Pennsylvania R.E.I.T. from a neutral rating to an underweight rating and dropped their price target for the stock from $10.00 to $8.00 in a research note on Wednesday, December 19th. Citigroup dropped their price target on shares of Pennsylvania R.E.I.T. from $11.50 to $10.00 and set a hold rating on the stock in a research note on Tuesday, November 6th. ValuEngine downgraded shares of Pennsylvania R.E.I.T. from a sell rating to a strong sell rating in a research note on Thursday, November 1st. Barclays reaffirmed a sell rating and set a $9.00 price target on shares of Pennsylvania R.E.I.T. in a research note on Sunday, October 14th. Finally, Boenning Scattergood began coverage on shares of Pennsylvania R.E.I.T. in a research note on Thursday, December 20th. They set a neutral rating on the stock. Four research analysts have rated the stock with a sell rating and five have issued a hold rating to the company. Pennsylvania R.E.I.T. currently has a consensus rating of Hold and an average price target of $9.58.
Pennsylvania R.E.I.T. (NYSE:PEI) last issued its earnings results on Tuesday, October 30th. The real estate investment trust reported ($0.11) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.10) by ($0.01). Pennsylvania R.E.I.T. had a negative net margin of 6.91% and a negative return on equity of 3.53%. The business had revenue of $83.90 million during the quarter, compared to analysts’ expectations of $87.12 million. On average, equities analysts expect that Pennsylvania R.E.I.T. will post 1.56 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Monday, December 17th. Stockholders of record on Monday, December 3rd were given a $0.21 dividend. This represents a $0.84 annualized dividend and a dividend yield of 12.21%. The ex-dividend date of this dividend was Friday, November 30th. Pennsylvania R.E.I.T.’s payout ratio is currently 50.30%.
Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Cubist Systematic Strategies LLC bought a new stake in shares of Pennsylvania R.E.I.T. in the 2nd quarter worth about $127,000. Jane Street Group LLC bought a new stake in shares of Pennsylvania R.E.I.T. in the 2nd quarter worth about $147,000. Public Employees Retirement Association of Colorado bought a new stake in shares of Pennsylvania R.E.I.T. in the 3rd quarter worth about $179,000. Dynamic Technology Lab Private Ltd bought a new stake in shares of Pennsylvania R.E.I.T. in the 2nd quarter worth about $185,000. Finally, US Bancorp DE increased its position in shares of Pennsylvania R.E.I.T. by 25.5% in the 2nd quarter. US Bancorp DE now owns 24,543 shares of the real estate investment trust’s stock worth $270,000 after purchasing an additional 4,984 shares during the last quarter. 88.98% of the stock is owned by institutional investors.
Pennsylvania R.E.I.T. Company Profile
PREIT (NYSE:PEI) is a publicly traded real estate investment trust that owns and manages quality properties in compelling markets. PREIT's robust portfolio of carefully curated retail and lifestyle offerings mixed with destination dining and entertainment experiences are located primarily in the densely-populated eastern U.S.
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