Pioneer Investment Management Inc. increased its position in Pennsylvania Real Estate Investment Trust (NYSE:PEI) by 297.7% during the second quarter, Holdings Channel reports. The firm owned 120,100 shares of the real estate investment trust’s stock after buying an additional 89,900 shares during the period. Pioneer Investment Management Inc.’s holdings in Pennsylvania Real Estate Investment Trust were worth $1,360,000 as of its most recent filing with the SEC.

Several other institutional investors also recently bought and sold shares of PEI. Norges Bank bought a new position in Pennsylvania Real Estate Investment Trust during the fourth quarter worth $13,393,000. Macquarie Group Ltd. boosted its position in Pennsylvania Real Estate Investment Trust by 28.9% in the fourth quarter. Macquarie Group Ltd. now owns 38,400 shares of the real estate investment trust’s stock worth $728,000 after buying an additional 8,600 shares during the period. Louisiana State Employees Retirement System boosted its position in Pennsylvania Real Estate Investment Trust by 1.1% in the first quarter. Louisiana State Employees Retirement System now owns 28,300 shares of the real estate investment trust’s stock worth $428,000 after buying an additional 300 shares during the period. Quantitative Systematic Strategies LLC boosted its position in Pennsylvania Real Estate Investment Trust by 86.9% in the first quarter. Quantitative Systematic Strategies LLC now owns 33,701 shares of the real estate investment trust’s stock worth $510,000 after buying an additional 15,672 shares during the period. Finally, State of Alaska Department of Revenue boosted its position in Pennsylvania Real Estate Investment Trust by 35.6% in the first quarter. State of Alaska Department of Revenue now owns 80,440 shares of the real estate investment trust’s stock worth $1,217,000 after buying an additional 21,140 shares during the period. 97.76% of the stock is currently owned by institutional investors and hedge funds.

Shares of Pennsylvania Real Estate Investment Trust (NYSE PEI) opened at 10.73 on Wednesday. The stock’s market capitalization is $749.24 million. The company has a 50 day moving average of $11.64 and a 200 day moving average of $13.45. 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 released its earnings results on Tuesday, August 8th. The real estate investment trust reported $0.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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%. Pennsylvania Real Estate Investment Trust’s revenue was down 5.3% compared to the same quarter last year. During the same period in the previous year, the company earned $0.43 earnings per share. Analysts predict that Pennsylvania Real Estate Investment Trust will post ($0.17) EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Investors of record on Friday, September 1st will be issued a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a yield of 7.83%. The ex-dividend date of this dividend is Wednesday, August 30th. Pennsylvania Real Estate Investment Trust’s payout ratio is currently -64.12%.

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A number of equities analysts have recently weighed in on PEI shares. Barclays PLC reaffirmed an “underweight” rating and set a $14.00 price target (down from $15.00) on shares of Pennsylvania Real Estate Investment Trust in a research note 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 research note on Tuesday, May 2nd. Boenning Scattergood cut shares of Pennsylvania Real Estate Investment Trust from an “outperform” rating to a “neutral” rating in a research note on Monday, May 15th. ValuEngine cut shares of Pennsylvania Real Estate Investment Trust from a “buy” rating to a “hold” rating in a research note on Friday, June 2nd. Finally, Stifel Nicolaus started coverage on shares of Pennsylvania Real Estate Investment Trust in a research note on Friday, July 14th. They set a “hold” rating and a $11.50 price target on the stock. Two analysts have rated the stock with a sell rating and seven have given a hold rating to the company. Pennsylvania Real Estate Investment Trust has a consensus rating of “Hold” and an average target price of $15.50.

In other news, CFO Robert F. Mccadden bought 10,000 shares of the stock in a transaction that occurred on Monday, June 19th. The shares were purchased at an average cost of $10.88 per share, with a total value of $108,800.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director George J. Alburger, Jr. bought 5,000 shares of the stock in a transaction that occurred on Monday, June 12th. The shares were purchased at an average cost of $11.78 per share, for a total transaction of $58,900.00. Following the completion of the acquisition, 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. Over the last ninety days, insiders have purchased 35,000 shares of company stock worth $391,000. 4.40% of the stock is owned by corporate insiders.

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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Institutional Ownership by Quarter for Pennsylvania Real Estate Investment Trust (NYSE:PEI)

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