Pennsylvania Real Estate Investment Trust (NYSE:PEI) rose NaN during mid-day trading on Thursday after the company announced better than expected quarterly earnings. The company traded as high as $10.68 and last traded at $0.00. Approximately 2,824,311 shares were traded during trading, an increase of Infinity from the average daily volume of 0 shares. The real estate investment trust reported $0.42 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.41 by $0.01. The company had revenue of $89.20 million for the quarter, compared to the consensus estimate of $98.85 million. Pennsylvania Real Estate Investment Trust had a negative net margin of 16.35% and a negative return on equity of 7.60%. The firm’s quarterly revenue was down 9.8% on a year-over-year basis. During the same period in the previous year, the firm earned $0.48 EPS.

The business also recently declared a quarterly dividend, which will be paid on Friday, December 15th. Investors of record on Friday, December 1st will be issued a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a dividend yield of 8.57%. The ex-dividend date is Thursday, November 30th. Pennsylvania Real Estate Investment Trust’s dividend payout ratio (DPR) is currently -67.74%.

PEI has been the topic of a number of research analyst reports. Stifel Nicolaus reissued a “hold” rating and issued a $11.00 price target on shares of Pennsylvania Real Estate Investment Trust in a report on Thursday, October 12th. Mitsubishi UFJ Financial Group downgraded shares of Pennsylvania Real Estate Investment Trust from an “overweight” rating to a “neutral” rating and cut their price target for the stock from $16.00 to $12.00 in a report on Thursday, August 24th. Boenning Scattergood reissued a “hold” rating on shares of Pennsylvania Real Estate Investment Trust in a report on Wednesday, September 6th. Barclays PLC reissued a “sell” rating and issued a $10.00 price target on shares of Pennsylvania Real Estate Investment Trust in a report on Thursday, October 19th. Finally, Zacks Investment Research raised shares of Pennsylvania Real Estate Investment Trust from a “sell” rating to a “hold” rating in a report on Saturday, August 19th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and one has issued a buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $13.92.

A number of institutional investors have recently made changes to their positions in PEI. UBS Asset Management Americas Inc. raised its stake in Pennsylvania Real Estate Investment Trust by 17.3% in the 1st quarter. UBS Asset Management Americas Inc. now owns 133,582 shares of the real estate investment trust’s stock valued at $2,022,000 after acquiring an additional 19,728 shares during the period. Parametric Portfolio Associates LLC raised its stake in Pennsylvania Real Estate Investment Trust by 17.5% in the 1st quarter. Parametric Portfolio Associates LLC now owns 171,272 shares of the real estate investment trust’s stock valued at $2,593,000 after acquiring an additional 25,538 shares during the period. Principal Financial Group Inc. raised its stake in Pennsylvania Real Estate Investment Trust by 3.6% in the 1st quarter. Principal Financial Group Inc. now owns 528,110 shares of the real estate investment trust’s stock valued at $7,996,000 after acquiring an additional 18,147 shares during the period. Thrivent Financial For Lutherans raised its stake in Pennsylvania Real Estate Investment Trust by 2.5% in the 1st quarter. Thrivent Financial For Lutherans now owns 58,496 shares of the real estate investment trust’s stock valued at $886,000 after acquiring an additional 1,410 shares during the period. Finally, Vanguard Group Inc. raised its stake in Pennsylvania Real Estate Investment Trust by 1.5% in the 1st quarter. Vanguard Group Inc. now owns 11,356,104 shares of the real estate investment trust’s stock valued at $171,931,000 after acquiring an additional 168,178 shares during the period. Institutional investors and hedge funds own 98.97% of the company’s stock.

The firm has a market capitalization of $741.73, a P/E ratio of 6.13 and a beta of 1.29.

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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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