Russell Investments Group Ltd. lowered its stake in Pennsylvania Real Estate Investment Trust (NYSE:PEI) by 0.6% during the second quarter, Holdings Channel reports. The institutional investor owned 827,255 shares of the real estate investment trust’s stock after selling 4,757 shares during the period. Russell Investments Group Ltd.’s holdings in Pennsylvania Real Estate Investment Trust were worth $9,386,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Vanguard Group Inc. boosted its position in Pennsylvania Real Estate Investment Trust by 1.5% in the first quarter. Vanguard Group Inc. now owns 11,356,104 shares of the real estate investment trust’s stock valued at $171,931,000 after buying an additional 168,178 shares in the last quarter. BlackRock Inc. boosted its position in 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 in the last quarter. APG Asset Management US Inc. boosted its position in Pennsylvania Real Estate Investment Trust by 6.9% in the first quarter. APG Asset Management US Inc. now owns 3,640,300 shares of the real estate investment trust’s stock valued at $55,114,000 after buying an additional 233,469 shares in the last quarter. State Street Corp boosted its position in 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 in the last quarter. Finally, Morgan Stanley boosted its position in Pennsylvania Real Estate Investment Trust by 667.8% in the first quarter. Morgan Stanley now owns 2,186,212 shares of the real estate investment trust’s stock valued at $33,099,000 after buying an additional 1,901,460 shares in the last quarter. 97.76% of the stock is owned by institutional investors.

Shares of Pennsylvania Real Estate Investment Trust (NYSE PEI) traded down 1.351% on Wednesday, reaching $10.585. The company had a trading volume of 1,066,292 shares. Pennsylvania Real Estate Investment Trust has a 12 month low of $10.00 and a 12 month high of $25.43. The stock’s market cap is $739.12 million. The stock has a 50-day moving average price of $11.64 and a 200-day moving average price of $13.45.

Pennsylvania Real Estate Investment Trust (NYSE:PEI) last released its quarterly earnings results on Tuesday, August 8th. The real estate investment trust reported $0.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.37 by $0.02. The business had revenue of $89.25 million during the quarter, compared to the consensus estimate 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 company’s quarterly revenue was down 5.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.43 EPS. Analysts predict that Pennsylvania Real Estate Investment Trust will post ($0.17) earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Shareholders 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 dividend on an annualized basis and a yield of 7.83%. Pennsylvania Real Estate Investment Trust’s dividend payout ratio (DPR) is currently -64.12%.

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PEI has been the subject of several recent research reports. Zacks Investment Research cut Pennsylvania Real Estate Investment Trust from a “hold” rating to a “sell” rating in a research report on Friday, July 21st. BidaskClub raised Pennsylvania Real Estate Investment Trust from a “sell” rating to a “hold” rating in a research report on Monday, July 31st. ValuEngine cut Pennsylvania Real Estate Investment Trust from a “buy” rating to a “hold” rating in a research report on Friday, June 2nd. Citigroup Inc. reduced their price objective on Pennsylvania Real Estate Investment Trust from $13.50 to $12.50 and set a “neutral” rating for the company in a research report on Monday. Finally, Barclays PLC reduced their price objective on Pennsylvania Real Estate Investment Trust from $12.00 to $11.00 and set an “underweight” rating for the company in a research report on Tuesday. Two research analysts have rated the stock with a sell rating and seven have issued a hold rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $15.50.

In related news, Director George J. Alburger, Jr. purchased 5,000 shares of the business’s stock in a transaction on Monday, June 12th. The stock was acquired at an average price of $11.78 per share, for a total transaction of $58,900.00. Following the purchase, the director now owns 5,000 shares of the company’s stock, valued at $58,900. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CFO Robert F. Mccadden bought 10,000 shares of the business’s stock in a transaction dated Monday, June 19th. The stock was acquired at an average price of $10.88 per share, for a total transaction of $108,800.00. The disclosure for this purchase can be found here. Insiders have acquired a total of 35,000 shares of company stock valued at $391,000 in the last quarter. Company insiders own 4.40% of the company’s stock.

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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