Pennsylvania R.E.I.T. Shares Gap Up Following Earnings Beat (PEI)
Pennsylvania R.E.I.T. (NYSE:PEI) shares gapped up before the market opened on Wednesday after the company announced better than expected quarterly earnings, AnalystRatingsNetwork reports. The stock had previously closed at $18.82, but opened at $19.06. Pennsylvania R.E.I.T. shares last traded at $19.49, with a volume of 810,683 shares traded.
The company reported $0.47 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.46 by $0.01. The company had revenue of $106.83 million for the quarter, compared to the consensus estimate of $72.44 million. During the same quarter last year, the company posted $0.42 earnings per share. Pennsylvania R.E.I.T.’s revenue was up 1.8% compared to the same quarter last year.
The company also recently declared a quarterly dividend, which is scheduled for Tuesday, September 16th. Shareholders of record on Tuesday, September 2nd will be given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 4.10%. The ex-dividend date of this dividend is Thursday, August 28th.
A number of analysts have recently weighed in on PEI shares. Analysts at Barclays reiterated an “equal weight” rating on shares of Pennsylvania R.E.I.T. in a research note on Monday, July 21st. They now have a $19.00 price target on the stock, up previously from $18.00. Analysts at Citigroup Inc. reiterated a “neutral” rating on shares of Pennsylvania R.E.I.T. in a research note on Monday, July 21st. They now have a $20.00 price target on the stock, up previously from $18.00. Five investment analysts have rated the stock with a hold rating, The stock presently has an average rating of “Hold” and a consensus price target of $20.43.
The stock has a 50-day moving average of $18.64 and a 200-day moving average of $18.18. The company’s market cap is $1.340 billion.
Pennsylvania Real Estate Investment Trust (NYSE:PEI) is a fully integrated, self-managed and self-administered real estate investment trust (REIT).
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