Bank of New York Mellon Corp lowered its holdings in shares of Pennsylvania R.E.I.T. (NYSE:PEI) by 2.6% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,696,028 shares of the real estate investment trust’s stock after selling 46,166 shares during the quarter. Bank of New York Mellon Corp owned approximately 2.41% of Pennsylvania R.E.I.T. worth $18,639,000 at the end of the most recent reporting period.
Other large investors have also added to or reduced their stakes in the company. Amalgamated Bank purchased a new position in Pennsylvania R.E.I.T. during the 2nd quarter valued at approximately $117,000. Cubist Systematic Strategies LLC purchased a new position in shares of Pennsylvania R.E.I.T. in the 2nd quarter worth approximately $127,000. Boulegeris Investments Inc. purchased a new position in shares of Pennsylvania R.E.I.T. in the 2nd quarter worth approximately $132,000. Jane Street Group LLC purchased a new position in shares of Pennsylvania R.E.I.T. in the 2nd quarter worth approximately $147,000. Finally, Partnervest Advisory Services LLC purchased a new position in shares of Pennsylvania R.E.I.T. in the 2nd quarter worth approximately $154,000. Hedge funds and other institutional investors own 90.26% of the company’s stock.
Shares of Pennsylvania R.E.I.T. stock opened at $8.19 on Monday. The company has a market capitalization of $577.11 million, a PE ratio of 4.90 and a beta of 1.10. The company has a debt-to-equity ratio of 2.44, a current ratio of 0.74 and a quick ratio of 0.74. Pennsylvania R.E.I.T. has a one year low of $7.91 and a one year high of $12.52.
Pennsylvania R.E.I.T. (NYSE:PEI) last issued its quarterly earnings results on Tuesday, October 30th. The real estate investment trust reported ($0.11) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.10) by ($0.01). Pennsylvania R.E.I.T. had a negative return on equity of 3.53% and a negative net margin of 6.91%. The business had revenue of $83.90 million for the quarter, compared to the consensus estimate of $87.12 million. As a group, research analysts forecast that Pennsylvania R.E.I.T. will post 1.54 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, December 17th. Investors of record on Monday, December 3rd will be paid a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a dividend yield of 10.26%. The ex-dividend date of this dividend is Friday, November 30th. Pennsylvania R.E.I.T.’s dividend payout ratio is currently 50.30%.
PEI has been the subject of a number of recent research reports. ValuEngine upgraded Pennsylvania R.E.I.T. from a “sell” rating to a “hold” rating in a report on Friday, October 26th. Citigroup dropped their target price on Pennsylvania R.E.I.T. from $11.50 to $10.00 and set a “hold” rating for the company in a report on Tuesday, November 6th. Zacks Investment Research upgraded Pennsylvania R.E.I.T. from a “sell” rating to a “hold” rating in a report on Friday, November 2nd. Finally, Barclays reiterated a “sell” rating and issued a $9.00 target price on shares of Pennsylvania R.E.I.T. in a report on Sunday, October 14th. Three investment analysts have rated the stock with a sell rating and five have assigned a hold rating to the company’s stock. Pennsylvania R.E.I.T. has a consensus rating of “Hold” and an average price target of $10.42.
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Pennsylvania R.E.I.T. Profile
PREIT (NYSE:PEI) is a publicly traded real estate investment trust that owns and manages quality properties in compelling markets. REIT'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.
Further Reading: Why do company’s buyback their stock?
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