Pennsylvania R.E.I.T. (NYSE:PEI) Shares Down 6.5% on Analyst Downgrade

Pennsylvania R.E.I.T. (NYSE:PEI) shares fell 6.5% on Tuesday after JPMorgan Chase & Co. lowered their price target on the stock from $6.00 to $5.50. JPMorgan Chase & Co. currently has an underweight rating on the stock. Pennsylvania R.E.I.T. traded as low as $5.03 and last traded at $5.17, 2,885,627 shares were traded during trading. An increase of 84% from the average session volume of 1,566,929 shares. The stock had previously closed at $5.53.

Several other brokerages have also recently commented on PEI. ValuEngine upgraded shares of Pennsylvania R.E.I.T. from a “sell” rating to a “hold” rating in a report on Wednesday, October 2nd. Citigroup downgraded shares of Pennsylvania R.E.I.T. from a “neutral” rating to a “sell” rating and decreased their target price for the company from $6.00 to $4.50 in a research report on Monday, September 23rd. Finally, Zacks Investment Research upgraded shares of Pennsylvania R.E.I.T. from a “sell” rating to a “hold” rating in a research note on Thursday, November 28th. Three equities research analysts have rated the stock with a sell rating, two have issued a hold rating and one has assigned a buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $5.56.

In related news, CEO Joseph F. Coradino acquired 11,200 shares of the business’s stock in a transaction dated Tuesday, September 17th. The stock was bought at an average price of $5.33 per share, with a total value of $59,696.00. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Charles P. Pizzi acquired 10,000 shares of the business’s stock in a transaction dated Wednesday, September 18th. The stock was bought at an average cost of $5.34 per share, with a total value of $53,400.00. Following the acquisition, the director now owns 58,459 shares in the company, valued at approximately $312,171.06. The disclosure for this purchase can be found here. In the last ninety days, insiders purchased 26,700 shares of company stock worth $142,976. 3.10% of the stock is owned by company insiders.

A number of hedge funds and other institutional investors have recently bought and sold shares of PEI. Squarepoint Ops LLC bought a new position in Pennsylvania R.E.I.T. in the third quarter valued at approximately $321,000. PVG Asset Management Corp bought a new stake in Pennsylvania R.E.I.T. during the third quarter worth $855,000. Barclays PLC lifted its stake in Pennsylvania R.E.I.T. by 33.2% during the third quarter. Barclays PLC now owns 168,302 shares of the real estate investment trust’s stock worth $963,000 after purchasing an additional 41,934 shares during the last quarter. Kranot Hishtalmut Le Morim Ve Gananot Havera Menahelet LTD bought a new stake in Pennsylvania R.E.I.T. during the third quarter worth $48,790,000. Finally, Kranot Hishtalmut Le Morim Tichoniim Havera Menahelet LTD acquired a new stake in shares of Pennsylvania R.E.I.T. in the 3rd quarter valued at $17,532,000. 66.48% of the stock is currently owned by hedge funds and other institutional investors.

The company has a 50 day moving average price of $5.78 and a 200-day moving average price of $5.89. The company has a current ratio of 0.52, a quick ratio of 0.52 and a debt-to-equity ratio of 3.60. The company has a market cap of $446.93 million, a P/E ratio of 3.36 and a beta of 1.20.

Pennsylvania R.E.I.T. (NYSE:PEI) last announced its quarterly earnings data on Tuesday, October 29th. The real estate investment trust reported $0.22 earnings per share for the quarter, missing the consensus estimate of $0.29 by ($0.07). Pennsylvania R.E.I.T. had a negative return on equity of 15.16% and a negative net margin of 21.74%. The business had revenue of $80.88 million for the quarter, compared to the consensus estimate of $81.50 million. Equities analysts expect that Pennsylvania R.E.I.T. will post 1.1 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 2nd will be given a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a yield of 16.25%. The ex-dividend date is Friday, November 29th. Pennsylvania R.E.I.T.’s dividend payout ratio is presently 54.55%.

Pennsylvania R.E.I.T. Company Profile (NYSE:PEI)

PREIT (NYSE:PEI) is a publicly traded real estate investment trust that owns and manages quality properties in compelling markets. PREIT'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.

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