Bank of New York Mellon Corp cut its holdings in shares of Pennsylvania R.E.I.T. (NYSE:PEI) by 2.6% during the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 1,696,028 shares of the real estate investment trust’s stock after selling 46,166 shares during the period. Bank of New York Mellon Corp owned 2.41% of Pennsylvania R.E.I.T. worth $18,639,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Principal Financial Group Inc. raised its holdings in shares of Pennsylvania R.E.I.T. by 3.1% during the first quarter. Principal Financial Group Inc. now owns 539,390 shares of the real estate investment trust’s stock worth $5,205,000 after purchasing an additional 16,259 shares during the last quarter. Shufro Rose & Co. LLC purchased a new position in shares of Pennsylvania R.E.I.T. during the second quarter worth $125,000. Connor Clark & Lunn Investment Management Ltd. purchased a new position in Pennsylvania R.E.I.T. in the second quarter valued at $353,000. Sigma Planning Corp purchased a new position in Pennsylvania R.E.I.T. in the second quarter valued at $337,000. Finally, Fox Run Management L.L.C. purchased a new position in Pennsylvania R.E.I.T. in the second quarter valued at $124,000. Hedge funds and other institutional investors own 91.35% of the company’s stock.
A number of research analysts have weighed in on PEI shares. ValuEngine raised shares of Pennsylvania R.E.I.T. from a “sell” rating to a “hold” rating in a report on Tuesday, May 29th. Zacks Investment Research cut shares of Pennsylvania R.E.I.T. from a “hold” rating to a “sell” rating in a report on Tuesday, July 17th. Finally, Citigroup lifted their price objective on shares of Pennsylvania R.E.I.T. from $10.50 to $12.00 and gave the company a “neutral” rating in a report on Tuesday, June 19th. Three equities research analysts have rated the stock with a sell rating and five have assigned a hold rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $10.83.
PEI opened at $9.78 on Tuesday. Pennsylvania R.E.I.T. has a fifty-two week low of $8.86 and a fifty-two week high of $12.52. The company has a debt-to-equity ratio of 2.32, a current ratio of 1.05 and a quick ratio of 1.05. The firm has a market capitalization of $694.66 million, a price-to-earnings ratio of 5.83 and a beta of 1.10.
Pennsylvania R.E.I.T. (NYSE:PEI) last released its quarterly earnings data on Thursday, August 2nd. The real estate investment trust reported ($0.51) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.40). Pennsylvania R.E.I.T. had a negative net margin of 3.69% and a negative return on equity of 2.21%. The firm had revenue of $81.76 million during the quarter, compared to analysts’ expectations of $88.32 million. equities analysts anticipate that Pennsylvania R.E.I.T. will post 1.51 EPS for the current year.
The business also recently announced a quarterly dividend, which was paid on Monday, September 17th. Stockholders of record on Tuesday, September 4th were given a $0.21 dividend. The ex-dividend date of this dividend was Friday, August 31st. This represents a $0.84 annualized dividend and a dividend yield of 8.59%. Pennsylvania R.E.I.T.’s dividend payout ratio (DPR) is 50.30%.
Pennsylvania R.E.I.T. Company 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: Penny Stocks
Want to see what other hedge funds are holding PEI? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Pennsylvania R.E.I.T. (NYSE:PEI).
Receive News & Ratings for Pennsylvania R.E.I.T. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Pennsylvania R.E.I.T. and related companies with MarketBeat.com's FREE daily email newsletter.