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

Pennsylvania R.E.I.T. (NYSE:PEI) gapped down prior to trading on Wednesday after JPMorgan Chase & Co. lowered their price target on the stock from $6.00 to $5.50. The stock had previously closed at $4.98, but opened at $5.17. JPMorgan Chase & Co. currently has an underweight rating on the stock. Pennsylvania R.E.I.T. shares last traded at $5.18, with a volume of 74,424 shares trading hands.

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

In other Pennsylvania R.E.I.T. news, Director Charles P. Pizzi bought 10,000 shares of the stock in a transaction on Wednesday, September 18th. The shares were purchased at an average price of $5.34 per share, with a total value of $53,400.00. Following the acquisition, the director now directly owns 58,459 shares of the company’s stock, valued at approximately $312,171.06. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Joseph F. Coradino bought 11,200 shares of the stock in a transaction on Tuesday, September 17th. The stock was acquired at an average cost of $5.33 per share, for a total transaction of $59,696.00. The disclosure for this purchase can be found here. Insiders have acquired 26,700 shares of company stock valued at $142,976 over the last 90 days. Corporate insiders own 3.10% of the company’s stock.

A number of large investors have recently added to or reduced their stakes in PEI. Psagot Investment House Ltd. acquired a new stake in Pennsylvania R.E.I.T. during the third quarter worth about $6,142,000. Kranot Hishtalmut Le Morim Ve Gananot Havera Menahelet LTD bought a new stake in Pennsylvania R.E.I.T. in the 3rd quarter valued at $48,790,000. Vanguard Group Inc. raised its stake in shares of Pennsylvania R.E.I.T. by 5.2% in the 2nd quarter. Vanguard Group Inc. now owns 11,252,055 shares of the real estate investment trust’s stock valued at $73,138,000 after buying an additional 559,316 shares in the last quarter. Nuveen Asset Management LLC acquired a new position in shares of Pennsylvania R.E.I.T. in the 2nd quarter valued at $3,357,000. Finally, Kranot Hishtalmut Le Morim Tichoniim Havera Menahelet LTD acquired a new stake in shares of Pennsylvania R.E.I.T. during the 3rd quarter valued at about $17,532,000. Hedge funds and other institutional investors own 66.48% of the company’s stock.

The stock has a market cap of $408.51 million, a price-to-earnings ratio of 3.36 and a beta of 1.20. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 3.60. The company’s 50-day moving average is $5.78 and its 200-day moving average is $5.88.

Pennsylvania R.E.I.T. (NYSE:PEI) last released its quarterly earnings data on Tuesday, October 29th. The real estate investment trust reported $0.22 earnings per share (EPS) 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 company had revenue of $80.88 million for the quarter, compared to analyst estimates of $81.50 million. On average, research analysts forecast that Pennsylvania R.E.I.T. will post 1.1 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 2nd will be paid a dividend of $0.21 per share. The ex-dividend date is Friday, November 29th. This represents a $0.84 annualized dividend and a yield of 16.26%. Pennsylvania R.E.I.T.’s dividend payout ratio is 54.55%.

About Pennsylvania R.E.I.T. (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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