Shares of Pennsylvania Real Estate Investment Trust (NYSE:PEI) shot up 2.1% during trading on Thursday . The stock traded as high as $22.28 and last traded at $22.20, with a volume of 588,799 shares trading hands. The stock had previously closed at $21.74.

Several brokerages have commented on PEI. Zacks Investment Research upgraded shares of Pennsylvania Real Estate Investment Trust from a “hold” rating to a “buy” rating and set a $27.00 price objective for the company in a research note on Wednesday, May 11th. Stifel Nicolaus raised shares of Pennsylvania Real Estate Investment Trust from a “hold” rating to a “buy” rating and set a $27.00 target price for the company in a report on Wednesday, April 20th. Mitsubishi UFJ Financial Group started coverage on shares of Pennsylvania Real Estate Investment Trust in a report on Monday, April 4th. They set an “overweight” rating and a $24.00 target price for the company. Boenning Scattergood raised shares of Pennsylvania Real Estate Investment Trust from a “neutral” rating to an “outperform” rating and set a $30.00 target price for the company in a report on Wednesday, April 6th. Finally, SunTrust Banks Inc. cut their target price on shares of Pennsylvania Real Estate Investment Trust from $28.00 to $26.00 in a report on Monday, March 14th. Two investment analysts have rated the stock with a sell rating and three have assigned a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $25.00.

The company’s market capitalization is $1.52 billion. The company has a 50 day moving average of $21.35 and a 200 day moving average of $21.05.

Pennsylvania Real Estate Investment Trust (NYSE:PEI) last announced its quarterly earnings results on Tuesday, April 26th. The real estate investment trust reported $0.42 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.43 by $0.01. During the same quarter in the prior year, the company earned $0.40 EPS. The business had revenue of $101.90 million for the quarter, compared to the consensus estimate of $71.89 million. The firm’s revenue was up 1.8% compared to the same quarter last year. On average, equities research analysts expect that Pennsylvania Real Estate Investment Trust will post $1.84 earnings per share for the current year.

The business also recently declared a quarterly dividend, which was paid on Wednesday, June 15th. Shareholders of record on Wednesday, June 1st were paid a $0.21 dividend. The ex-dividend date was Friday, May 27th. This represents a $0.84 annualized dividend and a yield of 3.83%.

In other news, CEO Joseph F. Coradino sold 33,000 shares of the stock in a transaction that occurred on Monday, June 6th. The stock was sold at an average price of $21.25, for a total value of $701,250.00. Following the completion of the sale, the chief executive officer now directly owns 347,196 shares of the company’s stock, valued at $7,377,915. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Andrew M. Ioannou sold 10,000 shares of the stock in a transaction that occurred on Thursday, June 9th. The shares were sold at an average price of $22.27, for a total value of $222,700.00. Following the completion of the sale, the executive vice president now directly owns 46,156 shares of the company’s stock, valued at $1,027,894.12. The disclosure for this sale can be found here.

Several large investors have recently bought and sold shares of the stock. Sei Investments Co. increased its stake in Pennsylvania Real Estate Investment Trust by 15.6% in the fourth quarter. Sei Investments Co. now owns 49,125 shares of the real estate investment trust’s stock valued at $1,074,000 after buying an additional 6,641 shares during the last quarter. Nationwide Fund Advisors increased its stake in Pennsylvania Real Estate Investment Trust by 1.4% in the fourth quarter. Nationwide Fund Advisors now owns 52,710 shares of the real estate investment trust’s stock valued at $1,153,000 after buying an additional 725 shares during the last quarter. State of Alaska Department of Revenue increased its stake in Pennsylvania Real Estate Investment Trust by 61.1% in the fourth quarter. State of Alaska Department of Revenue now owns 53,910 shares of the real estate investment trust’s stock valued at $1,179,000 after buying an additional 20,450 shares during the last quarter. New York State Common Retirement Fund increased its stake in Pennsylvania Real Estate Investment Trust by 5.7% in the fourth quarter. New York State Common Retirement Fund now owns 66,700 shares of the real estate investment trust’s stock valued at $1,459,000 after buying an additional 3,600 shares during the last quarter. Finally, Rhumbline Advisers increased its stake in Pennsylvania Real Estate Investment Trust by 4.5% in the fourth quarter. Rhumbline Advisers now owns 120,810 shares of the real estate investment trust’s stock valued at $2,642,000 after buying an additional 5,175 shares during the last quarter.

Pennsylvania Real Estate Investment Trust (PREIT) is an integrated, self-managed and self-administered real estate investment trusts (REIT). The Company is engaged in the ownership, management, leasing, acquisition, redevelopment, development and disposition of shopping malls. The Company owns interests in approximately 42 retail properties, of which 38 are operating properties and four are development properties.

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