Pennsylvania Real Estate Investment Trust (PEI) Stock Price Up 2.6%
Pennsylvania Real Estate Investment Trust (NYSE:PEI) shares rose 2.6% on Thursday . The stock traded as high as $24.69 and last traded at $24.51, with a volume of 372,068 shares. The stock had previously closed at $23.88.
Separately, Zacks Investment Research upgraded Pennsylvania Real Estate Investment Trust from a “hold” rating to a “buy” rating and set a $27.00 price target for the company in a research note on Tuesday, August 16th. One equities research analyst has rated the stock with a sell rating and four have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus price target of $25.50.
The stock’s market cap is $1.71 billion. The stock has a 50 day moving average of $23.96 and a 200 day moving average of $21.97.
Pennsylvania Real Estate Investment Trust (NYSE:PEI) last announced its quarterly earnings results on Tuesday, July 26th. The real estate investment trust reported $0.43 earnings per share for the quarter, beating the consensus estimate of $0.41 by $0.02. During the same quarter in the prior year, the business posted $0.39 earnings per share. The company had revenue of $94.30 million for the quarter, compared to analysts’ expectations of $68.46 million. The firm’s revenue was down 7.3% compared to the same quarter last year. Equities analysts predict that Pennsylvania Real Estate Investment Trust will post $1.85 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, September 15th. Investors of record on Thursday, September 1st will be given a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a yield of 3.41%. The ex-dividend date is Tuesday, August 30th.
In related news, CEO Joseph F. Coradino sold 33,000 shares of Pennsylvania Real Estate Investment Trust stock in a transaction that occurred on Monday, June 6th. The stock was sold at an average price of $21.25, for a total transaction of $701,250.00. Following the completion of the transaction, the chief executive officer now directly owns 347,196 shares in the company, valued at $7,377,915. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Andrew M. Ioannou sold 10,000 shares of Pennsylvania Real Estate Investment Trust 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 transaction, the executive vice president now owns 46,156 shares of the company’s stock, valued at $1,027,894.12. The disclosure for this sale can be found here.
Pennsylvania Real Estate Investment Trust (PREIT) is an integrated, self-managed and self-administered real estate investment trust (REIT). The Company has a primary investment focus on retail shopping malls located in the eastern half of the United States. It is engaged in the ownership, management, leasing, acquisition, redevelopment, development and disposition of shopping malls.
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