Stifel Nicolaus assumed coverage on shares of Pennsylvania Real Estate Investment Trust (NYSE:PEI) in a research note published on Friday, Marketbeat Ratings reports. The firm issued a hold rating and a $11.50 price target on the real estate investment trust’s stock.

Several other brokerages have also issued reports on PEI. Barclays PLC reaffirmed an underweight rating and set a $14.00 target price (down from $15.00) on shares of Pennsylvania Real Estate Investment Trust in a research report on Wednesday, April 19th. J P Morgan Chase & Co reduced their target price on Pennsylvania Real Estate Investment Trust from $20.00 to $18.00 and set a neutral rating on the stock in a research report on Wednesday, March 22nd. TheStreet lowered Pennsylvania Real Estate Investment Trust from a c- rating to a d+ rating in a research report on Friday, March 24th. Zacks Investment Research raised Pennsylvania Real Estate Investment Trust from a sell rating to a hold rating in a research report on Tuesday, May 2nd. Finally, Boenning Scattergood lowered Pennsylvania Real Estate Investment Trust from an outperform rating to a neutral rating in a report on Monday, May 15th. Two 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 a consensus rating of Hold and an average price target of $16.70.

Pennsylvania Real Estate Investment Trust (PEI) traded up 1.10% during midday trading on Friday, reaching $11.91. The company had a trading volume of 1,653,960 shares. The company’s market capitalization is $830.62 million. The firm has a 50-day moving average of $11.14 and a 200 day moving average of $15.10. Pennsylvania Real Estate Investment Trust has a 1-year low of $10.00 and a 1-year high of $25.67.

Pennsylvania Real Estate Investment Trust (NYSE:PEI) last announced its earnings results on Tuesday, April 25th. The real estate investment trust reported $0.35 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.37 by $0.02. Pennsylvania Real Estate Investment Trust had a negative net margin of 3.49% and a negative return on equity of 1.78%. The business had revenue of $89.26 million for the quarter, compared to analyst estimates of $97.98 million. During the same period in the prior year, the company earned $0.43 earnings per share. The company’s quarterly revenue was down 12.5% on a year-over-year basis. On average, equities research analysts forecast that Pennsylvania Real Estate Investment Trust will post ($0.04) EPS for the current year.

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The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Friday, September 1st will be issued a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a dividend yield of 7.05%. The ex-dividend date of this dividend is Wednesday, August 30th. Pennsylvania Real Estate Investment Trust’s dividend payout ratio is presently -182.61%.

In related news, CFO Robert F. Mccadden bought 10,000 shares of the company’s stock in a transaction that occurred on Monday, June 19th. The shares were purchased at an average cost of $10.88 per share, with a total value of $108,800.00. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director George J. Alburger, Jr. bought 5,000 shares of the company’s stock in a transaction that occurred on Monday, June 12th. The shares were bought at an average cost of $11.78 per share, for a total transaction of $58,900.00. Following the completion of the acquisition, the director now owns 5,000 shares of the company’s stock, valued at $58,900. The disclosure for this purchase can be found here. Over the last ninety days, insiders have purchased 35,000 shares of company stock worth $391,000. 4.40% of the stock is owned by corporate insiders.

A number of hedge funds have recently bought and sold shares of the company. Thrivent Financial for Lutherans raised its stake in Pennsylvania Real Estate Investment Trust by 3.3% in the fourth quarter. Thrivent Financial for Lutherans now owns 57,086 shares of the real estate investment trust’s stock valued at $1,082,000 after buying an additional 1,850 shares during the period. Stephens Inc. AR raised its stake in Pennsylvania Real Estate Investment Trust by 9.7% in the first quarter. Stephens Inc. AR now owns 123,059 shares of the real estate investment trust’s stock valued at $1,863,000 after buying an additional 10,865 shares during the period. Norges Bank bought a new stake in Pennsylvania Real Estate Investment Trust during the fourth quarter valued at approximately $13,393,000. State of Alaska Department of Revenue raised its stake in Pennsylvania Real Estate Investment Trust by 35.6% in the first quarter. State of Alaska Department of Revenue now owns 80,440 shares of the real estate investment trust’s stock valued at $1,217,000 after buying an additional 21,140 shares during the period. Finally, Sei Investments Co. raised its stake in Pennsylvania Real Estate Investment Trust by 15,806.0% in the first quarter. Sei Investments Co. now owns 122,317 shares of the real estate investment trust’s stock valued at $1,852,000 after buying an additional 121,548 shares during the period.

About Pennsylvania Real Estate Investment Trust

Pennsylvania Real Estate Investment Trust (PREIT) is a self-managed and self-administered real estate investment trust (REIT). The Company’s primary business is owning and operating retail shopping malls, which it does primarily through operating partnership, PREIT Associates, L.P. (PREIT Associates).

Analyst Recommendations for Pennsylvania Real Estate Investment Trust (NYSE:PEI)

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