Renaissance Technologies LLC cut its position in shares of Pennsylvania Real Estate Investment Trust (NYSE:PEI) by 77.4% during the first quarter, Holdings Channel reports. The institutional investor owned 225,600 shares of the real estate investment trust’s stock after selling 770,700 shares during the period. Renaissance Technologies LLC’s holdings in Pennsylvania Real Estate Investment Trust were worth $3,416,000 as of its most recent filing with the SEC.

Other hedge funds also recently made changes to their positions in the company. Norges Bank bought a new stake in shares of Pennsylvania Real Estate Investment Trust during the fourth quarter worth about $13,393,000. Macquarie Group Ltd. increased its stake in shares of Pennsylvania Real Estate Investment Trust by 28.9% in the fourth quarter. Macquarie Group Ltd. now owns 38,400 shares of the real estate investment trust’s stock worth $728,000 after buying an additional 8,600 shares in the last quarter. Louisiana State Employees Retirement System increased its stake in shares of Pennsylvania Real Estate Investment Trust by 1.1% in the first quarter. Louisiana State Employees Retirement System now owns 28,300 shares of the real estate investment trust’s stock worth $428,000 after buying an additional 300 shares in the last quarter. Quantitative Systematic Strategies LLC increased its stake in shares of Pennsylvania Real Estate Investment Trust by 86.9% in the first quarter. Quantitative Systematic Strategies LLC now owns 33,701 shares of the real estate investment trust’s stock worth $510,000 after buying an additional 15,672 shares in the last quarter. Finally, State of Alaska Department of Revenue increased its stake in shares of 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 worth $1,217,000 after buying an additional 21,140 shares in the last quarter. Institutional investors own 96.03% of the company’s stock.

Pennsylvania Real Estate Investment Trust (NYSE:PEI) traded down 3.64% during mid-day trading on Friday, hitting $10.84. 506,545 shares of the stock were exchanged. The stock’s market cap is $751.28 million. Pennsylvania Real Estate Investment Trust has a 52-week low of $10.00 and a 52-week high of $25.43. The stock’s 50 day moving average is $11.65 and its 200 day moving average is $13.65.

Pennsylvania Real Estate Investment Trust (NYSE:PEI) last posted its quarterly earnings results on Tuesday, August 8th. The real estate investment trust reported $0.39 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.37 by $0.02. The firm had revenue of $89.25 million for the quarter, compared to the consensus estimate of $95.60 million. Pennsylvania Real Estate Investment Trust had a negative net margin of 18.13% and a negative return on equity of 9.05%. The company’s revenue for the quarter was down 5.3% on a year-over-year basis. During the same period last year, the firm posted $0.43 earnings per share. Analysts forecast that Pennsylvania Real Estate Investment Trust will post ($0.04) EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Friday, September 1st will be paid a $0.21 dividend. This represents a $0.84 annualized dividend and a dividend yield of 7.47%. The ex-dividend date is Wednesday, August 30th. Pennsylvania Real Estate Investment Trust’s dividend payout ratio is currently -64.12%.

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PEI has been the topic of a number of research reports. Barclays PLC reiterated an “underweight” rating and issued a $14.00 price target (down from $15.00) on shares of Pennsylvania Real Estate Investment Trust in a report on Wednesday, April 19th. Zacks Investment Research upgraded shares of Pennsylvania Real Estate Investment Trust from a “sell” rating to a “hold” rating in a report on Tuesday, May 2nd. Boenning Scattergood downgraded shares of Pennsylvania Real Estate Investment Trust from an “outperform” rating to a “neutral” rating in a report on Monday, May 15th. ValuEngine downgraded shares of Pennsylvania Real Estate Investment Trust from a “buy” rating to a “hold” rating in a report on Friday, June 2nd. Finally, Stifel Nicolaus started coverage on shares of Pennsylvania Real Estate Investment Trust in a report on Friday, July 14th. They issued a “hold” rating and a $11.50 price target on the stock. Two equities research analysts have rated the stock with a sell rating and six have assigned a hold rating to the stock. Pennsylvania Real Estate Investment Trust has a consensus rating of “Hold” and an average target price of $16.70.

In other Pennsylvania Real Estate Investment Trust news, CFO Robert F. Mccadden purchased 10,000 shares of the firm’s stock in a transaction dated 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 acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director George J. Alburger, Jr. purchased 5,000 shares of the firm’s stock in a transaction dated Monday, June 12th. The stock was acquired at an average cost of $11.78 per share, for a total transaction of $58,900.00. Following the completion of the purchase, the director now owns 5,000 shares of the company’s stock, valued at approximately $58,900. The disclosure for this purchase can be found here. Over the last three months, insiders bought 35,000 shares of company stock worth $391,000. Insiders own 4.40% of the company’s stock.

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).

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Institutional Ownership by Quarter for Pennsylvania Real Estate Investment Trust (NYSE:PEI)

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