Bank of America Corp DE Acquires 254,310 Shares of Pennsylvania Real Estate Investment Trust (PEI)

Bank of America Corp DE increased its position in Pennsylvania Real Estate Investment Trust (NYSE:PEI) by 92.2% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 530,229 shares of the real estate investment trust’s stock after buying an additional 254,310 shares during the period. Bank of America Corp DE owned approximately 0.76% of Pennsylvania Real Estate Investment Trust worth $8,028,000 as of its most recent SEC filing.

A number of other institutional investors have also bought and sold shares of the company. Mckinley Capital Management LLC Delaware acquired a new position in Pennsylvania Real Estate Investment Trust during the first quarter valued at approximately $132,000. Mason Street Advisors LLC increased its stake in shares of Pennsylvania Real Estate Investment Trust by 6.9% in the first quarter. Mason Street Advisors LLC now owns 16,247 shares of the real estate investment trust’s stock valued at $246,000 after buying an additional 1,052 shares in the last quarter. Laurion Capital Management LP acquired a new stake in shares of Pennsylvania Real Estate Investment Trust during the first quarter valued at about $339,000. Clinton Group Inc. acquired a new stake in shares of Pennsylvania Real Estate Investment Trust during the first quarter valued at about $347,000. Finally, Amica Retiree Medical Trust increased its stake in shares of Pennsylvania Real Estate Investment Trust by 32.1% in the first quarter. Amica Retiree Medical Trust now owns 26,069 shares of the real estate investment trust’s stock valued at $395,000 after buying an additional 6,338 shares in the last quarter. 97.76% of the stock is currently owned by hedge funds and other institutional investors.

Shares of Pennsylvania Real Estate Investment Trust (NYSE PEI) traded down 1.44% during mid-day trading on Friday, hitting $10.24. 2,247,136 shares of the company were exchanged. Pennsylvania Real Estate Investment Trust has a 12-month low of $9.84 and a 12-month high of $25.43. The company’s 50-day moving average price is $11.54 and its 200-day moving average price is $13.36. The firm’s market capitalization is $715.03 million.

Pennsylvania Real Estate Investment Trust (NYSE:PEI) last issued its quarterly earnings data 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. Pennsylvania Real Estate Investment Trust had a negative net margin of 18.13% and a negative return on equity of 9.06%. The firm had revenue of $89.25 million for the quarter, compared to analysts’ expectations of $95.60 million. During the same quarter in the prior year, the business earned $0.43 EPS. The business’s quarterly revenue was down 5.3% on a year-over-year basis. Equities research analysts predict that Pennsylvania Real Estate Investment Trust will post ($0.27) earnings per share for the current fiscal year.

The firm also recently disclosed 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 8.20%. The ex-dividend date is Wednesday, August 30th. Pennsylvania Real Estate Investment Trust’s dividend payout ratio (DPR) is presently -64.12%.

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Several equities research analysts have recently issued reports on PEI shares. Boenning Scattergood downgraded Pennsylvania Real Estate Investment Trust from an “outperform” rating to a “neutral” rating in a research report on Monday, May 15th. BidaskClub upgraded shares of Pennsylvania Real Estate Investment Trust from a “sell” rating to a “hold” rating in a research note on Monday, July 31st. Zacks Investment Research cut shares of Pennsylvania Real Estate Investment Trust from a “hold” rating to a “sell” rating in a research note on Wednesday, July 12th. ValuEngine cut shares of Pennsylvania Real Estate Investment Trust from a “buy” rating to a “hold” rating in a research note on Friday, June 2nd. Finally, Barclays PLC cut their price target on shares of Pennsylvania Real Estate Investment Trust from $12.00 to $11.00 and set an “underweight” rating for the company in a research note on Tuesday. One equities research analyst has rated the stock with a sell rating and eight have given a hold rating to the company’s stock. Pennsylvania Real Estate Investment Trust presently has a consensus rating of “Hold” and a consensus target price of $15.50.

In other news, Director George J. Alburger, Jr. bought 5,000 shares of Pennsylvania Real Estate Investment Trust stock in a transaction that occurred on Monday, June 12th. The stock was bought at an average cost of $11.78 per share, with a total value of $58,900.00. Following the acquisition, the director now owns 5,000 shares of the company’s stock, valued at approximately $58,900. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Joseph F. Coradino acquired 10,000 shares of the business’s stock in a transaction on Tuesday, June 13th. The shares were bought at an average cost of $11.57 per share, with a total value of $115,700.00. The disclosure for this purchase can be found here. Insiders bought a total of 35,000 shares of company stock worth $391,000 in the last quarter. Company insiders own 4.40% of the company’s stock.

Pennsylvania Real Estate Investment Trust Company Profile

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).

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

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