Pennsylvania Real Estate Investment Trust (NYSE:PEI) Position Held by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. maintained its position in shares of Pennsylvania Real Estate Investment Trust (NYSE:PEI) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 8,971 shares of the real estate investment trust’s stock at the end of the first quarter. PNC Financial Services Group Inc.’s holdings in Pennsylvania Real Estate Investment Trust were worth $135,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in PEI. Ameriprise Financial Inc. raised its stake in Pennsylvania Real Estate Investment Trust by 1.5% in the first quarter. Ameriprise Financial Inc. now owns 393,917 shares of the real estate investment trust’s stock valued at $5,964,000 after buying an additional 5,974 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 purchased a new stake in Pennsylvania Real Estate Investment Trust during the fourth quarter valued at about $13,393,000. State of Alaska Department of Revenue raised 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 during the last quarter. Finally, Sei Investments Co. raised its stake in shares of 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 worth $1,852,000 after buying an additional 121,548 shares during the last quarter. Hedge funds and other institutional investors own 97.76% of the company’s stock.

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 stock traded hands. Pennsylvania Real Estate Investment Trust has a 12-month low of $9.84 and a 12-month high of $25.43. The company has a 50 day moving average of $11.54 and a 200-day moving average of $13.36. The stock’s market cap is $715.03 million.

Pennsylvania Real Estate Investment Trust (NYSE:PEI) last released its quarterly earnings results on Tuesday, August 8th. The real estate investment trust reported $0.39 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.37 by $0.02. Pennsylvania Real Estate Investment Trust had a negative return on equity of 9.06% and a negative net margin of 18.13%. The company had revenue of $89.25 million during the quarter, compared to analysts’ expectations of $95.60 million. During the same quarter in the prior year, the business posted $0.43 earnings per share. The company’s revenue for the quarter was down 5.3% compared to the same quarter last year. Equities research analysts forecast that Pennsylvania Real Estate Investment Trust will post ($0.27) earnings per share for the current 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. The ex-dividend date is Wednesday, August 30th. This represents a $0.84 annualized dividend and a dividend yield of 8.20%. Pennsylvania Real Estate Investment Trust’s payout ratio is -64.12%.

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A number of equities research analysts recently weighed in on PEI shares. Zacks Investment Research upgraded shares of Pennsylvania Real Estate Investment Trust from a “sell” rating to a “hold” rating in a report on Saturday. Boenning Scattergood reiterated a “hold” rating on shares of Pennsylvania Real Estate Investment Trust in a report on Thursday, August 10th. BidaskClub upgraded shares of Pennsylvania Real Estate Investment Trust from a “sell” rating to a “hold” rating in a report on Monday, July 31st. Stifel Nicolaus assumed 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 for the company. Finally, ValuEngine lowered shares of Pennsylvania Real Estate Investment Trust from a “buy” rating to a “hold” rating in a report on Friday, June 2nd. One research analyst has rated the stock with a sell rating and eight have assigned a hold rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $15.50.

In other news, Director John Joseph Roberts bought 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 30th. The stock was acquired at an average price of $10.76 per share, with a total value of $107,600.00. Following the completion of the purchase, the director now directly owns 33,060 shares of the company’s stock, valued at approximately $355,725.60. The acquisition was disclosed in a filing with the SEC, which is available at this link. Also, Director George J. Alburger, Jr. bought 5,000 shares of Pennsylvania Real Estate Investment Trust stock in a transaction dated Monday, June 12th. The shares were bought at an average cost of $11.78 per share, with a total value 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. Insiders have purchased 35,000 shares of company stock valued at $391,000 in the last ninety days. 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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