Pennsylvania R.E.I.T. (NYSE:PEI) announced a quarterly dividend on Friday, April 21st. Stockholders of record on Thursday, June 1st will be given a dividend of 0.21 per share by the real estate investment trust on Thursday, June 15th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 7.69%. The ex-dividend date is Tuesday, May 30th.
Pennsylvania R.E.I.T. has raised its dividend by an average of 4.3% annually over the last three years and has increased its dividend annually for the last 5 consecutive years. Pennsylvania R.E.I.T. has a dividend payout ratio of 50.3% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Pennsylvania R.E.I.T. to earn $0.06 per share next year, which means the company may not be able to cover its $0.84 annual dividend with an expected future payout ratio of 1,400.0%.
Shares of Pennsylvania R.E.I.T. (NYSE:PEI) opened at 10.93 on Friday. The stock has a 50 day moving average of $13.53 and a 200-day moving average of $16.74. The company’s market capitalization is $762.27 million. Pennsylvania R.E.I.T. has a 1-year low of $10.00 and a 1-year high of $25.67.
Pennsylvania R.E.I.T. (NYSE:PEI) last issued its earnings results on Tuesday, April 25th. The real estate investment trust reported $0.35 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.37 by $0.02. Pennsylvania R.E.I.T. had a negative return on equity of 3.62% and a negative net margin of 6.65%. The firm had revenue of $89.26 million during the quarter, compared to the consensus estimate of $97.98 million. During the same quarter in the prior year, the business posted $0.43 EPS. The firm’s revenue for the quarter was down 12.5% on a year-over-year basis. Analysts forecast that Pennsylvania R.E.I.T. will post ($0.04) earnings per share for the current year.
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Several research analysts have recently issued reports on the stock. TheStreet cut shares of Pennsylvania R.E.I.T. from a “c-” rating to a “d+” rating in a report on Friday, March 24th. Zacks Investment Research upgraded shares of Pennsylvania R.E.I.T. from a “sell” rating to a “hold” rating in a report on Tuesday, May 2nd. Boenning Scattergood cut shares of Pennsylvania R.E.I.T. from an “outperform” rating to a “neutral” rating in a report on Monday, May 15th. Barclays PLC restated an “underweight” rating and issued a $14.00 target price (down previously from $15.00) on shares of Pennsylvania R.E.I.T. in a report on Wednesday, April 19th. Finally, JPMorgan Chase & Co. cut their target price on shares of Pennsylvania R.E.I.T. from $20.00 to $18.00 and set a “neutral” rating on the stock in a report on Wednesday, March 22nd. One analyst has rated the stock with a sell rating and five have given a hold rating to the stock. Pennsylvania R.E.I.T. presently has a consensus rating of “Hold” and an average price target of $18.80.
An institutional investor recently raised its position in Pennsylvania R.E.I.T. stock. Dimensional Fund Advisors LP increased its stake in shares of Pennsylvania R.E.I.T. (NYSE:PEI) by 3.9% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 1,005,931 shares of the real estate investment trust’s stock after buying an additional 37,954 shares during the period. Dimensional Fund Advisors LP owned about 1.44% of Pennsylvania R.E.I.T. worth $15,230,000 as of its most recent SEC filing. 93.69% of the stock is owned by hedge funds and other institutional investors.
Pennsylvania R.E.I.T. 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).
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