Pennsylvania Real Estate Investment Trust (PEI) Posts Quarterly Earnings Results, Beats Estimates By $0.02 EPS

Pennsylvania Real Estate Investment Trust (NYSE:PEI) issued its quarterly earnings results on Tuesday, August 8th. The real estate investment trust reported $0.39 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.37 by $0.02, Bloomberg Earnings reports. The business had revenue of $89.25 million during 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 9.06%. The firm’s quarterly revenue was down 5.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.43 EPS. Pennsylvania Real Estate Investment Trust updated its FY17 guidance to $1.66 – $1.72 EPS.

Pennsylvania Real Estate Investment Trust (NYSE:PEI) opened at 10.24 on Friday. Pennsylvania Real Estate Investment Trust has a 52 week low of $9.84 and a 52 week high of $25.43. The firm’s market cap is $715.03 million. The stock’s 50 day moving average is $11.54 and its 200 day moving average is $13.36.

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 dividend of $0.21 per share. 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 dividend payout ratio (DPR) is -64.12%.

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Several equities research analysts recently commented on PEI shares. Zacks Investment Research downgraded shares of Pennsylvania Real Estate Investment Trust from a “hold” rating to a “sell” rating in a research report on Friday, July 21st. 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. ValuEngine lowered shares of Pennsylvania Real Estate Investment Trust from a “buy” rating to a “hold” rating in a research note on Friday, June 2nd. Citigroup Inc. dropped their price objective on shares of Pennsylvania Real Estate Investment Trust from $13.50 to $12.50 and set a “neutral” rating on the stock in a research note on Monday, August 14th. Finally, Barclays PLC dropped their price objective on shares of Pennsylvania Real Estate Investment Trust from $12.00 to $11.00 and set an “underweight” rating on the stock in a research note on Tuesday. One equities research analyst has rated the stock with a sell rating and eight have issued a hold rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $15.50.

In other Pennsylvania Real Estate Investment Trust news, Director George J. Alburger, Jr. purchased 5,000 shares of the firm’s stock in a transaction that occurred on Monday, June 12th. The shares were 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 purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director John Joseph Roberts acquired 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 30th. The shares were purchased at an average cost of $10.76 per share, with a total value of $107,600.00. Following the transaction, the director now directly owns 33,060 shares of the company’s stock, valued at $355,725.60. The disclosure for this purchase can be found here. Over the last 90 days, insiders have purchased 35,000 shares of company stock worth $391,000. 4.40% of the stock is owned by corporate insiders.

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).

Earnings History for Pennsylvania Real Estate Investment Trust (NYSE:PEI)

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