Pennsylvania R.E.I.T. (NYSE:PEI) – Analysts at SunTrust Banks lifted their FY2019 earnings per share estimates for Pennsylvania R.E.I.T. in a report issued on Monday, June 10th. SunTrust Banks analyst K. Kim now forecasts that the real estate investment trust will earn $1.26 per share for the year, up from their previous forecast of $1.25. SunTrust Banks also issued estimates for Pennsylvania R.E.I.T.’s FY2020 earnings at $1.29 EPS, FY2021 earnings at $1.31 EPS, FY2022 earnings at $1.29 EPS and FY2023 earnings at $1.21 EPS.
Pennsylvania R.E.I.T. (NYSE:PEI) last released its earnings results on Thursday, May 2nd. The real estate investment trust reported ($0.30) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.25 by ($0.55). Pennsylvania R.E.I.T. had a negative return on equity of 20.43% and a negative net margin of 34.03%. The company had revenue of $84.68 million for the quarter, compared to the consensus estimate of $86.85 million.
A number of other brokerages also recently weighed in on PEI. Zacks Investment Research raised Pennsylvania R.E.I.T. from a “strong sell” rating to a “hold” rating in a research report on Thursday, May 9th. Boenning Scattergood raised Pennsylvania R.E.I.T. from a “neutral” rating to an “outperform” rating in a research report on Monday, May 6th. ValuEngine raised Pennsylvania R.E.I.T. from a “strong sell” rating to a “sell” rating in a research report on Saturday, May 4th. Citigroup set a $7.00 price target on Pennsylvania R.E.I.T. and gave the stock a “hold” rating in a research report on Tuesday, February 26th. Finally, Barclays reissued a “sell” rating and set a $5.00 price target on shares of Pennsylvania R.E.I.T. in a research report on Tuesday, April 16th. Three analysts have rated the stock with a sell rating, two have given a hold rating and one has assigned a buy rating to the stock. Pennsylvania R.E.I.T. has a consensus rating of “Hold” and a consensus price target of $6.67.
PEI opened at $6.84 on Thursday. Pennsylvania R.E.I.T. has a 52-week low of $5.46 and a 52-week high of $11.98. The stock has a market cap of $528.53 million, a P/E ratio of 4.49 and a beta of 1.23. The company has a debt-to-equity ratio of 3.38, a quick ratio of 0.54 and a current ratio of 0.54.
The firm also recently declared a quarterly dividend, which will be paid on Monday, June 17th. Shareholders of record on Monday, June 3rd will be given a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a yield of 12.28%. The ex-dividend date of this dividend is Friday, May 31st. Pennsylvania R.E.I.T.’s dividend payout ratio (DPR) is presently 54.55%.
A number of hedge funds and other institutional investors have recently made changes to their positions in PEI. Bank of Montreal Can increased its position in Pennsylvania R.E.I.T. by 41.4% during the fourth quarter. Bank of Montreal Can now owns 6,583 shares of the real estate investment trust’s stock worth $40,000 after buying an additional 1,928 shares during the last quarter. Arizona State Retirement System grew its position in shares of Pennsylvania R.E.I.T. by 6.2% in the fourth quarter. Arizona State Retirement System now owns 98,749 shares of the real estate investment trust’s stock valued at $587,000 after purchasing an additional 5,746 shares during the last quarter. Rhumbline Advisers grew its position in shares of Pennsylvania R.E.I.T. by 17.9% in the fourth quarter. Rhumbline Advisers now owns 208,728 shares of the real estate investment trust’s stock valued at $1,240,000 after purchasing an additional 31,651 shares during the last quarter. Oregon Public Employees Retirement Fund acquired a new position in shares of Pennsylvania R.E.I.T. in the fourth quarter valued at approximately $145,000. Finally, Virginia Retirement Systems ET AL acquired a new position in shares of Pennsylvania R.E.I.T. in the fourth quarter valued at approximately $324,000. 67.27% of the stock is currently owned by hedge funds and other institutional investors.
About Pennsylvania R.E.I.T.
PREIT (NYSE:PEI) is a publicly traded real estate investment trust that owns and manages quality properties in compelling markets. PREIT's robust portfolio of carefully curated retail and lifestyle offerings mixed with destination dining and entertainment experiences are located primarily in the densely-populated eastern U.S.
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