Pennsylvania R.E.I.T. (NYSE:PEI) Shares Gap Down to $3.51

Pennsylvania R.E.I.T. (NYSE:PEI) shares gapped down prior to trading on Wednesday . The stock had previously closed at $3.92, but opened at $3.51. Pennsylvania R.E.I.T. shares last traded at $2.58, with a volume of 13,203,036 shares trading hands.

PEI has been the subject of several research analyst reports. SunTrust Banks downgraded Pennsylvania R.E.I.T. from a “hold” rating to a “sell” rating and cut their price objective for the company from $5.00 to $4.00 in a research report on Wednesday, January 15th. JPMorgan Chase & Co. cut their price objective on Pennsylvania R.E.I.T. from $6.00 to $5.50 and set an “underweight” rating for the company in a research report on Tuesday, December 3rd. Finally, Zacks Investment Research upgraded Pennsylvania R.E.I.T. from a “sell” rating to a “hold” rating in a research report on Wednesday, February 5th. Four investment analysts have rated the stock with a sell rating, two have assigned a hold rating and one has assigned a buy rating to the company’s stock. Pennsylvania R.E.I.T. has an average rating of “Hold” and an average price target of $5.25.

The company has a market cap of $291.74 million, a P/E ratio of -1.74 and a beta of 1.26. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 3.60. The business has a 50-day moving average price of $4.22 and a two-hundred day moving average price of $5.12.

The company also recently announced a quarterly dividend, which will be paid on Monday, March 16th. Stockholders of record on Monday, March 2nd will be given a dividend of $0.21 per share. The ex-dividend date is Friday, February 28th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 32.56%. Pennsylvania R.E.I.T.’s payout ratio is currently 54.55%.

Several hedge funds have recently added to or reduced their stakes in the company. PVG Asset Management Corp raised its position in shares of Pennsylvania R.E.I.T. by 12.5% during the fourth quarter. PVG Asset Management Corp now owns 168,220 shares of the real estate investment trust’s stock worth $897,000 after acquiring an additional 18,745 shares during the last quarter. Geode Capital Management LLC raised its position in shares of Pennsylvania R.E.I.T. by 2.9% during the fourth quarter. Geode Capital Management LLC now owns 1,091,035 shares of the real estate investment trust’s stock worth $5,815,000 after acquiring an additional 30,376 shares during the last quarter. Psagot Investment House Ltd. raised its position in shares of Pennsylvania R.E.I.T. by 0.3% during the fourth quarter. Psagot Investment House Ltd. now owns 1,077,229 shares of the real estate investment trust’s stock worth $5,742,000 after acquiring an additional 3,500 shares during the last quarter. Blueshift Asset Management LLC bought a new stake in shares of Pennsylvania R.E.I.T. during the fourth quarter worth $131,000. Finally, Bank of New York Mellon Corp raised its position in shares of Pennsylvania R.E.I.T. by 21.3% during the fourth quarter. Bank of New York Mellon Corp now owns 1,328,775 shares of the real estate investment trust’s stock worth $7,082,000 after acquiring an additional 233,319 shares during the last quarter. Institutional investors own 66.63% of the company’s stock.

About Pennsylvania R.E.I.T. (NYSE:PEI)

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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