Zacks: Brokerages Anticipate Pennsylvania Real Estate Investment Trust (NYSE:PEI) Will Post Quarterly Sales of $94.20 Million

Wall Street analysts forecast that Pennsylvania Real Estate Investment Trust (NYSE:PEI) will post $94.20 million in sales for the current quarter, according to Zacks. Three analysts have provided estimates for Pennsylvania Real Estate Investment Trust’s earnings, with the lowest sales estimate coming in at $91.20 million and the highest estimate coming in at $99.73 million. Pennsylvania Real Estate Investment Trust reported sales of $92.74 million in the same quarter last year, which would suggest a positive year over year growth rate of 1.6%. The business is expected to report its next earnings report after the market closes on Tuesday, August 8th.

According to Zacks, analysts expect that Pennsylvania Real Estate Investment Trust will report full-year sales of $94.20 million for the current financial year, with estimates ranging from $382.12 million to $420.43 million. For the next financial year, analysts expect that the business will post sales of $410.19 million per share, with estimates ranging from $398.40 million to $431.27 million. Zacks’ sales averages are an average based on a survey of analysts that follow Pennsylvania Real Estate Investment Trust.

Pennsylvania Real Estate Investment Trust (NYSE:PEI) last released its earnings results on Tuesday, April 25th. The real estate investment trust reported $0.35 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.37 by $0.02. The firm had revenue of $89.26 million for the quarter, compared to analyst estimates of $97.98 million. Pennsylvania Real Estate Investment Trust had a negative return on equity of 1.78% and a negative net margin of 3.49%. Pennsylvania Real Estate Investment Trust’s revenue was down 12.5% on a year-over-year basis. During the same period in the previous year, the firm earned $0.43 earnings per share.

PEI has been the subject of a number of recent analyst reports. Boenning Scattergood downgraded Pennsylvania Real Estate Investment Trust from an “outperform” rating to a “neutral” rating in a report on Monday, May 15th. Barclays PLC reiterated an “underweight” rating and issued a $14.00 price objective (down previously from $15.00) on shares of Pennsylvania Real Estate Investment Trust in a report on Wednesday, April 19th. TheStreet downgraded Pennsylvania Real Estate Investment Trust from a “c-” rating to a “d+” rating in a report on Friday, March 24th. J P Morgan Chase & Co dropped their price objective on Pennsylvania Real Estate Investment Trust from $20.00 to $18.00 and set a “neutral” rating for the company in a report on Wednesday, March 22nd. Finally, ValuEngine downgraded Pennsylvania Real Estate Investment Trust from a “buy” rating to a “hold” rating in a report on Friday, June 2nd. One investment analyst has rated the stock with a sell rating and six have given a hold rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $18.80.

Pennsylvania Real Estate Investment Trust (NYSE PEI) traded up 4.51% on Thursday, reaching $11.83. The company had a trading volume of 611,489 shares. The company’s market capitalization is $825.04 million. Pennsylvania Real Estate Investment Trust has a 12 month low of $10.00 and a 12 month high of $25.67. The company’s 50 day moving average price is $11.14 and its 200-day moving average price is $15.10.

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Friday, September 1st will be issued a $0.21 dividend. The ex-dividend date of this dividend is Wednesday, August 30th. This represents a $0.84 annualized dividend and a dividend yield of 7.10%. Pennsylvania Real Estate Investment Trust’s dividend payout ratio (DPR) is currently -182.61%.

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In other Pennsylvania Real Estate Investment Trust news, Director John Joseph Roberts purchased 10,000 shares of the stock in a transaction on Tuesday, May 30th. The stock was bought at an average cost of $10.76 per share, for a total transaction of $107,600.00. Following the completion of the acquisition, the director now directly owns 33,060 shares of the company’s stock, valued at $355,725.60. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director George J. Alburger, Jr. purchased 5,000 shares of the stock in a transaction on Monday, June 12th. The stock was acquired at an average price of $11.78 per share, with a total value of $58,900.00. Following the completion of the acquisition, the director now directly owns 5,000 shares of the company’s stock, valued at $58,900. The disclosure for this purchase can be found here. Insiders acquired 35,000 shares of company stock valued at $391,000 over the last 90 days. Corporate insiders own 4.40% of the company’s stock.

Large investors have recently made changes to their positions in the company. Public Employees Retirement System of Ohio increased its stake in shares of Pennsylvania Real Estate Investment Trust by 1.2% in the first quarter. Public Employees Retirement System of Ohio now owns 82,789 shares of the real estate investment trust’s stock valued at $1,253,000 after buying an additional 1,001 shares during the period. Point72 Asset Management L.P. acquired a new stake in shares of Pennsylvania Real Estate Investment Trust during the first quarter valued at about $4,445,000. Credit Suisse AG increased its stake in shares of Pennsylvania Real Estate Investment Trust by 2.4% in the first quarter. Credit Suisse AG now owns 285,118 shares of the real estate investment trust’s stock valued at $4,316,000 after buying an additional 6,646 shares during the period. BlueCrest Capital Management Ltd acquired a new stake in shares of Pennsylvania Real Estate Investment Trust during the first quarter valued at about $202,000. Finally, State Street Corp increased its stake in shares of Pennsylvania Real Estate Investment Trust by 2.6% in the first quarter. State Street Corp now owns 2,622,882 shares of the real estate investment trust’s stock valued at $39,704,000 after buying an additional 67,473 shares during the period. Institutional investors own 97.67% 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).

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

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