Bank of New York Mellon Corp cut its holdings in shares of Pennsylvania R.E.I.T. (NYSE:PEI) by 2.6% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,696,028 shares of the real estate investment trust’s stock after selling 46,166 shares during the quarter. Bank of New York Mellon Corp’s holdings in Pennsylvania R.E.I.T. were worth $18,639,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Stifel Financial Corp acquired a new position in Pennsylvania R.E.I.T. during the first quarter worth about $100,000. Amalgamated Bank acquired a new position in Pennsylvania R.E.I.T. during the second quarter worth about $117,000. Fox Run Management L.L.C. acquired a new position in Pennsylvania R.E.I.T. during the second quarter worth about $124,000. Shufro Rose & Co. LLC acquired a new position in Pennsylvania R.E.I.T. during the second quarter worth about $125,000. Finally, Element Capital Management LLC acquired a new position in Pennsylvania R.E.I.T. during the first quarter worth about $140,000. Hedge funds and other institutional investors own 91.35% of the company’s stock.

PEI opened at $9.78 on Tuesday. The stock has a market cap of $694.66 million, a P/E ratio of 5.83 and a beta of 1.10. Pennsylvania R.E.I.T. has a twelve month low of $8.86 and a twelve month high of $12.52. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 2.32.

Pennsylvania R.E.I.T. (NYSE:PEI) last issued its earnings results on Thursday, August 2nd. The real estate investment trust reported ($0.51) EPS for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.40). Pennsylvania R.E.I.T. had a negative return on equity of 2.21% and a negative net margin of 3.69%. The firm had revenue of $81.76 million for the quarter, compared to analysts’ expectations of $88.32 million. equities analysts predict that Pennsylvania R.E.I.T. will post 1.51 EPS for the current year.

The company also recently announced a quarterly dividend, which was paid on Monday, September 17th. Shareholders of record on Tuesday, September 4th were paid a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a yield of 8.59%. The ex-dividend date of this dividend was Friday, August 31st. Pennsylvania R.E.I.T.’s dividend payout ratio (DPR) is presently 50.30%.

A number of research firms recently weighed in on PEI. ValuEngine upgraded shares of Pennsylvania R.E.I.T. from a “sell” rating to a “hold” rating in a research report on Thursday, June 21st. Citigroup boosted their price target on shares of Pennsylvania R.E.I.T. from $10.50 to $12.00 and gave the stock a “neutral” rating in a research report on Tuesday, June 19th. Finally, Zacks Investment Research upgraded shares of Pennsylvania R.E.I.T. from a “sell” rating to a “hold” rating in a research report on Thursday, June 14th. Three analysts have rated the stock with a sell rating and five have assigned a hold rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $10.83.

Pennsylvania R.E.I.T. Company Profile

PREIT (NYSE:PEI) is a publicly traded real estate investment trust that owns and manages quality properties in compelling markets. REIT'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.

See Also: Hedge Funds – Risk or Reward?

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Institutional Ownership by Quarter for Pennsylvania R.E.I.T. (NYSE:PEI)

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