Insider Buying: Pennsylvania R.E.I.T. (NYSE:PEI) Director Acquires 30,000 Shares of Stock
Pennsylvania R.E.I.T. (NYSE:PEI) Director Leonard I. Korman purchased 30,000 shares of Pennsylvania R.E.I.T. stock in a transaction on Monday, August 26th. The stock was purchased at an average price of $4.77 per share, for a total transaction of $143,100.00. Following the completion of the transaction, the director now owns 410,962 shares of the company’s stock, valued at $1,960,288.74. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.
NYSE:PEI traded down $0.14 on Wednesday, reaching $5.21. The stock had a trading volume of 1,649,700 shares, compared to its average volume of 1,576,349. The company has a market capitalization of $414.89 million, a P/E ratio of 3.38 and a beta of 1.20. Pennsylvania R.E.I.T. has a 1-year low of $4.34 and a 1-year high of $9.80. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 3.70. The stock has a fifty day moving average price of $5.22 and a 200-day moving average price of $6.07.
Pennsylvania R.E.I.T. (NYSE:PEI) last released its quarterly earnings results on Tuesday, July 30th. The real estate investment trust reported ($0.17) EPS for the quarter, missing the Zacks’ consensus estimate of $0.27 by ($0.44). The firm had revenue of $81.08 million during the quarter. Pennsylvania R.E.I.T. had a negative net margin of 28.45% and a negative return on equity of 18.31%. Sell-side analysts predict that Pennsylvania R.E.I.T. will post 1.2 earnings per share for the current fiscal year.
Large investors have recently added to or reduced their stakes in the business. Advisor Group Inc. boosted its position in Pennsylvania R.E.I.T. by 816.1% in the second quarter. Advisor Group Inc. now owns 4,993 shares of the real estate investment trust’s stock valued at $32,000 after buying an additional 4,448 shares in the last quarter. Tower Research Capital LLC TRC lifted its position in shares of Pennsylvania R.E.I.T. by 119.2% during the second quarter. Tower Research Capital LLC TRC now owns 7,250 shares of the real estate investment trust’s stock worth $47,000 after purchasing an additional 3,943 shares in the last quarter. Bank of Montreal Can lifted its position in shares of Pennsylvania R.E.I.T. by 76.5% during the second quarter. Bank of Montreal Can now owns 10,711 shares of the real estate investment trust’s stock worth $70,000 after purchasing an additional 4,644 shares in the last quarter. Voloridge Investment Management LLC acquired a new position in shares of Pennsylvania R.E.I.T. during the second quarter worth approximately $78,000. Finally, Tyers Asset Management LLC lifted its position in shares of Pennsylvania R.E.I.T. by 43.8% during the second quarter. Tyers Asset Management LLC now owns 11,968 shares of the real estate investment trust’s stock worth $78,000 after purchasing an additional 3,648 shares in the last quarter. Hedge funds and other institutional investors own 66.40% of the company’s stock.
A number of equities analysts have commented on PEI shares. ValuEngine lowered shares of Pennsylvania R.E.I.T. from a “sell” rating to a “strong sell” rating in a research report on Saturday. Zacks Investment Research upgraded shares of Pennsylvania R.E.I.T. from a “sell” rating to a “hold” rating in a research report on Tuesday, September 3rd. Three 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. The company has an average rating of “Hold” and a consensus price target of $6.81.
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. 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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