Metropolitan Life Insurance Co. NY raised its holdings in shares of Pennsylvania R.E.I.T. (NYSE:PEI) by 246.7% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 29,346 shares of the real estate investment trust’s stock after acquiring an additional 20,881 shares during the quarter. Metropolitan Life Insurance Co. NY’s holdings in Pennsylvania R.E.I.T. were worth $174,000 at the end of the most recent quarter.
A number of other large investors have also added to or reduced their stakes in PEI. Mackenzie Financial Corp purchased a new position in Pennsylvania R.E.I.T. during the 3rd quarter valued at about $6,344,000. Prudential Financial Inc. grew its stake in Pennsylvania R.E.I.T. by 128.1% during the 4th quarter. Prudential Financial Inc. now owns 450,005 shares of the real estate investment trust’s stock valued at $2,673,000 after acquiring an additional 252,739 shares in the last quarter. BlackRock Inc. grew its stake in Pennsylvania R.E.I.T. by 2.0% during the 4th quarter. BlackRock Inc. now owns 11,428,311 shares of the real estate investment trust’s stock valued at $67,883,000 after acquiring an additional 224,565 shares in the last quarter. First Republic Investment Management Inc. grew its stake in Pennsylvania R.E.I.T. by 174.7% during the 3rd quarter. First Republic Investment Management Inc. now owns 125,637 shares of the real estate investment trust’s stock valued at $1,189,000 after acquiring an additional 79,904 shares in the last quarter. Finally, Virginia Retirement Systems ET AL purchased a new position in Pennsylvania R.E.I.T. during the 4th quarter valued at about $324,000. 83.81% of the stock is currently owned by institutional investors.
Several equities analysts have weighed in on PEI shares. Boenning Scattergood reaffirmed a “hold” rating on shares of Pennsylvania R.E.I.T. in a research note on Friday, February 15th. Citigroup set a $7.00 target price on Pennsylvania R.E.I.T. and gave the company a “hold” rating in a research note on Tuesday, February 26th. Zacks Investment Research raised Pennsylvania R.E.I.T. from a “sell” rating to a “hold” rating in a research note on Wednesday, January 9th. Barclays reaffirmed a “sell” rating and set a $5.00 target price on shares of Pennsylvania R.E.I.T. in a research note on Tuesday. Finally, JPMorgan Chase & Co. cut Pennsylvania R.E.I.T. from a “neutral” rating to an “underweight” rating and lowered their target price for the company from $10.00 to $8.00 in a research note on Wednesday, December 19th. Four research analysts have rated the stock with a sell rating and three have given a hold rating to the company. The stock presently has a consensus rating of “Sell” and a consensus price target of $7.63.
Shares of Pennsylvania R.E.I.T. stock opened at $5.70 on Wednesday. The stock has a market cap of $415.94 million, a PE ratio of 3.70 and a beta of 1.52. The company has a debt-to-equity ratio of 3.04, a current ratio of 0.65 and a quick ratio of 0.65. Pennsylvania R.E.I.T. has a 52-week low of $5.51 and a 52-week high of $12.45.
Pennsylvania R.E.I.T. (NYSE:PEI) last announced its quarterly earnings results on Wednesday, February 13th. The real estate investment trust reported ($1.23) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.54 by ($1.77). The firm had revenue of $95.33 million for the quarter, compared to analyst estimates of $96.88 million. Pennsylvania R.E.I.T. had a negative net margin of 30.84% and a negative return on equity of 16.89%. Equities analysts expect that Pennsylvania R.E.I.T. will post 1.25 earnings per share for the current fiscal year.
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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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