Neuberger Berman Group LLC Sells 146,756 Shares of Pennsylvania Real Estate Investment Trust (PEI)

Neuberger Berman Group LLC reduced its stake in shares of Pennsylvania Real Estate Investment Trust (NYSE:PEI) by 24.8% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 444,661 shares of the real estate investment trust’s stock after selling 146,756 shares during the period. Neuberger Berman Group LLC owned 0.64% of Pennsylvania Real Estate Investment Trust worth $5,034,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Mckinley Capital Management LLC Delaware acquired a new position in shares of Pennsylvania Real Estate Investment Trust during the 1st quarter worth approximately $132,000. Dupont Capital Management Corp boosted its holdings in shares of Pennsylvania Real Estate Investment Trust by 77.4% during the 2nd quarter. Dupont Capital Management Corp now owns 11,727 shares of the real estate investment trust’s stock worth $133,000 after purchasing an additional 5,117 shares during the last quarter. SG Americas Securities LLC boosted its holdings in shares of Pennsylvania Real Estate Investment Trust by 46.3% during the 2nd quarter. SG Americas Securities LLC now owns 14,618 shares of the real estate investment trust’s stock worth $165,000 after purchasing an additional 4,624 shares during the last quarter. Municipal Employees Retirement System of Michigan boosted its holdings in shares of Pennsylvania Real Estate Investment Trust by 3.5% during the 2nd quarter. Municipal Employees Retirement System of Michigan now owns 16,400 shares of the real estate investment trust’s stock worth $186,000 after purchasing an additional 550 shares during the last quarter. Finally, BlueCrest Capital Management Ltd acquired a new position in shares of Pennsylvania Real Estate Investment Trust during the 1st quarter worth approximately $202,000. Institutional investors and hedge funds own 99.29% of the company’s stock.

Several brokerages have recently weighed in on PEI. Boenning Scattergood restated a “hold” rating on shares of Pennsylvania Real Estate Investment Trust in a report on Thursday, August 10th. Citigroup Inc. reduced their price target on shares of Pennsylvania Real Estate Investment Trust from $13.50 to $12.50 and set a “neutral” rating on the stock in a research report on Monday, August 14th. Stifel Nicolaus set a $11.00 price target on shares of Pennsylvania Real Estate Investment Trust and gave the company a “hold” rating in a research report on Sunday. Barclays PLC reduced their price target on shares of Pennsylvania Real Estate Investment Trust from $12.00 to $11.00 and set an “underweight” rating on the stock in a research report on Tuesday, August 15th. Finally, ValuEngine lowered shares of Pennsylvania Real Estate Investment Trust from a “buy” rating to a “hold” rating in a research report on Friday, September 1st. Two investment analysts have rated the stock with a sell rating and eight have given a hold rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $14.93.

Shares of Pennsylvania Real Estate Investment Trust (PEI) opened at 10.28 on Wednesday. The stock’s 50 day moving average is $10.95 and its 200 day moving average is $12.49. The stock’s market cap is $717.82 million. Pennsylvania Real Estate Investment Trust has a 52-week low of $9.75 and a 52-week high of $24.14.

Pennsylvania Real Estate Investment Trust (NYSE:PEI) last announced its earnings results on Tuesday, August 8th. The real estate investment trust reported $0.39 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.37 by $0.02. Pennsylvania Real Estate Investment Trust had a negative net margin of 18.13% and a negative return on equity of 9.06%. The firm had revenue of $89.25 million for the quarter, compared to analyst estimates of $95.60 million. During the same quarter last year, the business earned $0.43 earnings per share. Pennsylvania Real Estate Investment Trust’s revenue was down 5.3% compared to the same quarter last year. On average, equities analysts expect that Pennsylvania Real Estate Investment Trust will post ($0.74) earnings per share for the current fiscal year.

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In other news, CFO Robert F. Mccadden bought 10,000 shares of the firm’s stock in a transaction that occurred on Monday, June 19th. The shares were purchased at an average price of $10.88 per share, for a total transaction of $108,800.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 4.40% of the stock is currently owned by company insiders.

Pennsylvania Real Estate Investment Trust 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).

Institutional Ownership by Quarter for Pennsylvania Real Estate Investment Trust (NYSE:PEI)

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