Northern Trust Corp Trims Position in Pennsylvania R.E.I.T. (PEI)

Northern Trust Corp cut its holdings in shares of Pennsylvania R.E.I.T. (NYSE:PEI) by 7.5% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,149,995 shares of the real estate investment trust’s stock after selling 93,587 shares during the quarter. Northern Trust Corp owned approximately 1.63% of Pennsylvania R.E.I.T. worth $6,830,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in PEI. BlackRock Inc. lifted its holdings in shares of Pennsylvania R.E.I.T. by 2.0% in the fourth quarter. BlackRock Inc. now owns 11,428,311 shares of the real estate investment trust’s stock worth $67,883,000 after buying an additional 224,565 shares in the last quarter. Bank of New York Mellon Corp raised its position in shares of Pennsylvania R.E.I.T. by 0.8% in the 3rd quarter. Bank of New York Mellon Corp now owns 1,709,303 shares of the real estate investment trust’s stock worth $16,170,000 after purchasing an additional 13,275 shares during the last quarter. Dimensional Fund Advisors LP raised its position in shares of Pennsylvania R.E.I.T. by 0.7% in the 3rd quarter. Dimensional Fund Advisors LP now owns 1,110,353 shares of the real estate investment trust’s stock worth $10,504,000 after purchasing an additional 7,754 shares during the last quarter. Mackenzie Financial Corp purchased a new position in shares of Pennsylvania R.E.I.T. in the 3rd quarter worth about $6,344,000. Finally, Prudential Financial Inc. raised its position in shares of Pennsylvania R.E.I.T. by 128.1% in the 4th quarter. Prudential Financial Inc. now owns 450,005 shares of the real estate investment trust’s stock worth $2,673,000 after purchasing an additional 252,739 shares during the last quarter. 83.81% of the stock is currently owned by institutional investors and hedge funds.

Several equities research analysts recently commented on the company. Barclays reiterated a “sell” rating and issued a $5.00 price objective on shares of Pennsylvania R.E.I.T. in a report on Tuesday. Zacks Investment Research downgraded Pennsylvania R.E.I.T. from a “hold” rating to a “sell” rating in a report on Tuesday, January 22nd. Boenning Scattergood assumed coverage on Pennsylvania R.E.I.T. in a report on Thursday, December 20th. They issued a “neutral” rating for the company. JPMorgan Chase & Co. downgraded Pennsylvania R.E.I.T. from a “neutral” rating to an “underweight” rating and reduced their price objective for the stock from $10.00 to $8.00 in a report on Wednesday, December 19th. Finally, Citigroup set a $7.00 price objective on Pennsylvania R.E.I.T. and gave the stock a “hold” rating in a report on Tuesday, February 26th. Four research analysts have rated the stock with a sell rating and three have assigned a hold rating to the company’s stock. Pennsylvania R.E.I.T. presently has an average rating of “Sell” and an average target price of $7.63.

NYSE PEI opened at $5.70 on Wednesday. The stock has a market capitalization of $415.91 million, a P/E ratio of 3.70 and a beta of 1.52. Pennsylvania R.E.I.T. has a one year low of $5.51 and a one year high of $12.45. The company has a quick ratio of 0.65, a current ratio of 0.65 and a debt-to-equity ratio of 3.04.

Pennsylvania R.E.I.T. (NYSE:PEI) last released 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 Zacks’ consensus estimate of $0.54 by ($1.77). The firm had revenue of $95.33 million for the quarter, compared to the consensus estimate 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%. On average, sell-side analysts expect that Pennsylvania R.E.I.T. will post 1.25 EPS for the current 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.

Further Reading: What is a Buy-Side Analyst?

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

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