Pennsylvania Real Estate Invest (NYSE:PEI):
PREIT Strengthens Moorestown Mall with Two New-to-Market Anchors.
The company is now up by 0.10% since yesterday’s close of $9.72.
The company announced a dividend that will be paid on Friday the 15th of December 2017. The dividend payment will be $0.210 per share for the quarter which is $0.84 annualized. The dividend yield will be $8.52. The ex-dividend date is as of Wednesday the 30th of August 2017.
Pennsylvania Real Estate Investment Trust (PREIT), launched on September 29, 1997, is a self-managed and self-administered real estate investment trust (REIT). The Business’s primary business is owning and operating retail shopping malls, which it does primarily through operating partnership, PREIT Associates, L.P. (PREIT Associates). The Company is involved in the ownership, management, leasing, acquisition, redevelopment, development and disposition of shopping malls. The Company has a primary investment focus on retail shopping malls located in the eastern half of the United States, primarily in the Mid-Atlantic region. As of December 31, 2016, the Company owned interests in 30 retail properties, of which 26 were operating properties and four were development or redevelopment properties. As of December 31, 2016, the Business’s 26 operating properties included 22 shopping malls and four other retail properties, with a total of 21.7 million square feet and were located in nine states..
Shares are trading at $9.72 which is marginally under $10.41, the 50 day moving average and impressively lower than the 200 day moving average of $11.30. The 50 day moving average was down by -6.67% and the 200 day average was down $-1.58.
In the latest earnings report the EPS was $-1.32 and is estimated to be $-0.81 for the current year with 69,827,000 shares presently outstanding. Analysts expect next quarter’s EPS to be $0.07 and the next full year EPS is projected to be $0.06.
Investors are a little more bullish on shares of Pennsylvania Real Estate Invest recently as evidenced by the fall in short interest. The firm saw a fall in short interest of -1.24% as of the latest report on October 13, 2017. Short interest fell from 15,587,821 to 15,393,975 over that timeframe. Days to cover decreased -5.0 to 10.0 and the short interest percentage is 0.22% as of October 13.
A few investment firms have issued ratings on the stock. On August 14 Citigroup left the company rating at “Underweight” but moved down the price target from $23.00 to $11.00. August 15 investment analysts at Barclays left the stock rating at “Underweight” and moved down the price target to $11.00 from $19.00.