Piedmont Office Realty Trust (NYSE:PDM – Get Free Report) had its price objective reduced by Truist Financial from $10.00 to $9.00 in a research report issued on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the real estate investment trust’s stock. Truist Financial’s target price suggests a potential upside of 37.30% from the stock’s current price.
Several other analysts have also issued reports on the stock. StockNews.com raised shares of Piedmont Office Realty Trust from a “sell” rating to a “hold” rating in a research report on Monday, February 17th. Robert W. Baird dropped their price target on shares of Piedmont Office Realty Trust from $10.00 to $9.00 and set a “neutral” rating on the stock in a research report on Monday, February 24th.
Read Our Latest Report on Piedmont Office Realty Trust
Piedmont Office Realty Trust Stock Performance
Piedmont Office Realty Trust (NYSE:PDM – Get Free Report) last announced its quarterly earnings data on Monday, April 28th. The real estate investment trust reported $0.36 EPS for the quarter, topping analysts’ consensus estimates of $0.35 by $0.01. The business had revenue of $136.06 million for the quarter, compared to analyst estimates of $141.29 million. Piedmont Office Realty Trust had a negative net margin of 13.86% and a negative return on equity of 4.82%. The firm’s revenue for the quarter was down 1.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.39 earnings per share. Equities research analysts expect that Piedmont Office Realty Trust will post 1.41 EPS for the current fiscal year.
Insiders Place Their Bets
In related news, CFO Sherry L. Rexroad acquired 16,850 shares of the firm’s stock in a transaction on Thursday, May 1st. The shares were purchased at an average cost of $5.95 per share, for a total transaction of $100,257.50. Following the completion of the acquisition, the chief financial officer now directly owns 16,850 shares in the company, valued at approximately $100,257.50. This trade represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 1.29% of the company’s stock.
Hedge Funds Weigh In On Piedmont Office Realty Trust
Several institutional investors and hedge funds have recently modified their holdings of PDM. Sterling Capital Management LLC increased its holdings in shares of Piedmont Office Realty Trust by 809.2% in the fourth quarter. Sterling Capital Management LLC now owns 3,955 shares of the real estate investment trust’s stock valued at $36,000 after purchasing an additional 3,520 shares during the last quarter. Wolverine Asset Management LLC acquired a new position in shares of Piedmont Office Realty Trust in the first quarter valued at $48,000. Harbour Investments Inc. increased its holdings in shares of Piedmont Office Realty Trust by 25.4% in the fourth quarter. Harbour Investments Inc. now owns 6,004 shares of the real estate investment trust’s stock valued at $55,000 after purchasing an additional 1,216 shares during the last quarter. Point72 Hong Kong Ltd acquired a new position in shares of Piedmont Office Realty Trust in the fourth quarter valued at $59,000. Finally, New Age Alpha Advisors LLC acquired a new position in shares of Piedmont Office Realty Trust in the first quarter valued at $71,000. 84.48% of the stock is currently owned by institutional investors and hedge funds.
About Piedmont Office Realty Trust
Piedmont Office Realty Trust, Inc (also referred to herein as "Piedmont" or the "Company") (NYSE: PDM) is an owner, manager, developer, redeveloper and operator of high-quality, Class A office properties located primarily in major U.S. Sunbelt markets. The Company is a fully-integrated, self-managed real estate investment trust ("REIT") with local management offices in each of its markets and is investment-grade rated by Standard & Poor's and Moody's.
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