Piedmont Office Realty Trust (NYSE:PDM) Earns “Buy” Rating from Truist Financial

Piedmont Office Realty Trust (NYSE:PDM)‘s stock had its “buy” rating reaffirmed by investment analysts at Truist Financial in a report issued on Tuesday,Benzinga reports. They currently have a $10.00 price objective on the real estate investment trust’s stock, down from their previous price objective of $11.00. Truist Financial’s price target would indicate a potential upside of 38.31% from the company’s current price.

Several other research firms have also commented on PDM. Robert W. Baird cut their price objective on Piedmont Office Realty Trust from $10.00 to $9.00 and set a “neutral” rating on the stock in a research report on Monday. StockNews.com upgraded Piedmont Office Realty Trust from a “sell” rating to a “hold” rating in a research note on Monday, February 17th. Finally, Baird R W cut shares of Piedmont Office Realty Trust from a “strong-buy” rating to a “hold” rating in a research report on Thursday, January 16th.

Piedmont Office Realty Trust Stock Performance

NYSE PDM traded up $0.18 during trading on Tuesday, reaching $7.23. The company’s stock had a trading volume of 68,861 shares, compared to its average volume of 774,188. Piedmont Office Realty Trust has a twelve month low of $5.93 and a twelve month high of $11.11. The business’s fifty day moving average price is $8.49 and its 200-day moving average price is $9.30. The company has a debt-to-equity ratio of 1.40, a quick ratio of 2.22 and a current ratio of 2.10. The firm has a market cap of $898.63 million, a price-to-earnings ratio of -11.48 and a beta of 1.19.

Piedmont Office Realty Trust (NYSE:PDM) last released its quarterly earnings data on Thursday, February 13th. The real estate investment trust reported $0.37 EPS for the quarter, hitting the consensus estimate of $0.37. Piedmont Office Realty Trust had a negative net margin of 13.86% and a negative return on equity of 4.82%. The business had revenue of $143.23 million for the quarter, compared to analyst estimates of $142.16 million. As a group, analysts anticipate that Piedmont Office Realty Trust will post 1.41 EPS for the current fiscal year.

Hedge Funds Weigh In On Piedmont Office Realty Trust

Hedge funds have recently modified their holdings of the stock. Sterling Capital Management LLC grew its holdings in Piedmont Office Realty Trust by 809.2% during 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. Mirae Asset Global Investments Co. Ltd. grew its stake in Piedmont Office Realty Trust by 34.8% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,809 shares of the real estate investment trust’s stock worth $48,000 after buying an additional 1,241 shares during the last quarter. TD Private Client Wealth LLC raised its position in Piedmont Office Realty Trust by 51.3% in the 3rd quarter. TD Private Client Wealth LLC now owns 4,916 shares of the real estate investment trust’s stock valued at $50,000 after purchasing an additional 1,666 shares during the last quarter. Harbour Investments Inc. increased its position in Piedmont Office Realty Trust by 25.4% in the 4th quarter. Harbour Investments Inc. now owns 6,004 shares of the real estate investment trust’s stock valued at $55,000 after acquiring an additional 1,216 shares in the last quarter. Finally, Point72 Hong Kong Ltd bought a new position in Piedmont Office Realty Trust in the 4th quarter worth approximately $59,000. 84.48% of the stock is owned by institutional investors and hedge funds.

Piedmont Office Realty Trust Company Profile

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.