Piedmont Office Realty Trust, Inc. (NYSE:PDM) Holdings Raised by Summit Global Investments

Summit Global Investments increased its position in shares of Piedmont Office Realty Trust, Inc. (NYSE:PDM) by 66.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 96,397 shares of the real estate investment trust’s stock after acquiring an additional 38,443 shares during the period. Summit Global Investments’ holdings in Piedmont Office Realty Trust were worth $710,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of PDM. Sterling Capital Management LLC raised its holdings in shares of 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 worth $36,000 after acquiring an additional 3,520 shares in the last quarter. Harbour Investments Inc. raised its stake in shares of Piedmont Office Realty Trust by 25.4% during the 4th quarter. Harbour Investments Inc. now owns 6,004 shares of the real estate investment trust’s stock worth $55,000 after purchasing an additional 1,216 shares in the last quarter. Point72 Hong Kong Ltd purchased a new stake in shares of Piedmont Office Realty Trust during the 4th quarter worth about $59,000. Point72 Asia Singapore Pte. Ltd. bought a new position in Piedmont Office Realty Trust during the fourth quarter valued at approximately $76,000. Finally, Xponance Inc. bought a new position in Piedmont Office Realty Trust during the fourth quarter valued at approximately $95,000. 84.48% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

PDM has been the topic of a number of recent research reports. Wall Street Zen upgraded shares of Piedmont Office Realty Trust from a “sell” rating to a “hold” rating in a report on Monday, February 17th. Robert W. Baird cut their target price on Piedmont Office Realty Trust from $10.00 to $9.00 and set a “neutral” rating on the stock in a report on Monday, February 24th. Finally, Truist Financial cut their price objective on Piedmont Office Realty Trust from $10.00 to $9.00 and set a “buy” rating on the stock in a research note on Tuesday, May 20th.

Insider Transactions at Piedmont Office Realty Trust

In related news, CFO Sherry L. Rexroad bought 16,850 shares of the business’s stock in a transaction that occurred on Thursday, May 1st. The stock was purchased at an average cost of $5.95 per share, for a total transaction of $100,257.50. Following the purchase, the chief financial officer now directly owns 16,850 shares in the company, valued at $100,257.50. This trade represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 0.93% of the stock is currently owned by corporate insiders.

Piedmont Office Realty Trust Trading Down 1.5%

NYSE:PDM opened at $7.14 on Friday. The firm has a market cap of $888.27 million, a price-to-earnings ratio of -11.33 and a beta of 1.37. Piedmont Office Realty Trust, Inc. has a 12 month low of $5.46 and a 12 month high of $11.12. The company has a quick ratio of 2.22, a current ratio of 2.10 and a debt-to-equity ratio of 1.40. The company’s 50 day moving average is $6.70 and its 200-day moving average is $7.84.

Piedmont Office Realty Trust (NYSE:PDM) last announced its earnings results on Monday, April 28th. The real estate investment trust reported $0.36 EPS for the quarter, topping the consensus estimate of $0.35 by $0.01. The firm had revenue of $136.06 million for the quarter, compared to the consensus estimate 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 business’s quarterly revenue was down 1.3% on a year-over-year basis. During the same quarter last year, the firm posted $0.39 EPS. Equities analysts anticipate that Piedmont Office Realty Trust, Inc. will post 1.41 EPS for the current year.

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.