Sonora Investment Management Group LLC Makes New $295,000 Investment in Piedmont Office Realty Trust, Inc. (NYSE:PDM)

Sonora Investment Management Group LLC acquired a new position in Piedmont Office Realty Trust, Inc. (NYSE:PDM) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 40,000 shares of the real estate investment trust’s stock, valued at approximately $295,000.

Several other hedge funds and other institutional investors have also bought and sold shares of PDM. Barclays PLC raised its stake in shares of Piedmont Office Realty Trust by 88.7% in the third quarter. Barclays PLC now owns 237,407 shares of the real estate investment trust’s stock valued at $2,398,000 after buying an additional 111,596 shares during the period. Jump Financial LLC bought a new stake in shares of Piedmont Office Realty Trust in the fourth quarter valued at $663,000. Raymond James Financial Inc. bought a new stake in shares of Piedmont Office Realty Trust in the fourth quarter valued at $1,313,000. BROOKFIELD Corp ON raised its stake in shares of Piedmont Office Realty Trust by 46.5% in the fourth quarter. BROOKFIELD Corp ON now owns 1,033,232 shares of the real estate investment trust’s stock valued at $9,454,000 after buying an additional 327,982 shares during the period. Finally, Deutsche Bank AG raised its stake in shares of Piedmont Office Realty Trust by 23.7% in the fourth quarter. Deutsche Bank AG now owns 242,358 shares of the real estate investment trust’s stock valued at $2,218,000 after buying an additional 46,399 shares during the period. Hedge funds and other institutional investors own 84.48% of the company’s stock.

Analyst Ratings Changes

Several analysts have issued reports on the company. Robert W. Baird lowered their target price on Piedmont Office Realty Trust from $10.00 to $9.00 and set a “neutral” rating on the stock in a research note on Monday, February 24th. Truist Financial lowered their target price 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. Finally, Wall Street Zen upgraded Piedmont Office Realty Trust from a “sell” rating to a “hold” rating in a research note on Monday, February 17th.

Piedmont Office Realty Trust Stock Performance

NYSE:PDM opened at $7.62 on Wednesday. The company has a debt-to-equity ratio of 1.40, a quick ratio of 2.22 and a current ratio of 2.10. Piedmont Office Realty Trust, Inc. has a 52-week low of $5.46 and a 52-week high of $11.12. The firm has a market cap of $947.37 million, a price-to-earnings ratio of -12.09 and a beta of 1.44. The business’s fifty day moving average is $6.72 and its 200 day moving average is $7.74.

Piedmont Office Realty Trust (NYSE:PDM) last released its quarterly earnings data on Monday, April 28th. The real estate investment trust reported $0.36 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.35 by $0.01. Piedmont Office Realty Trust had a negative return on equity of 4.82% and a negative net margin of 13.86%. The company had revenue of $136.06 million for the quarter, compared to analyst estimates of $141.29 million. During the same period in the previous year, the company posted $0.39 EPS. The firm’s revenue for the quarter was down 1.3% compared to the same quarter last year. Research analysts predict that Piedmont Office Realty Trust, Inc. will post 1.41 EPS for the current year.

Insider Activity at Piedmont Office Realty Trust

In other Piedmont Office Realty Trust news, CFO Sherry L. Rexroad bought 16,850 shares of the firm’s stock in a transaction on Thursday, May 1st. The shares were acquired 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 of the company’s stock, valued at $100,257.50. The trade was a ∞ increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 1.29% of the stock is currently owned by corporate insiders.

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.