JPMorgan Chase & Co. Has Lowered Expectations for Piedmont Office Realty Trust (NYSE:PDM) Stock Price

Piedmont Office Realty Trust (NYSE:PDM) had its price objective reduced by research analysts at JPMorgan Chase & Co. from $9.00 to $8.00 in a report issued on Friday,Benzinga reports. The firm presently has a “neutral” rating on the real estate investment trust’s stock. JPMorgan Chase & Co.‘s price target indicates a potential upside of 2.56% from the company’s previous close.

A number of other analysts have also recently issued reports on the company. Wall Street Zen raised Piedmont Office Realty Trust from a “sell” rating to a “hold” rating in a research note on Monday, February 17th. Robert W. Baird reduced their price target on Piedmont Office Realty Trust from $10.00 to $9.00 and set a “neutral” rating for the company in a research report on Monday, February 24th. Finally, Truist Financial lowered their price objective on shares of Piedmont Office Realty Trust from $10.00 to $9.00 and set a “buy” rating on the stock in a report on Tuesday, May 20th. Four research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $8.67.

Piedmont Office Realty Trust Trading Up 1.6%

PDM opened at $7.80 on Friday. The firm’s fifty day moving average is $6.77 and its two-hundred day moving average is $7.73. The firm has a market cap of $970.38 million, a PE ratio of -12.38 and a beta of 1.44. Piedmont Office Realty Trust has a twelve month low of $5.46 and a twelve month high of $11.12. 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 (NYSE:PDM) last issued its quarterly earnings data 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 business 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 return on equity of 4.82% and a negative net margin of 13.86%. The firm’s revenue was down 1.3% compared to the same quarter last year. During the same quarter last year, the business posted $0.39 EPS. Equities research analysts anticipate that Piedmont Office Realty Trust will post 1.41 EPS for the current year.

Insider Buying and Selling at Piedmont Office Realty Trust

In related news, CFO Sherry L. Rexroad acquired 16,850 shares of the business’s stock in a transaction dated Thursday, May 1st. The stock was bought at an average price of $5.95 per share, with a total value of $100,257.50. Following the acquisition, the chief financial officer now owns 16,850 shares in the company, valued at $100,257.50. This represents a ∞ increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 1.29% of the company’s stock.

Institutional Trading of Piedmont Office Realty Trust

A number of large investors have recently added to or reduced their stakes in PDM. Hudson Edge Investment Partners Inc. lifted its stake in Piedmont Office Realty Trust by 4.8% in the 4th quarter. Hudson Edge Investment Partners Inc. now owns 25,550 shares of the real estate investment trust’s stock valued at $234,000 after purchasing an additional 1,180 shares during the last quarter. Harbour Investments Inc. lifted its position 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 buying an additional 1,216 shares during the last quarter. Quantinno Capital Management LP boosted its stake in shares of Piedmont Office Realty Trust by 6.5% during the 4th quarter. Quantinno Capital Management LP now owns 22,803 shares of the real estate investment trust’s stock worth $209,000 after acquiring an additional 1,390 shares during the period. Metis Global Partners LLC increased its holdings in shares of Piedmont Office Realty Trust by 11.4% during the 4th quarter. Metis Global Partners LLC now owns 14,225 shares of the real estate investment trust’s stock worth $130,000 after acquiring an additional 1,453 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC raised its stake in Piedmont Office Realty Trust by 4.2% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 36,489 shares of the real estate investment trust’s stock valued at $334,000 after acquiring an additional 1,479 shares during the period. Institutional investors and hedge funds own 84.48% of the company’s stock.

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.