Piedmont Realty Trust (NYSE:PDM) Issues Earnings Results

Piedmont Realty Trust (NYSE:PDM) posted its earnings results on Monday. The real estate investment trust reported ($0.17) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.11), FiscalAI reports. The business had revenue of $151.24 million during the quarter, compared to analyst estimates of $146.80 million. Piedmont Realty Trust had a negative net margin of 14.18% and a negative return on equity of 5.39%.

Piedmont Realty Trust Stock Down 0.7%

NYSE:PDM traded down $0.07 during trading hours on Monday, reaching $9.62. 645,787 shares of the stock were exchanged, compared to its average volume of 1,160,493. The stock has a market cap of $1.20 billion, a PE ratio of -14.79 and a beta of 1.39. Piedmont Realty Trust has a twelve month low of $6.32 and a twelve month high of $10.13. The firm has a 50 day moving average of $9.35 and a 200 day moving average of $8.99. The company has a debt-to-equity ratio of 1.53, a current ratio of 1.36 and a quick ratio of 1.36.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on PDM. Robert W. Baird boosted their price objective on Piedmont Realty Trust from $9.00 to $10.00 and gave the company a “neutral” rating in a research report on Friday, August 14th. Zacks Research raised Piedmont Realty Trust from a “hold” rating to a “strong-buy” rating in a research note on Thursday, October 15th. JPMorgan Chase & Co. raised their target price on shares of Piedmont Realty Trust from $10.00 to $11.00 and gave the stock a “neutral” rating in a report on Wednesday, September 9th. Finally, Weiss Ratings downgraded shares of Piedmont Realty Trust from a “sell (d+)” rating to a “sell (d-)” rating in a report on Thursday, July 30th. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $10.67.

Insiders Place Their Bets

In related news, CFO Sherry Rexroad sold 4,446 shares of the business’s stock in a transaction on Thursday, October 1st. The shares were sold at an average price of $8.81, for a total transaction of $39,169.26. Following the transaction, the chief financial officer directly owned 53,857 shares in the company, valued at approximately $474,480.17. The trade was a 7.63% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 1.20% of the stock is currently owned by corporate insiders.

About Piedmont Realty Trust

Piedmont Realty Trust, formally known as Piedmont Office Realty Trust, Inc (NYSE: PDM), is a self-managed real estate investment trust that owns, develops, acquires, leases and manages office properties in the United States. The company primarily focuses on high-quality office buildings serving corporate tenants and other organizations.

Piedmont’s portfolio has historically been concentrated in major office markets across the Sun Belt and eastern United States, including Atlanta, Boston, Dallas, Washington, DC, and other metropolitan areas.