Truist Financial Has Lowered Expectations for Piedmont Office Realty Trust (NYSE:PDM) Stock Price

Piedmont Office Realty Trust (NYSE:PDM) had its target price decreased by equities researchers at Truist Financial from $10.00 to $9.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage presently has a “buy” rating on the real estate investment trust’s stock. Truist Financial’s price objective suggests a potential upside of 33.04% from the company’s current price.

Several other analysts have also commented on PDM. Robert W. Baird lowered their price objective on shares of Piedmont Office Realty Trust from $10.00 to $9.00 and set a “neutral” rating on the stock in a research report on Monday, February 24th. StockNews.com raised Piedmont Office Realty Trust from a “sell” rating to a “hold” rating in a report on Monday, February 17th.

Piedmont Office Realty Trust Stock Down 1.7%

NYSE:PDM traded down $0.12 on Tuesday, hitting $6.77. The stock had a trading volume of 44,791 shares, compared to its average volume of 891,425. The stock has a market cap of $841.62 million, a P/E ratio of -10.72 and a beta of 1.37. 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’s fifty day simple moving average is $6.79 and its two-hundred day simple moving average is $8.03. Piedmont Office Realty Trust has a 1 year low of $5.46 and a 1 year high of $11.12.

Piedmont Office Realty Trust (NYSE:PDM) last posted its quarterly earnings data on Monday, April 28th. The real estate investment trust reported $0.36 earnings per share for the quarter, topping the consensus estimate 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 business had revenue of $136.06 million for the quarter, compared to analysts’ expectations of $141.29 million. During the same quarter in the previous year, the firm earned $0.39 earnings per share. The business’s revenue was down 1.3% on a year-over-year basis. Analysts predict that Piedmont Office Realty Trust will post 1.41 earnings per share for the current year.

Insider Activity at Piedmont Office Realty Trust

In other Piedmont Office Realty Trust 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 completion of the acquisition, the chief financial officer now owns 16,850 shares of the company’s stock, 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 SEC, which is available through this hyperlink. 1.29% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Piedmont Office Realty Trust

Institutional investors have recently made changes to their positions in the stock. Sterling Capital Management LLC increased its stake in Piedmont Office Realty Trust by 809.2% in 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 acquiring an additional 3,520 shares during the last quarter. Wolverine Asset Management LLC bought a new position in shares of Piedmont Office Realty Trust during the 1st quarter valued at about $48,000. Harbour Investments Inc. raised its holdings 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 valued at $55,000 after buying an additional 1,216 shares in the last quarter. Point72 Hong Kong Ltd bought a new stake in Piedmont Office Realty Trust in the 4th quarter worth approximately $59,000. Finally, New Age Alpha Advisors LLC bought a new stake in Piedmont Office Realty Trust in the 1st quarter worth approximately $71,000. Institutional investors own 84.48% of the company’s stock.

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.