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

Piedmont Office Realty Trust (NYSE:PDM) had its target price reduced by Truist Financial from $10.00 to $9.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage currently has a “buy” rating on the real estate investment trust’s stock. Truist Financial’s price objective would indicate a potential upside of 33.04% from the stock’s previous close.

Several other research analysts have also weighed in on PDM. StockNews.com raised Piedmont Office Realty Trust from a “sell” rating to a “hold” rating in a research report on Monday, February 17th. Robert W. Baird lowered their price target on shares of 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.

Piedmont Office Realty Trust Price Performance

Shares of Piedmont Office Realty Trust stock traded down $0.12 during midday trading on Tuesday, reaching $6.77. The company had a trading volume of 44,791 shares, compared to its average volume of 891,425. The company has a current ratio of 2.10, a quick ratio of 2.22 and a debt-to-equity ratio of 1.40. The stock has a fifty day simple moving average of $6.79 and a 200 day simple moving average of $8.03. Piedmont Office Realty Trust has a 1-year low of $5.46 and a 1-year high of $11.12. The company has a market capitalization of $841.62 million, a price-to-earnings ratio of -10.72 and a beta of 1.37.

Piedmont Office Realty Trust (NYSE:PDM) last posted its quarterly earnings results on Monday, April 28th. The real estate investment trust reported $0.36 earnings per share (EPS) 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 analyst estimates of $141.29 million. During the same period last year, the company earned $0.39 EPS. The firm’s revenue was down 1.3% on a year-over-year basis. As a group, equities research analysts forecast that Piedmont Office Realty Trust will post 1.41 earnings per share for the current year.

Insider Buying and Selling

In other news, CFO Sherry L. Rexroad acquired 16,850 shares of Piedmont Office Realty Trust stock in a transaction that occurred on Thursday, May 1st. The shares were acquired at an average price of $5.95 per share, for a total transaction of $100,257.50. Following the transaction, the chief financial officer now directly owns 16,850 shares of the company’s stock, valued at approximately $100,257.50. The trade was a ∞ increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.29% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Piedmont Office Realty Trust

A number of hedge funds have recently modified their holdings of the business. Barclays PLC lifted its holdings in Piedmont Office Realty Trust by 88.7% during the 3rd quarter. Barclays PLC now owns 237,407 shares of the real estate investment trust’s stock worth $2,398,000 after buying an additional 111,596 shares during the period. Jump Financial LLC bought a new stake in Piedmont Office Realty Trust in the fourth quarter valued at approximately $663,000. Raymond James Financial Inc. acquired a new stake in Piedmont Office Realty Trust during the 4th quarter valued at approximately $1,313,000. BROOKFIELD Corp ON raised its holdings in Piedmont Office Realty Trust by 46.5% during the 4th quarter. BROOKFIELD Corp ON now owns 1,033,232 shares of the real estate investment trust’s stock worth $9,454,000 after purchasing an additional 327,982 shares during the last quarter. Finally, Choreo LLC lifted its position in shares of Piedmont Office Realty Trust by 4.0% in the 4th quarter. Choreo LLC now owns 54,024 shares of the real estate investment trust’s stock worth $484,000 after purchasing an additional 2,078 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.