Shares of Piedmont Realty Trust, Inc. (NYSE:PDM – Get Free Report) passed above its 50-day moving average during trading on Thursday. The stock has a 50-day moving average of $9.34 and traded as high as $9.52. Piedmont Realty Trust shares last traded at $9.4870, with a volume of 1,563,727 shares.
Analysts Set New Price Targets
A number of research analysts have recently weighed in on PDM shares. Freedom Broker upgraded Piedmont Realty Trust from a “hold” rating to a “buy” rating and set a $11.00 price objective for the company in a research report on Wednesday. Robert W. Baird boosted their target price on Piedmont Realty Trust from $9.00 to $10.00 and gave the stock a “neutral” rating in a research report on Friday, August 14th. Weiss Ratings reissued a “sell (d-)” rating on shares of Piedmont Realty Trust in a research note on Wednesday. Zacks Research upgraded Piedmont Realty Trust from a “hold” rating to a “strong-buy” rating in a report on Thursday, October 15th. Finally, JPMorgan Chase & Co. lifted their price objective on Piedmont Realty Trust from $10.00 to $11.00 and gave the stock a “neutral” rating in a research note on Wednesday, September 9th. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $10.75.
View Our Latest Stock Analysis on Piedmont Realty Trust
Piedmont Realty Trust Trading Up 3.3%
The company has a quick ratio of 1.36, a current ratio of 1.40 and a debt-to-equity ratio of 1.62. The stock’s 50 day moving average is $9.34 and its 200-day moving average is $8.61. The company has a market cap of $1.17 billion, a PE ratio of -13.36 and a beta of 1.39.
Piedmont Realty Trust (NYSE:PDM – Get Free Report) last posted its earnings results on Monday, October 26th. The real estate investment trust reported ($0.17) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.11). Piedmont Realty Trust had a negative return on equity of 5.98% and a negative net margin of 15.18%. The business had revenue of $151.24 million during the quarter, compared to the consensus estimate of $146.80 million. As a group, sell-side analysts anticipate that Piedmont Realty Trust, Inc. will post 1.55 EPS for the current year.
Insider Buying and Selling
In other Piedmont Realty Trust news, CFO Sherry Rexroad sold 4,446 shares of the business’s stock in a transaction that occurred on Thursday, October 1st. The stock was sold at an average price of $8.81, for a total transaction of $39,169.26. Following the sale, the chief financial officer directly owned 53,857 shares of the company’s stock, valued at $474,480.17. The trade was a 7.63% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Corporate insiders own 1.20% of the company’s stock.
Hedge Funds Weigh In On Piedmont Realty Trust
A number of institutional investors and hedge funds have recently modified their holdings of PDM. Donald Smith & CO. Inc. bought a new position in shares of Piedmont Realty Trust during the 2nd quarter valued at approximately $17,788,000. Wilsey Asset Management Inc. lifted its position in Piedmont Realty Trust by 15.4% in the first quarter. Wilsey Asset Management Inc. now owns 4,892,550 shares of the real estate investment trust’s stock worth $32,144,000 after buying an additional 651,648 shares during the last quarter. Punch & Associates Investment Management Inc. purchased a new position in Piedmont Realty Trust during the first quarter worth $3,614,000. Bank of New York Mellon Corp bought a new position in Piedmont Realty Trust during the second quarter valued at $4,975,000. Finally, Bessemer Group Inc. increased its position in Piedmont Realty Trust by 63,822.3% during the first quarter. Bessemer Group Inc. now owns 474,943 shares of the real estate investment trust’s stock valued at $3,120,000 after acquiring an additional 474,200 shares during the last quarter. Hedge funds and other institutional investors own 84.48% of the company’s stock.
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.
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