AQR Capital Management LLC Acquires 28,664 Shares of Piedmont Office Realty Trust, Inc. (PDM)

AQR Capital Management LLC raised its position in shares of Piedmont Office Realty Trust, Inc. (NYSE:PDM) by 17.8% during the first quarter, Holdings Channel reports. The institutional investor owned 190,109 shares of the real estate investment trust’s stock after buying an additional 28,664 shares during the period. AQR Capital Management LLC’s holdings in Piedmont Office Realty Trust were worth $4,065,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in PDM. James Investment Research Inc. purchased a new position in Piedmont Office Realty Trust during the first quarter valued at approximately $141,000. Advisory Services Network LLC purchased a new position in Piedmont Office Realty Trust during the first quarter valued at approximately $141,000. Cornerstone Capital Management Holdings LLC. purchased a new position in Piedmont Office Realty Trust during the first quarter valued at approximately $164,000. SG Americas Securities LLC boosted its position in Piedmont Office Realty Trust by 31.5% in the first quarter. SG Americas Securities LLC now owns 7,696 shares of the real estate investment trust’s stock valued at $165,000 after buying an additional 1,843 shares during the period. Finally, TLP Group LLC purchased a new position in Piedmont Office Realty Trust during the first quarter valued at approximately $177,000. 86.89% of the stock is owned by institutional investors and hedge funds.

Piedmont Office Realty Trust, Inc. (NYSE:PDM) opened at 20.77 on Friday. The firm has a 50-day moving average of $21.10 and a 200 day moving average of $21.56. Piedmont Office Realty Trust, Inc. has a 52-week low of $18.61 and a 52-week high of $23.08. The company has a market cap of $3.02 billion, a PE ratio of 28.89 and a beta of 0.60.

Piedmont Office Realty Trust (NYSE:PDM) last announced its quarterly earnings results on Wednesday, May 3rd. The real estate investment trust reported $0.10 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.44 by $0.34. Piedmont Office Realty Trust had a net margin of 19.89% and a return on equity of 5.26%. The firm had revenue of $148.50 million for the quarter, compared to the consensus estimate of $145.35 million. During the same period in the prior year, the business earned $0.41 earnings per share. The company’s revenue for the quarter was up 7.6% on a year-over-year basis. Equities research analysts expect that Piedmont Office Realty Trust, Inc. will post $0.40 earnings per share for the current fiscal year.

Piedmont Office Realty Trust announced that its board has authorized a stock repurchase plan on Wednesday, May 3rd that authorizes the company to repurchase $250.00 million in shares. This repurchase authorization authorizes the real estate investment trust to reacquire up to 8.1% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s management believes its stock is undervalued.

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Several research analysts have commented on PDM shares. Zacks Investment Research upgraded shares of Piedmont Office Realty Trust from a “hold” rating to a “buy” rating and set a $24.00 target price for the company in a research report on Wednesday, July 5th. BidaskClub upgraded shares of Piedmont Office Realty Trust from a “sell” rating to a “hold” rating in a research report on Tuesday, June 13th. Finally, ValuEngine cut shares of Piedmont Office Realty Trust from a “buy” rating to a “hold” rating in a research report on Thursday, June 29th. One investment analyst has rated the stock with a sell rating and four have assigned a hold rating to the company’s stock. Piedmont Office Realty Trust presently has a consensus rating of “Hold” and a consensus price target of $22.50.

In related news, CAO Laura P. Moon sold 7,800 shares of Piedmont Office Realty Trust stock in a transaction dated Wednesday, May 24th. The shares were sold at an average price of $21.64, for a total transaction of $168,792.00. Following the completion of the transaction, the chief accounting officer now directly owns 24,620 shares of the company’s stock, valued at approximately $532,776.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.76% of the company’s stock.

About Piedmont Office Realty Trust

Piedmont Office Realty Trust, Inc is an integrated self-managed real estate investment trust (REIT). The Company’s business consists primarily of owning, managing, operating, leasing, acquiring, developing, investing in, and disposing of office real estate assets. As of December 31, 2016, the Company owned and operated 65 in-service office properties, one redevelopment asset, two development assets and one office building through an unconsolidated joint venture.

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Institutional Ownership by Quarter for Piedmont Office Realty Trust (NYSE:PDM)

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