Truist Financial Lowers Piedmont Office Realty Trust (NYSE:PDM) Price Target to $9.00

Piedmont Office Realty Trust (NYSE:PDM) had its price objective decreased by Truist Financial from $10.00 to $9.00 in a research note issued to investors on Tuesday morning,Benzinga reports. Truist Financial currently has a buy rating on the real estate investment trust’s stock.

Other research analysts have also issued reports about the company. Robert W. Baird lowered their price objective on Piedmont Office Realty Trust from $10.00 to $9.00 and set a “neutral” rating for the company 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 research note on Monday, February 17th.

Piedmont Office Realty Trust Trading Down 1.6%

Shares of PDM stock opened at $6.77 on Tuesday. Piedmont Office Realty Trust has a fifty-two week low of $5.46 and a fifty-two week high of $11.12. 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 stock’s fifty day moving average is $6.78 and its two-hundred day moving average is $8.02. The firm has a market capitalization of $842.24 million, a P/E ratio of -10.75 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, beating analysts’ consensus estimates of $0.35 by $0.01. The business had revenue of $136.06 million during the quarter, compared to analyst estimates of $141.29 million. Piedmont Office Realty Trust had a negative return on equity of 4.82% and a negative net margin of 13.86%. The business’s revenue was down 1.3% compared to the same quarter last year. During the same period in the prior year, the business earned $0.39 earnings per share. Research analysts expect that Piedmont Office Realty Trust will post 1.41 earnings per share for the current fiscal year.

Insider Buying and Selling

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

Institutional Trading of Piedmont Office Realty Trust

Several institutional investors and hedge funds have recently bought and sold shares of the business. Barclays PLC grew its holdings in shares of Piedmont Office Realty Trust by 88.7% during the third 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 last quarter. Arkadios Wealth Advisors acquired a new stake in Piedmont Office Realty Trust during the 4th quarter worth approximately $105,000. SG Americas Securities LLC grew its stake in shares of Piedmont Office Realty Trust by 0.8% in the 4th quarter. SG Americas Securities LLC now owns 404,161 shares of the real estate investment trust’s stock valued at $3,698,000 after purchasing an additional 3,184 shares during the last quarter. Inspire Investing LLC increased its holdings in shares of Piedmont Office Realty Trust by 8.3% in the fourth quarter. Inspire Investing LLC now owns 44,280 shares of the real estate investment trust’s stock valued at $405,000 after purchasing an additional 3,385 shares during the period. Finally, Blue Trust Inc. raised its stake in shares of Piedmont Office Realty Trust by 24.6% during the fourth quarter. Blue Trust Inc. now owns 18,923 shares of the real estate investment trust’s stock worth $191,000 after purchasing an additional 3,739 shares during the last quarter. Hedge funds and other 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.