Piedmont Realty Trust (NYSE:PDM) Posts Quarterly Earnings Results, Hits Estimates

Piedmont Realty Trust (NYSE:PDM) released its quarterly earnings data on Wednesday. The real estate investment trust reported $0.35 EPS for the quarter, meeting analysts’ consensus estimates of $0.35, Zacks reports. Piedmont Realty Trust had a negative return on equity of 4.51% and a negative net margin of 12.44%.

Piedmont Realty Trust Stock Performance

NYSE:PDM traded down $0.30 during midday trading on Wednesday, reaching $8.47. The stock had a trading volume of 1,190,948 shares, compared to its average volume of 753,484. The company has a quick ratio of 1.67, a current ratio of 1.67 and a debt-to-equity ratio of 1.43. The stock has a market cap of $1.05 billion, a P/E ratio of -14.85 and a beta of 1.26. The firm has a fifty day simple moving average of $8.43 and a two-hundred day simple moving average of $8.35. Piedmont Realty Trust has a 12-month low of $5.46 and a 12-month high of $9.19.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in PDM. Advisory Services Network LLC purchased a new stake in Piedmont Realty Trust in the 3rd quarter valued at approximately $30,000. EverSource Wealth Advisors LLC boosted its stake in shares of Piedmont Realty Trust by 214.6% in the second quarter. EverSource Wealth Advisors LLC now owns 4,405 shares of the real estate investment trust’s stock valued at $32,000 after buying an additional 3,005 shares in the last quarter. BNP Paribas Financial Markets grew its holdings in Piedmont Realty Trust by 59.7% during the second quarter. BNP Paribas Financial Markets now owns 10,741 shares of the real estate investment trust’s stock worth $78,000 after acquiring an additional 4,015 shares during the period. Pitcairn Co. purchased a new position in Piedmont Realty Trust in the second quarter worth $96,000. Finally, M&T Bank Corp raised its position in Piedmont Realty Trust by 12.8% in the second quarter. M&T Bank Corp now owns 13,549 shares of the real estate investment trust’s stock worth $99,000 after acquiring an additional 1,540 shares in the last quarter. 84.48% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

PDM has been the topic of several recent analyst reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of Piedmont Realty Trust in a research note on Thursday, January 22nd. Truist Financial increased their target price on shares of Piedmont Realty Trust from $9.00 to $10.00 and gave the company a “buy” rating in a research report on Monday, November 24th. One investment analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $9.00.

About Piedmont Realty Trust

Piedmont Realty Trust is a real estate investment trust (REIT) headquartered in Atlanta, Georgia, that focuses on the ownership, acquisition and management of office properties. The company’s portfolio comprises a mix of multi-tenant and single-tenant buildings, with a particular emphasis on small- to mid-size office campuses and urban infill properties. Piedmont Realty Trust structures its leases and property services to support a diversified base of tenants, including professional services firms, government agencies and technology companies.

The company’s operating model combines property management, leasing and strategic capital allocation to enhance asset value and drive income stability.