Piedmont Realty Trust, Inc. $PDM Shares Sold by Private Management Group Inc.

Private Management Group Inc. trimmed its holdings in shares of Piedmont Realty Trust, Inc. (NYSE:PDM) by 3.0% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,951,829 shares of the real estate investment trust’s stock after selling 123,610 shares during the period. Private Management Group Inc.’s holdings in Piedmont Realty Trust were worth $35,171,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the business. Ethic Inc. grew its position in Piedmont Realty Trust by 99.5% during the third quarter. Ethic Inc. now owns 94,593 shares of the real estate investment trust’s stock valued at $842,000 after buying an additional 47,167 shares during the period. Asset Management One Co. Ltd. raised its position in Piedmont Realty Trust by 4.6% in the third quarter. Asset Management One Co. Ltd. now owns 194,493 shares of the real estate investment trust’s stock worth $1,731,000 after acquiring an additional 8,626 shares during the period. Sequoia Financial Advisors LLC bought a new stake in Piedmont Realty Trust in the second quarter worth about $168,000. Tidal Investments LLC boosted its stake in Piedmont Realty Trust by 8.3% in the second quarter. Tidal Investments LLC now owns 26,594 shares of the real estate investment trust’s stock valued at $243,000 after acquiring an additional 2,044 shares during the last quarter. Finally, Readystate Asset Management LP purchased a new position in Piedmont Realty Trust in the second quarter valued at about $94,000. 84.48% of the stock is currently owned by institutional investors.

Piedmont Realty Trust Stock Performance

Shares of PDM stock opened at $10.11 on Tuesday. The firm’s 50 day moving average is $9.35 and its 200 day moving average is $8.65. The stock has a market capitalization of $1.25 billion, a P/E ratio of -14.23 and a beta of 1.41. Piedmont Realty Trust, Inc. has a 12 month low of $6.32 and a 12 month high of $10.23. The company has a current ratio of 1.40, a quick ratio of 1.40 and a debt-to-equity ratio of 1.62.

Piedmont Realty Trust (NYSE:PDM) last released its quarterly earnings data 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 net margin of 15.18% and a negative return on equity of 5.98%. The business had revenue of $151.24 million during the quarter, compared to analysts’ expectations of $146.80 million. On average, sell-side analysts anticipate that Piedmont Realty Trust, Inc. will post 1.55 earnings per share for the current year.

Insider Activity

In other Piedmont Realty Trust news, CFO Sherry Rexroad sold 4,446 shares of the stock in a transaction 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 owned 53,857 shares in the company, valued at $474,480.17. This represents a 7.63% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 1.20% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the stock. JPMorgan Chase & Co. increased their target price on shares of Piedmont Realty Trust from $10.00 to $11.00 and gave the company a “neutral” rating in a research report on Wednesday, September 9th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Piedmont Realty Trust in a report on Wednesday, October 28th. Robert W. Baird lifted their price target on shares of Piedmont Realty Trust from $9.00 to $10.00 and gave the stock a “neutral” rating in a report on Friday, August 14th. Zacks Research upgraded Piedmont Realty Trust from a “hold” rating to a “strong-buy” rating in a research note on Thursday, October 15th. Finally, Freedom Broker upgraded Piedmont Realty Trust from a “hold” rating to a “buy” rating and set a $11.00 price objective on the stock in a research note on Wednesday, October 28th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Piedmont Realty Trust currently has a consensus rating of “Moderate Buy” and a consensus price target of $10.75.

Piedmont Realty Trust Company Profile