Piedmont Realty Trust (NYSE:PDM) Posts Earnings Results, Meets Expectations

Piedmont Realty Trust (NYSE:PDM) issued its earnings results on Wednesday. The real estate investment trust reported $0.35 earnings per share for the quarter, meeting the consensus estimate of $0.35, Zacks reports. The business had revenue of $111.99 million for the quarter, compared to the consensus estimate of $139.39 million. Piedmont Realty Trust had a negative net margin of 14.80% and a negative return on equity of 5.40%.

Piedmont Realty Trust Price Performance

Shares of PDM stock traded up $0.40 on Friday, hitting $8.22. 1,424,320 shares of the company’s stock were exchanged, compared to its average volume of 819,203. The company has a 50 day moving average of $8.42 and a 200 day moving average of $8.35. The stock has a market cap of $1.02 billion, a P/E ratio of -12.08 and a beta of 1.26. The company has a debt-to-equity ratio of 1.43, a current ratio of 1.67 and a quick ratio of 1.67. Piedmont Realty Trust has a 12 month low of $5.46 and a 12 month high of $9.19.

Analyst Upgrades and Downgrades

PDM has been the topic of a number of recent research reports. Weiss Ratings reissued a “sell (d-)” rating on shares of Piedmont Realty Trust in a report on Thursday, January 22nd. Truist Financial upped their price objective 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 analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $9.00.

Institutional Investors Weigh In On Piedmont Realty Trust

Several large investors have recently modified their holdings of the company. Advisory Services Network LLC acquired a new position in Piedmont Realty Trust in the third quarter valued at $30,000. EverSource Wealth Advisors LLC boosted its position in shares of Piedmont Realty Trust by 214.6% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 4,405 shares of the real estate investment trust’s stock valued at $32,000 after purchasing an additional 3,005 shares in the last quarter. BNP Paribas Financial Markets grew its stake 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 purchasing an additional 4,015 shares during the period. Federation des caisses Desjardins du Quebec increased its stake in Piedmont Realty Trust by 26.4% in the fourth quarter. Federation des caisses Desjardins du Quebec now owns 9,854 shares of the real estate investment trust’s stock valued at $82,000 after purchasing an additional 2,058 shares in the last quarter. Finally, Pitcairn Co. acquired a new position in shares of Piedmont Realty Trust during the second quarter valued at about $96,000. 84.48% of the stock is currently owned by institutional investors and hedge funds.

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.