Piedmont Office Realty Trust, Inc. (NYSE:PDM) Lowered to Hold at ValuEngine

Piedmont Office Realty Trust, Inc. (NYSE:PDM) was downgraded by equities research analysts at ValuEngine from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Thursday, June 29th.

PDM has been the subject of a number of other research reports. BidaskClub lowered Piedmont Office Realty Trust from a “hold” rating to a “sell” rating in a research report on Saturday, June 24th. Zacks Investment Research upgraded Piedmont Office Realty Trust from a “hold” rating to a “buy” rating and set a $24.00 price objective for the company in a research report on Saturday, May 6th. One equities research analyst has rated the stock with a sell rating and four have given a hold rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $22.50.

Piedmont Office Realty Trust (NYSE:PDM) traded up 0.62% during midday trading on Thursday, hitting $20.95. The stock had a trading volume of 606,556 shares. The company has a market cap of $3.05 billion, a price-to-earnings ratio of 29.14 and a beta of 0.60. The company has a 50-day moving average price of $21.01 and a 200-day moving average price of $21.53. Piedmont Office Realty Trust has a 12-month low of $18.61 and a 12-month high of $23.08.

Piedmont Office Realty Trust (NYSE:PDM) last released its quarterly earnings data on Wednesday, May 3rd. The real estate investment trust reported $0.10 earnings per share (EPS) for the quarter, missing the Zacks’ 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 company had revenue of $148.50 million for the quarter, compared to analyst estimates of $145.35 million. During the same quarter in the prior year, the firm earned $0.41 EPS. The company’s revenue for the quarter was up 7.6% compared to the same quarter last year. Equities analysts anticipate that Piedmont Office Realty Trust will post $0.40 EPS for the current year.

Piedmont Office Realty Trust declared that its Board of Directors has initiated a share buyback program on Wednesday, May 3rd that allows the company to buyback $250.00 million in shares. This buyback authorization allows the real estate investment trust to buy up to 8.1% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board believes its stock is undervalued.

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In other Piedmont Office Realty Trust news, CAO Laura P. Moon sold 7,800 shares of the business’s stock in a transaction on Wednesday, May 24th. The stock was 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 owns 24,620 shares in the company, valued at approximately $532,776.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.76% of the company’s stock.

Several hedge funds have recently made changes to their positions in the stock. James Investment Research Inc. purchased a new stake in shares of Piedmont Office Realty Trust during the first quarter valued at $141,000. Advisory Services Network LLC purchased a new stake in shares of Piedmont Office Realty Trust during the first quarter valued at $141,000. Cornerstone Capital Management Holdings LLC. purchased a new stake in shares of Piedmont Office Realty Trust during the first quarter valued at $164,000. SG Americas Securities LLC raised its stake in shares of 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 stake in shares of Piedmont Office Realty Trust during the first quarter valued at $177,000. Institutional investors and hedge funds own 86.87% of the company’s stock.

Piedmont Office Realty Trust Company Profile

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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