Piedmont Office Realty Trust (NYSE:PDM) Rating Lowered to Hold at StockNews.com

Piedmont Office Realty Trust (NYSE:PDMGet Rating) was downgraded by StockNews.com from a “buy” rating to a “hold” rating in a research note issued on Thursday.

Separately, Zacks Investment Research lowered shares of Piedmont Office Realty Trust from a “hold” rating to a “sell” rating in a research note on Wednesday, May 11th.

Shares of PDM opened at $14.65 on Thursday. Piedmont Office Realty Trust has a 52-week low of $14.07 and a 52-week high of $20.35. The company has a quick ratio of 2.11, a current ratio of 2.11 and a debt-to-equity ratio of 0.91. The firm’s fifty day moving average is $16.14 and its two-hundred day moving average is $17.32. The stock has a market cap of $1.81 billion, a PE ratio of 36.63 and a beta of 0.94.

Piedmont Office Realty Trust (NYSE:PDMGet Rating) last posted its quarterly earnings results on Wednesday, April 27th. The real estate investment trust reported $0.49 EPS for the quarter, missing the consensus estimate of $0.51 by ($0.02). Piedmont Office Realty Trust had a return on equity of 2.69% and a net margin of 9.24%. The company had revenue of $136.15 million for the quarter, compared to analysts’ expectations of $135.88 million. As a group, research analysts anticipate that Piedmont Office Realty Trust will post 2.04 earnings per share for the current year.

In related news, Director Glenn Gary Cohen bought 5,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 3rd. The shares were acquired at an average cost of $16.15 per share, for a total transaction of $80,750.00. Following the acquisition, the director now owns 22,408 shares in the company, valued at approximately $361,889.20. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CAO Laura P. Moon sold 7,627 shares of Piedmont Office Realty Trust stock in a transaction that occurred on Tuesday, May 3rd. The stock was sold at an average price of $16.09, for a total value of $122,718.43. Following the sale, the chief accounting officer now owns 47,001 shares in the company, valued at $756,246.09. The disclosure for this sale can be found here. Insiders bought 6,500 shares of company stock valued at $104,425 over the last three months. Corporate insiders own 1.13% of the company’s stock.

Several institutional investors and hedge funds have recently modified their holdings of the company. First Trust Advisors LP raised its stake in Piedmont Office Realty Trust by 44.0% during the 1st quarter. First Trust Advisors LP now owns 107,580 shares of the real estate investment trust’s stock valued at $2,243,000 after acquiring an additional 32,856 shares in the last quarter. Morgan Stanley raised its position in shares of Piedmont Office Realty Trust by 50.2% during the second quarter. Morgan Stanley now owns 219,973 shares of the real estate investment trust’s stock worth $4,063,000 after purchasing an additional 73,501 shares during the period. Teacher Retirement System of Texas raised its position in shares of Piedmont Office Realty Trust by 20.2% during the third quarter. Teacher Retirement System of Texas now owns 19,976 shares of the real estate investment trust’s stock worth $348,000 after purchasing an additional 3,363 shares during the period. US Bancorp DE grew its holdings in shares of Piedmont Office Realty Trust by 4.0% during the third quarter. US Bancorp DE now owns 30,881 shares of the real estate investment trust’s stock valued at $538,000 after buying an additional 1,189 shares in the last quarter. Finally, Mercer Global Advisors Inc. ADV grew its holdings in shares of Piedmont Office Realty Trust by 23.8% during the third quarter. Mercer Global Advisors Inc. ADV now owns 22,844 shares of the real estate investment trust’s stock valued at $398,000 after buying an additional 4,397 shares in the last quarter. Institutional investors own 82.61% of the company’s stock.

Piedmont Office Realty Trust Company Profile (Get Rating)

Piedmont Office Realty Trust, Inc (NYSE: PDM) is an owner, manager, developer, redeveloper, and operator of high-quality, Class A office properties located primarily in select sub-markets within seven major Eastern U.S. office markets, with the majority of its revenue being generated from the Sunbelt.

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