Renaissance Technologies LLC Acquires Shares of 26,400 Piedmont Office Realty Trust, Inc. (NYSE:PDM)

Renaissance Technologies LLC bought a new position in Piedmont Office Realty Trust, Inc. (NYSE:PDM) in the 4th quarter, according to its most recent disclosure with the SEC. The firm bought 26,400 shares of the real estate investment trust’s stock, valued at approximately $242,000.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Harbour Investments Inc. raised its stake in Piedmont Office Realty Trust by 25.4% in the fourth quarter. Harbour Investments Inc. now owns 6,004 shares of the real estate investment trust’s stock worth $55,000 after buying an additional 1,216 shares in the last quarter. Xponance Inc. bought a new position in shares of Piedmont Office Realty Trust in the 4th quarter worth approximately $95,000. Arkadios Wealth Advisors purchased a new position in shares of Piedmont Office Realty Trust in the 4th quarter valued at approximately $105,000. Cibc World Markets Corp purchased a new position in shares of Piedmont Office Realty Trust in the 4th quarter valued at approximately $106,000. Finally, Meeder Asset Management Inc. boosted its position in shares of Piedmont Office Realty Trust by 15.8% during the fourth quarter. Meeder Asset Management Inc. now owns 12,125 shares of the real estate investment trust’s stock valued at $111,000 after purchasing an additional 1,650 shares in the last quarter. 84.48% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Piedmont Office Realty Trust news, CFO Sherry L. Rexroad purchased 16,850 shares of the stock in a transaction dated Thursday, May 1st. The shares were purchased at an average cost of $5.95 per share, with a total value of $100,257.50. Following the completion of the acquisition, the chief financial officer now directly owns 16,850 shares in the company, valued at $100,257.50. This trade represents a ∞ increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 1.29% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have commented on PDM shares. Truist Financial reissued a “buy” rating and set a $10.00 price objective (down previously from $11.00) on shares of Piedmont Office Realty Trust in a research report on Tuesday, February 25th. Baird R W cut shares of Piedmont Office Realty Trust from a “strong-buy” rating to a “hold” rating in a research report on Thursday, January 16th. StockNews.com raised shares of Piedmont Office Realty Trust from a “sell” rating to a “hold” rating in a research note on Monday, February 17th. Finally, Robert W. Baird decreased their target price on shares of Piedmont Office Realty Trust from $10.00 to $9.00 and set a “neutral” rating for the company in a research note on Monday, February 24th.

Piedmont Office Realty Trust Trading Down 2.2 %

NYSE PDM opened at $6.50 on Tuesday. Piedmont Office Realty Trust, Inc. has a 12 month low of $5.46 and a 12 month high of $11.12. The company has a current ratio of 2.10, a quick ratio of 2.22 and a debt-to-equity ratio of 1.40. The stock’s fifty day moving average price is $6.88 and its 200-day moving average price is $8.28. The stock has a market cap of $808.03 million, a P/E ratio of -10.31 and a beta of 1.21.

Piedmont Office Realty Trust (NYSE:PDM) last announced its quarterly earnings results on Monday, April 28th. The real estate investment trust reported $0.36 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.35 by $0.01. The company had revenue of $136.06 million for the quarter, compared to analysts’ expectations of $141.29 million. Piedmont Office Realty Trust had a negative net margin of 13.86% and a negative return on equity of 4.82%. Piedmont Office Realty Trust’s revenue was down 1.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.39 EPS. As a group, equities analysts forecast that Piedmont Office Realty Trust, Inc. will post 1.41 EPS for the current fiscal year.

Piedmont Office Realty Trust Company Profile

Piedmont Office Realty Trust, Inc (also referred to herein as "Piedmont" or the "Company") (NYSE: PDM) is an owner, manager, developer, redeveloper and operator of high-quality, Class A office properties located primarily in major U.S. Sunbelt markets. The Company is a fully-integrated, self-managed real estate investment trust ("REIT") with local management offices in each of its markets and is investment-grade rated by Standard & Poor's and Moody's.