JPMorgan Chase & Co. Issues Pessimistic Forecast for Piedmont Office Realty Trust (NYSE:PDM) Stock Price

Piedmont Office Realty Trust (NYSE:PDM) had its price target cut by research analysts at JPMorgan Chase & Co. from $9.00 to $8.00 in a research note issued to investors on Friday,Benzinga reports. The firm presently has a “neutral” rating on the real estate investment trust’s stock. JPMorgan Chase & Co.‘s target price indicates a potential upside of 6.52% from the stock’s current price.

Several other analysts also recently issued reports on the stock. Truist Financial decreased their price objective on shares of Piedmont Office Realty Trust from $10.00 to $9.00 and set a “buy” rating for the company in a report on Tuesday, May 20th. Wall Street Zen raised shares of Piedmont Office Realty Trust from a “sell” rating to a “hold” rating in a report on Monday, February 17th. Finally, Robert W. Baird reduced their price target on shares of Piedmont Office Realty Trust from $10.00 to $9.00 and set a “neutral” rating for the company in a report on Monday, February 24th. Four investment analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $8.67.

Piedmont Office Realty Trust Stock Down 3.6%

Piedmont Office Realty Trust stock opened at $7.51 on Friday. The firm has a market cap of $934.30 million, a PE ratio of -11.92 and a beta of 1.44. The company has a debt-to-equity ratio of 1.40, a quick ratio of 2.22 and a current ratio of 2.10. The firm’s 50 day moving average price is $6.80 and its two-hundred day moving average price is $7.70. Piedmont Office Realty Trust has a twelve month low of $5.46 and a twelve month high of $11.12.

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

Insider Activity

In other Piedmont Office Realty Trust news, CFO Sherry L. Rexroad acquired 16,850 shares of the company’s stock in a transaction dated Thursday, May 1st. The stock was bought at an average price of $5.95 per share, for a total transaction of $100,257.50. Following the purchase, the chief financial officer now owns 16,850 shares in the company, valued at $100,257.50. This represents a ∞ increase in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 1.29% of the company’s stock.

Hedge Funds Weigh In On Piedmont Office Realty Trust

A number of hedge funds have recently made changes to their positions in the business. Private Management Group Inc. increased its position in shares of Piedmont Office Realty Trust by 4.1% during the 1st quarter. Private Management Group Inc. now owns 4,074,332 shares of the real estate investment trust’s stock worth $30,028,000 after purchasing an additional 160,453 shares in the last quarter. Wilsey Asset Management Inc. increased its position in shares of Piedmont Office Realty Trust by 1.5% during the 1st quarter. Wilsey Asset Management Inc. now owns 4,011,630 shares of the real estate investment trust’s stock worth $29,566,000 after purchasing an additional 58,088 shares in the last quarter. Vision Capital Corp increased its position in shares of Piedmont Office Realty Trust by 65.0% during the 4th quarter. Vision Capital Corp now owns 3,526,777 shares of the real estate investment trust’s stock worth $32,270,000 after purchasing an additional 1,389,477 shares in the last quarter. Prudential Financial Inc. increased its position in shares of Piedmont Office Realty Trust by 34.6% during the 4th quarter. Prudential Financial Inc. now owns 2,719,332 shares of the real estate investment trust’s stock worth $24,882,000 after purchasing an additional 699,339 shares in the last quarter. Finally, Hudson Bay Capital Management LP increased its position in shares of Piedmont Office Realty Trust by 58.8% during the 4th quarter. Hudson Bay Capital Management LP now owns 2,281,624 shares of the real estate investment trust’s stock worth $20,877,000 after purchasing an additional 845,098 shares in the last quarter. Institutional investors and hedge funds own 84.48% of the company’s stock.

About Piedmont Office Realty Trust

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.