Rhumbline Advisers Lowers Stock Position in Piedmont Office Realty Trust, Inc. (NYSE:PDM)

Rhumbline Advisers lessened its position in shares of Piedmont Office Realty Trust, Inc. (NYSE:PDM) by 4.0% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 218,646 shares of the real estate investment trust’s stock after selling 9,054 shares during the quarter. Rhumbline Advisers owned approximately 0.18% of Piedmont Office Realty Trust worth $1,611,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Vision Capital Corp grew 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 valued at $32,270,000 after acquiring an additional 1,389,477 shares during the period. Prudential Financial Inc. boosted its position in Piedmont Office Realty Trust by 34.6% during the fourth 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. Hudson Bay Capital Management LP boosted its position in Piedmont Office Realty Trust by 58.8% during the fourth 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. Wellington Management Group LLP grew its holdings in Piedmont Office Realty Trust by 35.0% in the fourth quarter. Wellington Management Group LLP now owns 2,106,859 shares of the real estate investment trust’s stock valued at $19,278,000 after purchasing an additional 546,242 shares during the period. Finally, JPMorgan Chase & Co. increased its position in shares of Piedmont Office Realty Trust by 16.0% in the fourth quarter. JPMorgan Chase & Co. now owns 1,780,288 shares of the real estate investment trust’s stock valued at $16,290,000 after buying an additional 245,518 shares in the last quarter. Hedge funds and other institutional investors own 84.48% of the company’s stock.

Insider Buying and Selling

In related news, CFO Sherry L. Rexroad acquired 16,850 shares of the stock in a transaction on Thursday, May 1st. The shares were bought at an average price of $5.95 per share, with a total value of $100,257.50. Following the completion of the purchase, the chief financial officer now owns 16,850 shares of the company’s stock, valued at approximately $100,257.50. This represents a ∞ increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.93% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the company. Robert W. Baird decreased their target price on Piedmont Office Realty Trust from $10.00 to $9.00 and set a “neutral” rating on the stock in a research report on Monday, February 24th. Truist Financial reduced 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 research report on Tuesday, May 20th. Finally, JPMorgan Chase & Co. decreased their price objective on shares of Piedmont Office Realty Trust from $9.00 to $8.00 and set a “neutral” rating on the stock in a report on Friday, June 13th. Four research analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat, Piedmont Office Realty Trust currently has a consensus rating of “Hold” and an average price target of $8.67.

Piedmont Office Realty Trust Price Performance

Shares of Piedmont Office Realty Trust stock opened at $7.40 on Wednesday. The stock has a market capitalization of $920.39 million, a P/E ratio of -15.10 and a beta of 1.44. The business has a 50 day simple moving average of $6.84 and a two-hundred day simple moving average of $7.67. 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 debt-to-equity ratio of 1.40, a current ratio of 1.79 and a quick ratio of 1.79.

Piedmont Office Realty Trust (NYSE:PDM) last issued 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. The firm had revenue of $136.06 million during the quarter, compared to analysts’ expectations of $141.29 million. Piedmont Office Realty Trust had a negative return on equity of 3.82% and a negative net margin of 10.80%. The firm’s revenue for the quarter was down 1.3% on a year-over-year basis. During the same period in the previous year, the business earned $0.39 earnings per share. As a group, analysts predict that Piedmont Office Realty Trust, Inc. will post 1.41 EPS for the current fiscal year.

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.