Zurcher Kantonalbank Zurich Cantonalbank Acquires 2,605 Shares of Piedmont Realty Trust, Inc. (NYSE:PDM)

Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Piedmont Realty Trust, Inc. (NYSE:PDM) by 3.6% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 75,840 shares of the real estate investment trust’s stock after purchasing an additional 2,605 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank owned about 0.06% of Piedmont Realty Trust worth $559,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Sterling Capital Management LLC grew its position in Piedmont Realty Trust by 809.2% in the fourth quarter. Sterling Capital Management LLC now owns 3,955 shares of the real estate investment trust’s stock worth $36,000 after acquiring an additional 3,520 shares in the last quarter. Point72 Hong Kong Ltd purchased a new position in Piedmont Realty Trust in the fourth quarter worth about $59,000. Point72 Asia Singapore Pte. Ltd. purchased a new position in Piedmont Realty Trust in the fourth quarter worth about $76,000. Coldstream Capital Management Inc. purchased a new position in shares of Piedmont Realty Trust during the fourth quarter valued at approximately $99,000. Finally, Ballentine Partners LLC purchased a new position in shares of Piedmont Realty Trust during the first quarter valued at approximately $82,000. Hedge funds and other institutional investors own 84.48% of the company’s stock.

Analyst Ratings Changes

PDM has been the subject of several recent analyst reports. Truist Financial dropped their target price on Piedmont Realty Trust from $10.00 to $9.00 and set a “buy” rating for the company in a research report on Tuesday, May 20th. Wall Street Zen lowered Piedmont Realty Trust from a “hold” rating to a “sell” rating in a report on Saturday, August 2nd. Finally, JPMorgan Chase & Co. lowered their price target on Piedmont Realty Trust from $9.00 to $8.00 and set a “neutral” rating for the company in a report on Friday, June 13th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and one has issued a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $8.67.

Piedmont Realty Trust Stock Up 1.2%

Shares of NYSE PDM opened at $7.81 on Thursday. The company has a debt-to-equity ratio of 1.41, a quick ratio of 1.67 and a current ratio of 1.67. The firm has a market capitalization of $971.72 million, a price-to-earnings ratio of -14.19 and a beta of 1.46. The stock has a 50 day moving average price of $7.47 and a 200 day moving average price of $7.31. Piedmont Realty Trust, Inc. has a 52-week low of $5.46 and a 52-week high of $11.11.

Piedmont Realty Trust (NYSE:PDM) last announced its quarterly earnings results on Monday, July 28th. The real estate investment trust reported $0.36 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.35 by $0.01. The firm had revenue of $111.13 million during the quarter, compared to analyst estimates of $141.96 million. Piedmont Realty Trust had a negative return on equity of 4.32% and a negative net margin of 12.10%. Piedmont Realty Trust’s quarterly revenue was down 2.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.37 earnings per share. Sell-side analysts expect that Piedmont Realty Trust, Inc. will post 1.41 earnings per share for the current year.

Piedmont 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.