Piedmont Realty Trust (NYSE:PDM) Stock Moved Up to "Buy" by Freedom Broker

Key Points

• Freedom Broker upgraded Piedmont Realty Trust from “hold” to “buy” and set an $11 price target, implying approximately 20% upside from the prior close.
• Analyst sentiment is mixed but leans positive: MarketBeat reports a consensus rating of “Moderate Buy” and an average price target of $10.75.
• Piedmont reported a quarterly loss of $0.17 per share, missing the $0.06 loss estimate, although revenue of $151.24 million exceeded expectations.

Piedmont Realty Trust (NYSE:PDM - Get Free Report) was upgraded by stock analysts at Freedom Broker from a "hold" rating to a "buy" rating in a report issued on Wednesday, Benzinga reports. The brokerage presently has a $11.00 price objective on the real estate investment trust's stock. Freedom Broker's price target indicates a potential upside of 20.01% from the company's previous close.

Several other analysts have also commented on PDM. Robert W. Baird increased their price target on shares of Piedmont Realty Trust from $9.00 to $10.00 and gave the company a "neutral" rating in a research report on Friday, August 14th. Weiss Ratings downgraded Piedmont Realty Trust from a "sell (d+)" rating to a "sell (d-)" rating in a research report on Thursday, July 30th. JPMorgan Chase & Co. lifted their price objective on Piedmont Realty Trust from $10.00 to $11.00 and gave the stock a "neutral" rating in a research report on Wednesday, September 9th. Finally, Zacks Research raised Piedmont Realty Trust from a "hold" rating to a "strong-buy" rating in a research note on Thursday, October 15th. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $10.75.

Piedmont Realty Trust Price Performance

Shares of Piedmont Realty Trust stock traded down $0.07 on Wednesday, hitting $9.17. The company's stock had a trading volume of 1,757,916 shares, compared to its average volume of 1,168,008. Piedmont Realty Trust has a 52-week low of $6.32 and a 52-week high of $10.13. The company has a quick ratio of 1.36, a current ratio of 1.36 and a debt-to-equity ratio of 1.53. The firm has a fifty day moving average price of $9.35 and a 200-day moving average price of $8.60. The company has a market capitalization of $1.15 billion, a P/E ratio of -12.91 and a beta of 1.39.

Piedmont Realty Trust (NYSE:PDM - Get Free Report) last posted its earnings results on Monday, October 26th. The real estate investment trust reported ($0.17) earnings per share for the quarter, missing the consensus estimate of ($0.06) by ($0.11). The business had revenue of $151.24 million for the quarter, compared to analysts' expectations of $146.80 million. Piedmont Realty Trust had a negative net margin of 14.18% and a negative return on equity of 5.39%. On average, equities research analysts expect that Piedmont Realty Trust will post 1.53 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Piedmont Realty Trust news, CFO Sherry Rexroad sold 4,446 shares of the firm's stock in a transaction dated Thursday, October 1st. The shares were sold at an average price of $8.81, for a total transaction of $39,169.26. Following the sale, the chief financial officer directly owned 53,857 shares of the company's stock, valued at $474,480.17. This trade represents a 7.63% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Corporate insiders own 1.20% of the company's stock.

Institutional Investors Weigh In On Piedmont Realty Trust

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Asset Management One Co. Ltd. lifted its stake in shares of Piedmont Realty Trust by 4.6% during the 3rd quarter. Asset Management One Co. Ltd. now owns 194,493 shares of the real estate investment trust's stock worth $1,731,000 after purchasing an additional 8,626 shares during the period. Sequoia Financial Advisors LLC acquired a new stake in shares of Piedmont Realty Trust during the second quarter worth $168,000. Tidal Investments LLC boosted its holdings in shares of Piedmont Realty Trust by 8.3% during the second quarter. Tidal Investments LLC now owns 26,594 shares of the real estate investment trust's stock worth $243,000 after purchasing an additional 2,044 shares during the last quarter. Readystate Asset Management LP purchased a new stake in shares of Piedmont Realty Trust in the second quarter valued at $94,000. Finally, HB Wealth Management LLC purchased a new stake in shares of Piedmont Realty Trust in the second quarter valued at $204,000. 84.48% of the stock is currently owned by hedge funds and other institutional investors.

Piedmont Realty Trust Company Profile

Piedmont Realty Trust, formally known as Piedmont Office Realty Trust, Inc NYSE: PDM, is a self-managed real estate investment trust that owns, develops, acquires, leases and manages office properties in the United States. The company primarily focuses on high-quality office buildings serving corporate tenants and other organizations.

Piedmont's portfolio has historically been concentrated in major office markets across the Sun Belt and eastern United States, including Atlanta, Boston, Dallas, Washington, DC, and other metropolitan areas.

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