Cubist Systematic Strategies LLC Makes New Investment in Piedmont Office Realty Trust, Inc. (NYSE:PDM)

Cubist Systematic Strategies LLC bought a new position in shares of Piedmont Office Realty Trust, Inc. (NYSE:PDM - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 122,715 shares of the real estate investment trust's stock, valued at approximately $1,123,000. Cubist Systematic Strategies LLC owned 0.10% of Piedmont Office Realty Trust at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Sterling Capital Management LLC lifted its position in shares of Piedmont Office Realty Trust by 809.2% during the 4th quarter. Sterling Capital Management LLC now owns 3,955 shares of the real estate investment trust's stock worth $36,000 after buying an additional 3,520 shares during the period. Harbour Investments Inc. lifted its position in shares of Piedmont Office Realty Trust by 25.4% during the 4th 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 during the period. Xponance Inc. bought a new position in Piedmont Office Realty Trust in the 4th quarter valued at $95,000. Coldstream Capital Management Inc. bought a new position in Piedmont Office Realty Trust in the 4th quarter valued at $99,000. Finally, Arkadios Wealth Advisors bought a new position in Piedmont Office Realty Trust in the 4th quarter valued at $105,000. Institutional investors own 84.48% of the company's stock.

Analyst Ratings Changes

Several brokerages have issued reports on PDM. StockNews.com upgraded Piedmont Office Realty Trust from a "sell" rating to a "hold" rating in a research report on Monday, February 17th. Truist Financial reiterated a "buy" rating and issued 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. Finally, Robert W. Baird cut their price objective on Piedmont Office Realty Trust from $10.00 to $9.00 and set a "neutral" rating for the company in a research report on Monday, February 24th.

Piedmont Office Realty Trust Price Performance

PDM traded up $0.14 during trading on Friday, hitting $7.04. The company's stock had a trading volume of 1,414,273 shares, compared to its average volume of 892,431. The firm's 50 day moving average price is $6.79 and its two-hundred day moving average price is $8.08. The company has a quick ratio of 2.22, a current ratio of 2.10 and a debt-to-equity ratio of 1.40. Piedmont Office Realty Trust, Inc. has a 12 month low of $5.46 and a 12 month high of $11.12. The stock has a market capitalization of $875.83 million, a price-to-earnings ratio of -11.17 and a beta of 1.37.

Piedmont Office Realty Trust (NYSE:PDM - Get Free Report) last issued its quarterly earnings results on Monday, April 28th. The real estate investment trust reported $0.36 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.35 by $0.01. Piedmont Office Realty Trust had a negative return on equity of 4.82% and a negative net margin of 13.86%. The business 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 firm posted $0.39 earnings per share. The firm's revenue for the quarter was down 1.3% compared to the same quarter last year. Sell-side analysts forecast that Piedmont Office Realty Trust, Inc. will post 1.41 earnings per share for the current fiscal year.

Insider Activity

In related news, CFO Sherry L. Rexroad acquired 16,850 shares of the company's stock in a transaction that occurred on Thursday, May 1st. The stock was acquired at an average price of $5.95 per share, for a total transaction of $100,257.50. Following the completion of the acquisition, the chief financial officer now owns 16,850 shares of the company's stock, valued at $100,257.50. This trade represents a ∞ increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 1.29% of the company's stock.

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.