Allianz Asset Management GmbH Invests $522,000 in Piedmont Realty Trust, Inc. (NYSE:PDM)

Key Points

• Allianz Asset Management GmbH invested $522,000 in Piedmont Realty Trust, acquiring approximately 70,876 shares in the first quarter.
• Institutional investors own 84.48% of Piedmont Realty Trust, with notable recent changes from firms such as Quantinno Capital Management LP and MetLife Investment Management LLC.
• Piedmont Realty Trust reported $0.36 earnings per share in its latest quarterly results, beating analysts' expectations but showing a decline in revenue compared to the previous year.

Allianz Asset Management GmbH acquired a new position in Piedmont Realty Trust, Inc. (NYSE:PDM - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 70,876 shares of the real estate investment trust's stock, valued at approximately $522,000. Allianz Asset Management GmbH owned approximately 0.06% of Piedmont Realty Trust at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the business. Quantinno Capital Management LP raised its position in Piedmont Realty Trust by 6.5% during the fourth quarter. Quantinno Capital Management LP now owns 22,803 shares of the real estate investment trust's stock valued at $209,000 after acquiring an additional 1,390 shares in the last quarter. Wealth Enhancement Advisory Services LLC grew its stake in shares of Piedmont Realty Trust by 4.2% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 36,489 shares of the real estate investment trust's stock worth $334,000 after purchasing an additional 1,479 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Piedmont Realty Trust by 3.4% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 70,159 shares of the real estate investment trust's stock valued at $642,000 after purchasing an additional 2,321 shares in the last quarter. Sterling Capital Management LLC lifted its stake in shares of Piedmont Realty Trust by 809.2% in the 4th quarter. Sterling Capital Management LLC now owns 3,955 shares of the real estate investment trust's stock valued at $36,000 after purchasing an additional 3,520 shares during the period. Finally, MetLife Investment Management LLC lifted its stake in shares of Piedmont Realty Trust by 7.5% in the 4th quarter. MetLife Investment Management LLC now owns 74,903 shares of the real estate investment trust's stock valued at $685,000 after purchasing an additional 5,258 shares during the period. Institutional investors and hedge funds own 84.48% of the company's stock.

Piedmont Realty Trust Price Performance

Shares of Piedmont Realty Trust stock opened at $7.31 on Friday. The company has a quick ratio of 1.79, a current ratio of 1.67 and a debt-to-equity ratio of 1.41. Piedmont Realty Trust, Inc. has a twelve month low of $5.46 and a twelve month high of $11.11. The business has a 50-day moving average price of $7.42 and a 200 day moving average price of $7.32. The firm has a market cap of $910.10 million, a PE ratio of -13.29 and a beta of 1.46.

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

Analysts Set New Price Targets

Several research firms recently issued reports on PDM. JPMorgan Chase & Co. decreased their target price on shares of Piedmont Realty Trust from $9.00 to $8.00 and set a "neutral" rating for the company in a research note on Friday, June 13th. Wall Street Zen cut shares of Piedmont Realty Trust from a "hold" rating to a "sell" rating in a research note on Saturday. Finally, Truist Financial cut their price target on Piedmont Realty Trust from $10.00 to $9.00 and set a "buy" rating for the company in a research note on Tuesday, May 20th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and one has assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $8.67.

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.

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