Allianz Asset Management GmbH Makes New Investment 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 bought a new position in Piedmont Realty Trust, Inc. (NYSE:PDM - Free Report) in the first quarter, according to the company in its most recent filing with the SEC. The fund bought 70,876 shares of the real estate investment trust's stock, valued at approximately $522,000. Allianz Asset Management GmbH owned 0.06% of Piedmont Realty Trust as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently modified their holdings of PDM. Sterling Capital Management LLC boosted its holdings in Piedmont 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 valued at $36,000 after acquiring an additional 3,520 shares during the period. Point72 Hong Kong Ltd purchased a new position in Piedmont Realty Trust during the 4th quarter valued at $59,000. Point72 Asia Singapore Pte. Ltd. purchased a new position in Piedmont Realty Trust during the 4th quarter valued at $76,000. Coldstream Capital Management Inc. purchased a new position in Piedmont Realty Trust during the 4th quarter valued at $99,000. Finally, Ballentine Partners LLC purchased a new position in Piedmont Realty Trust during the 1st quarter valued at $82,000. Hedge funds and other institutional investors own 84.48% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the company. Truist Financial lowered their target price on Piedmont Realty Trust from $10.00 to $9.00 and set a "buy" rating for the company in a report on Tuesday, May 20th. JPMorgan Chase & Co. reduced their price target on Piedmont Realty Trust from $9.00 to $8.00 and set a "neutral" rating for the company in a research report on Friday, June 13th. Finally, Wall Street Zen lowered Piedmont Realty Trust from a "hold" rating to a "sell" rating in a research report on Saturday. One analyst has rated the stock with a sell rating, three have given a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat, Piedmont Realty Trust currently has a consensus rating of "Hold" and a consensus price target of $8.67.

Piedmont Realty Trust Stock Performance

Piedmont Realty Trust stock traded up $0.13 during trading hours on Wednesday, hitting $7.84. 198,972 shares of the stock traded hands, compared to its average volume of 966,251. The company has a debt-to-equity ratio of 1.41, a current ratio of 1.67 and a quick ratio of 1.67. The firm's 50 day moving average price is $7.46 and its 200-day moving average price is $7.30. The stock has a market capitalization of $976.58 million, a price-to-earnings ratio of -14.25 and a beta of 1.46. Piedmont Realty Trust, Inc. has a 1 year low of $5.46 and a 1 year high of $11.11.

Piedmont Realty Trust (NYSE:PDM - Get Free Report) last issued its earnings results on Monday, July 28th. The real estate investment trust reported $0.36 EPS for the quarter, topping analysts' consensus estimates 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 for the quarter, compared to the consensus estimate of $141.96 million. During the same quarter in the prior year, the business earned $0.37 earnings per share. The company's revenue was down 2.1% compared to the same quarter last year. As a group, equities analysts expect that Piedmont Realty Trust, Inc. will post 1.41 EPS for the current fiscal year.

About Piedmont 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.