33,532 Shares in Piedmont Realty Trust, Inc. $PDM Bought by Allstate Corp

Key Points

• Allstate Corp has acquired a new position in Piedmont Realty Trust, purchasing 33,532 shares valued at approximately $247,000 in the first quarter.
• Institutional investors own 84.48% of Piedmont Realty Trust's stock, indicating significant confidence from larger financial entities.
• Analysts have rated Piedmont Realty Trust with an average target price of $8.67, with one analyst giving a Buy rating while others hold a neutral stance.

Allstate Corp bought a new stake in Piedmont Realty Trust, Inc. (NYSE:PDM - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 33,532 shares of the real estate investment trust's stock, valued at approximately $247,000.

A number of other hedge funds have also recently added to or reduced their stakes in PDM. Wells Fargo & Company MN boosted its position in Piedmont Realty Trust by 24.7% in the fourth quarter. Wells Fargo & Company MN now owns 90,251 shares of the real estate investment trust's stock valued at $826,000 after buying an additional 17,855 shares in the last quarter. Renaissance Technologies LLC acquired a new stake in Piedmont Realty Trust in the fourth quarter valued at approximately $242,000. Raymond James Financial Inc. acquired a new stake in Piedmont Realty Trust in the fourth quarter valued at approximately $1,313,000. Barclays PLC boosted its position in Piedmont Realty Trust by 7.3% in the fourth quarter. Barclays PLC now owns 254,856 shares of the real estate investment trust's stock valued at $2,332,000 after buying an additional 17,449 shares in the last quarter. Finally, First Trust Advisors LP boosted its position in Piedmont Realty Trust by 48.2% in the fourth quarter. First Trust Advisors LP now owns 36,698 shares of the real estate investment trust's stock valued at $336,000 after buying an additional 11,941 shares in the last quarter. Institutional investors and hedge funds own 84.48% of the company's stock.

Analyst Ratings Changes

A number of analysts have weighed in on PDM shares. Truist Financial cut their target price on shares of Piedmont Realty Trust from $10.00 to $9.00 and set a "buy" rating on the stock in a research report on Tuesday, May 20th. Wall Street Zen upgraded shares of Piedmont Realty Trust from a "sell" rating to a "hold" rating in a research report on Saturday, August 23rd. Finally, JPMorgan Chase & Co. cut their price target on shares of Piedmont Realty Trust from $9.00 to $8.00 and set a "neutral" rating on the stock in a report on Friday, June 13th. One investment analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, Piedmont Realty Trust currently has an average rating of "Hold" and an average price target of $8.67.

Piedmont Realty Trust Trading Up 1.4%

Shares of NYSE:PDM traded up $0.12 during mid-day trading on Friday, reaching $8.46. 679,575 shares of the company's stock were exchanged, compared to its average volume of 875,853. The firm has a market capitalization of $1.05 billion, a price-to-earnings ratio of -15.37 and a beta of 1.46. The business's fifty day moving average price is $7.63 and its 200-day moving average price is $7.23. The company has a debt-to-equity ratio of 1.41, a quick ratio of 1.67 and a current ratio of 1.67. Piedmont Realty Trust, Inc. has a twelve month low of $5.46 and a twelve month high of $11.11.

Piedmont Realty Trust (NYSE:PDM - Get Free Report) last announced its earnings results on Monday, July 28th. The real estate investment trust reported $0.36 earnings per share for the quarter, topping analysts' consensus estimates of $0.35 by $0.01. Piedmont Realty Trust had a negative net margin of 12.10% and a negative return on equity of 4.32%. The business had revenue of $111.13 million during the quarter, compared to the consensus estimate of $141.96 million. During the same quarter last year, the firm earned $0.37 earnings per share. Piedmont Realty Trust's quarterly revenue was down 2.1% on a year-over-year basis. Piedmont Realty Trust has set its FY 2025 guidance at 1.380-1.440 EPS. On average, research analysts predict that Piedmont Realty Trust, Inc. will post 1.41 EPS for the current fiscal 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.