Hudson Bay Capital Management LP Raises Stake in Piedmont Realty Trust, Inc. $PDM

Key Points

• Hudson Bay Capital Management LP raised its stake in Piedmont Realty Trust by 6.7% in Q3 to 3,215,339 shares—about 2.58% of the company—worth roughly $28.9 million at the end of the period.
• Piedmont (NYSE:PDM) has a market cap of $843.4M, reported Q earnings that met consensus (EPS $0.35) with revenue of $142.85M but posts a negative ROE and net margin, and carries mixed analyst coverage (average rating "Hold" and an average price target of $9.00 amid recent downgrades and divergent price targets).

Hudson Bay Capital Management LP increased its holdings in Piedmont Realty Trust, Inc. (NYSE:PDM - Free Report) by 6.7% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 3,215,339 shares of the real estate investment trust's stock after buying an additional 201,764 shares during the quarter. Hudson Bay Capital Management LP owned about 2.58% of Piedmont Realty Trust worth $28,938,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the business. AQR Capital Management LLC boosted its holdings in Piedmont Realty Trust by 28.5% in the first quarter. AQR Capital Management LLC now owns 332,286 shares of the real estate investment trust's stock valued at $2,449,000 after purchasing an additional 73,762 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of Piedmont Realty Trust by 4.5% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 73,346 shares of the real estate investment trust's stock valued at $541,000 after buying an additional 3,187 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of Piedmont Realty Trust by 11.3% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 950,015 shares of the real estate investment trust's stock valued at $7,002,000 after buying an additional 96,182 shares during the period. Savant Capital LLC boosted its stake in shares of Piedmont Realty Trust by 55.0% in the second quarter. Savant Capital LLC now owns 27,454 shares of the real estate investment trust's stock worth $200,000 after buying an additional 9,739 shares during the last quarter. Finally, Geode Capital Management LLC boosted its stake in shares of Piedmont Realty Trust by 1.4% in the second quarter. Geode Capital Management LLC now owns 3,418,028 shares of the real estate investment trust's stock worth $24,920,000 after buying an additional 46,198 shares during the last quarter. Hedge funds and other institutional investors own 84.48% of the company's stock.

Piedmont Realty Trust Price Performance

Shares of Piedmont Realty Trust stock opened at $6.76 on Thursday. The firm has a market cap of $843.36 million, a PE ratio of -9.93 and a beta of 1.26. Piedmont Realty Trust, Inc. has a twelve month low of $5.46 and a twelve month high of $9.19. The company has a quick ratio of 1.30, a current ratio of 1.30 and a debt-to-equity ratio of 1.49. The business has a 50-day moving average price of $7.97 and a 200 day moving average price of $8.29.

Piedmont Realty Trust (NYSE:PDM - Get Free Report) last issued its quarterly earnings data on Wednesday, February 11th. The real estate investment trust reported $0.35 EPS for the quarter, meeting the consensus estimate of $0.35. The company had revenue of $142.85 million for the quarter, compared to analyst estimates of $139.39 million. Piedmont Realty Trust had a negative return on equity of 5.44% and a negative net margin of 14.80%. Sell-side analysts predict that Piedmont Realty Trust, Inc. will post 1.41 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several brokerages recently weighed in on PDM. Wall Street Zen cut Piedmont Realty Trust from a "hold" rating to a "sell" rating in a research report on Saturday, February 21st. Truist Financial dropped their price objective on shares of Piedmont Realty Trust from $11.00 to $10.00 and set a "buy" rating on the stock in a research note on Monday, March 9th. Finally, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Piedmont Realty Trust in a report on Thursday, January 22nd. One research analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, Piedmont Realty Trust presently has an average rating of "Hold" and an average price target of $9.00.

About Piedmont Realty Trust

Piedmont Realty Trust is a real estate investment trust (REIT) headquartered in Atlanta, Georgia, that focuses on the ownership, acquisition and management of office properties. The company's portfolio comprises a mix of multi-tenant and single-tenant buildings, with a particular emphasis on small- to mid-size office campuses and urban infill properties. Piedmont Realty Trust structures its leases and property services to support a diversified base of tenants, including professional services firms, government agencies and technology companies.

The company's operating model combines property management, leasing and strategic capital allocation to enhance asset value and drive income stability.

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