Mackenzie Financial Corp Grows Position in Piedmont Office Realty Trust, Inc. (NYSE:PDM)

Mackenzie Financial Corp lifted its stake in shares of Piedmont Office Realty Trust, Inc. (NYSE:PDM - Free Report) by 178.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 65,924 shares of the real estate investment trust's stock after purchasing an additional 42,239 shares during the quarter. Mackenzie Financial Corp owned about 0.05% of Piedmont Office Realty Trust worth $603,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Vision Capital Corp grew its stake in Piedmont Office Realty Trust by 65.0% during the 4th quarter. Vision Capital Corp now owns 3,526,777 shares of the real estate investment trust's stock valued at $32,270,000 after acquiring an additional 1,389,477 shares in the last quarter. Hudson Bay Capital Management LP raised its stake in shares of Piedmont Office Realty Trust by 58.8% in the fourth quarter. Hudson Bay Capital Management LP now owns 2,281,624 shares of the real estate investment trust's stock valued at $20,877,000 after purchasing an additional 845,098 shares in the last quarter. Helix Partners Management LP acquired a new position in shares of Piedmont Office Realty Trust in the fourth quarter valued at $6,405,000. Prudential Financial Inc. raised its stake in shares of Piedmont Office Realty Trust by 34.6% in the fourth quarter. Prudential Financial Inc. now owns 2,719,332 shares of the real estate investment trust's stock valued at $24,882,000 after purchasing an additional 699,339 shares in the last quarter. Finally, Norges Bank bought a new stake in Piedmont Office Realty Trust in the fourth quarter valued at $5,106,000. 84.48% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Piedmont Office Realty Trust

In other news, CFO Sherry L. Rexroad acquired 16,850 shares of the business's stock in a transaction dated Thursday, May 1st. The stock was purchased at an average cost of $5.95 per share, for a total transaction of $100,257.50. Following 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 1.29% of the company's stock.

Analyst Ratings Changes

Several analysts have recently commented on the company. Robert W. Baird decreased their target price on Piedmont Office Realty Trust from $10.00 to $9.00 and set a "neutral" rating on the stock in a report on Monday, February 24th. Wall Street Zen raised Piedmont Office Realty Trust from a "sell" rating to a "hold" rating in a research report on Monday, February 17th. Finally, Truist Financial lowered their price target on Piedmont Office Realty Trust from $10.00 to $9.00 and set a "buy" rating on the stock in a research report on Tuesday, May 20th.

Piedmont Office Realty Trust Price Performance

PDM traded up $0.20 on Friday, reaching $7.62. The stock had a trading volume of 547,340 shares, compared to its average volume of 904,591. Piedmont Office Realty Trust, Inc. has a fifty-two week low of $5.46 and a fifty-two week high of $11.12. The firm has a 50-day moving average of $6.71 and a 200-day moving average of $7.78. The company has a current ratio of 2.10, a quick ratio of 2.22 and a debt-to-equity ratio of 1.40. The company has a market capitalization of $947.37 million, a price-to-earnings ratio of -12.09 and a beta of 1.44.

Piedmont Office Realty Trust (NYSE:PDM - Get Free Report) last announced its quarterly earnings results on Monday, April 28th. The real estate investment trust reported $0.36 earnings per share (EPS) for the quarter, topping 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 company earned $0.39 earnings per share. The company's quarterly revenue was down 1.3% on a year-over-year basis. As a group, sell-side analysts anticipate that Piedmont Office Realty Trust, Inc. will post 1.41 EPS for the current year.

About Piedmont Office 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.