Piedmont Realty Trust, Inc. $PDM Position Lessened by Martingale Asset Management L P

Key Points

• Martingale Asset Management L P cut its holdings in Piedmont Realty Trust by 68.6%, selling 70,642 shares and leaving it with 32,363 shares worth approximately $239,000.
• Piedmont Realty Trust recently reported $0.36 earnings per share for the last quarter, slightly beating analyst estimates, although its revenue of $111.13 million fell short of expectations.
• Shares of Piedmont Realty Trust are trading at $8.12, with an average rating of "Hold" from analysts and a revised price target ranging from $8.00 to $9.00.

Martingale Asset Management L P cut its holdings in shares of Piedmont Realty Trust, Inc. (NYSE:PDM - Free Report) by 68.6% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 32,363 shares of the real estate investment trust's stock after selling 70,642 shares during the period. Martingale Asset Management L P's holdings in Piedmont Realty Trust were worth $239,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Wolverine Asset Management LLC bought a new position in shares of Piedmont Realty Trust in the first quarter valued at $48,000. Point72 Hong Kong Ltd acquired a new position in shares of Piedmont Realty Trust in the 4th quarter worth $59,000. New Age Alpha Advisors LLC acquired a new stake in shares of Piedmont Realty Trust during the first quarter worth $71,000. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of Piedmont Realty Trust during the fourth quarter worth $76,000. Finally, Ballentine Partners LLC purchased a new stake in shares of Piedmont Realty Trust during the first quarter valued at $82,000. 84.48% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on PDM shares. Wall Street Zen raised Piedmont Realty Trust from a "sell" rating to a "hold" rating in a research note on Saturday, August 23rd. 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 report on Friday, June 13th. Finally, Truist Financial dropped 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. One analyst has rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. According to data from MarketBeat.com, Piedmont Realty Trust presently has an average rating of "Hold" and a consensus price target of $8.67.

Piedmont Realty Trust Stock Up 1.4%

Piedmont Realty Trust stock traded up $0.12 during mid-day trading on Friday, hitting $8.46. The company's stock had a trading volume of 679,575 shares, compared to its average volume of 875,853. Piedmont Realty Trust, Inc. has a 52-week low of $5.46 and a 52-week high of $11.11. The company has a market cap of $1.05 billion, a PE ratio of -15.37 and a beta of 1.46. 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 is $7.63 and its 200 day moving average is $7.23.

Piedmont Realty Trust (NYSE:PDM - Get Free Report) last released its 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. The company had revenue of $111.13 million for the quarter, compared to analysts' expectations of $141.96 million. Piedmont Realty Trust had a negative return on equity of 4.32% and a negative net margin of 12.10%.The business's revenue for the quarter was down 2.1% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.37 EPS. Piedmont Realty Trust has set its FY 2025 guidance at 1.380-1.440 EPS. On average, analysts anticipate that Piedmont Realty Trust, Inc. will post 1.41 earnings per share for the current 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.