Millennium Management LLC Grows Stake in Piedmont Office Realty Trust, Inc. (NYSE:PDM)

Millennium Management LLC grew its holdings in Piedmont Office Realty Trust, Inc. (NYSE:PDM - Free Report) by 153.9% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 235,907 shares of the real estate investment trust's stock after acquiring an additional 142,976 shares during the quarter. Millennium Management LLC owned 0.19% of Piedmont Office Realty Trust worth $2,159,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the business. Sterling Capital Management LLC lifted its holdings in shares of Piedmont Office Realty Trust by 809.2% during the fourth quarter. Sterling Capital Management LLC now owns 3,955 shares of the real estate investment trust's stock worth $36,000 after purchasing an additional 3,520 shares during the period. Harbour Investments Inc. lifted its holdings in shares of Piedmont Office Realty Trust by 25.4% during the fourth quarter. Harbour Investments Inc. now owns 6,004 shares of the real estate investment trust's stock worth $55,000 after purchasing an additional 1,216 shares during the period. Xponance Inc. acquired a new stake in shares of Piedmont Office Realty Trust during the fourth quarter worth about $95,000. Coldstream Capital Management Inc. acquired a new stake in shares of Piedmont Office Realty Trust during the fourth quarter worth about $99,000. Finally, Cibc World Markets Corp acquired a new stake in shares of Piedmont Office Realty Trust during the fourth quarter worth about $106,000. Institutional investors and hedge funds own 84.48% of the company's stock.

Insider Activity

In related news, CFO Sherry L. Rexroad purchased 16,850 shares of the business's stock in a transaction on Thursday, May 1st. The shares were bought at an average price of $5.95 per share, for a total transaction of $100,257.50. Following the acquisition, the chief financial officer now directly owns 16,850 shares in the company, valued at $100,257.50. This trade represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 1.29% of the company's stock.

Wall Street Analyst Weigh In

PDM has been the subject of a number of research reports. Truist Financial decreased their target price on Piedmont Office Realty Trust from $10.00 to $9.00 and set a "buy" rating for the company in a report on Tuesday, May 20th. Wall Street Zen upgraded Piedmont Office Realty Trust from a "sell" rating to a "hold" rating in a research report on Monday, February 17th. Finally, Robert W. Baird reduced their price target on Piedmont Office Realty Trust from $10.00 to $9.00 and set a "neutral" rating for the company in a research report on Monday, February 24th.

Piedmont Office Realty Trust Price Performance

Shares of Piedmont Office Realty Trust stock traded up $0.06 on Thursday, reaching $7.45. The company's stock had a trading volume of 711,059 shares, compared to its average volume of 906,075. The company has a market capitalization of $926.22 million, a P/E ratio of -11.82 and a beta of 1.37. Piedmont Office Realty Trust, Inc. has a 52-week low of $5.46 and a 52-week high of $11.12. The stock has a 50-day moving average price of $6.70 and a 200-day moving average price of $7.79. The company has a quick ratio of 2.22, a current ratio of 2.10 and a debt-to-equity ratio of 1.40.

Piedmont Office Realty Trust (NYSE:PDM - Get Free Report) last released its quarterly earnings data on Monday, April 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 Office Realty Trust had a negative return on equity of 4.82% and a negative net margin of 13.86%. The company had revenue of $136.06 million for the quarter, compared to analyst estimates of $141.29 million. During the same quarter in the previous year, the company posted $0.39 earnings per share. The firm's revenue for the quarter was down 1.3% compared to the same quarter last year. Analysts expect 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.