Summit Global Investments Increases Position in Piedmont Office Realty Trust, Inc. (NYSE:PDM)

Summit Global Investments raised its stake in Piedmont Office Realty Trust, Inc. (NYSE:PDM - Free Report) by 66.3% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 96,397 shares of the real estate investment trust's stock after acquiring an additional 38,443 shares during the period. Summit Global Investments owned about 0.08% of Piedmont Office Realty Trust worth $710,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in the business. GAMMA Investing LLC lifted its holdings in shares of Piedmont Office Realty Trust by 540.9% during the 1st quarter. GAMMA Investing LLC now owns 23,636 shares of the real estate investment trust's stock valued at $174,000 after purchasing an additional 19,948 shares in the last quarter. Wellington Management Group LLP lifted its position in shares of Piedmont Office Realty Trust by 35.0% during the 4th quarter. Wellington Management Group LLP now owns 2,106,859 shares of the real estate investment trust's stock valued at $19,278,000 after acquiring an additional 546,242 shares during the period. Wealth Enhancement Advisory Services LLC lifted its position in shares of Piedmont Office Realty Trust by 4.2% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 36,489 shares of the real estate investment trust's stock worth $334,000 after buying an additional 1,479 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in shares of Piedmont Office Realty Trust during the 4th quarter worth $1,357,000. Finally, Mackenzie Financial Corp increased its holdings in Piedmont Office Realty Trust by 178.3% in the 4th quarter. Mackenzie Financial Corp now owns 65,924 shares of the real estate investment trust's stock worth $603,000 after purchasing an additional 42,239 shares in the last quarter. Institutional investors own 84.48% of the company's stock.

Insider Activity

In related news, CFO Sherry L. Rexroad purchased 16,850 shares of the firm's stock in a transaction that occurred on Thursday, May 1st. The shares were purchased at an average cost of $5.95 per share, with a total value of $100,257.50. Following the purchase, the chief financial officer now owns 16,850 shares of the company's stock, valued at $100,257.50. This represents a ∞ increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 1.29% of the company's stock.

Piedmont Office Realty Trust Stock Up 0.7%

PDM stock traded up $0.06 during midday trading on Thursday, hitting $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 cap of $926.22 million, a PE ratio of -11.82 and a beta of 1.37. Piedmont Office Realty Trust, Inc. has a 12 month low of $5.46 and a 12 month high of $11.12. 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 firm's 50-day moving average is $6.70 and its 200-day moving average is $7.79.

Piedmont Office Realty Trust (NYSE:PDM - Get Free Report) last announced its earnings results on Monday, April 28th. The real estate investment trust reported $0.36 EPS 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 analysts' expectations of $141.29 million. During the same period last year, the firm earned $0.39 EPS. Piedmont Office Realty Trust's revenue for the quarter was down 1.3% compared to the same quarter last year. On average, equities research analysts forecast that Piedmont Office Realty Trust, Inc. will post 1.41 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms recently commented on PDM. Robert W. Baird decreased their target price on Piedmont Office Realty Trust from $10.00 to $9.00 and set a "neutral" rating for the company in a research note 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 dropped their price objective on Piedmont Office Realty Trust from $10.00 to $9.00 and set a "buy" rating for the company in a research note on Tuesday, May 20th.

Piedmont Office Realty Trust 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.