Bank of America Corp DE Sells 122,697 Shares of Piedmont Office Realty Trust, Inc. (NYSE:PDM)

Bank of America Corp DE lessened its position in shares of Piedmont Office Realty Trust, Inc. (NYSE:PDM - Free Report) by 16.2% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 633,848 shares of the real estate investment trust's stock after selling 122,697 shares during the period. Bank of America Corp DE owned 0.51% of Piedmont Office Realty Trust worth $5,800,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in PDM. Vision Capital Corp lifted its position in shares of 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 buying an additional 1,389,477 shares during the last quarter. Helix Partners Management LP purchased a new position in shares of Piedmont Office Realty Trust during the 4th quarter valued at $6,405,000. Prudential Financial Inc. lifted its position in shares of Piedmont Office Realty Trust by 34.6% during the 4th quarter. Prudential Financial Inc. now owns 2,719,332 shares of the real estate investment trust's stock valued at $24,882,000 after buying an additional 699,339 shares during the last quarter. Norges Bank purchased a new position in shares of Piedmont Office Realty Trust during the 4th quarter valued at $5,106,000. Finally, 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 buying an additional 546,242 shares during the last quarter. Hedge funds and other institutional investors own 84.48% of the company's stock.

Piedmont Office Realty Trust Price Performance

NYSE PDM traded down $0.11 during trading on Friday, reaching $7.14. The company's stock had a trading volume of 2,429,974 shares, compared to its average volume of 900,897. The stock has a market capitalization of $888.27 million, a PE ratio of -11.33 and a beta of 1.37. The company has a debt-to-equity ratio of 1.40, a current ratio of 2.10 and a quick ratio of 2.22. The firm has a fifty day moving average of $6.70 and a 200 day moving average of $7.82. Piedmont Office Realty Trust, Inc. has a one year low of $5.46 and a one year high of $11.12.

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 earnings per share for the quarter, topping analysts' consensus estimates of $0.35 by $0.01. The business had revenue of $136.06 million for the quarter, compared to analyst estimates of $141.29 million. Piedmont Office Realty Trust had a negative return on equity of 4.82% and a negative net margin of 13.86%. The company's quarterly revenue was down 1.3% compared to the same quarter last year. During the same period in the prior year, the company earned $0.39 EPS. Analysts expect that Piedmont Office Realty Trust, Inc. will post 1.41 EPS for the current fiscal year.

Analysts Set New Price Targets

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

Insiders Place Their Bets

In other Piedmont Office Realty Trust news, CFO Sherry L. Rexroad bought 16,850 shares of the firm's stock in a transaction on Thursday, May 1st. The shares were acquired at an average cost of $5.95 per share, for a total transaction of $100,257.50. Following the purchase, the chief financial officer now directly owns 16,850 shares of the company's stock, valued at $100,257.50. The trade was a ∞ increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 1.29% of the company's stock.

Piedmont Office Realty Trust Company 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.