Goldman Sachs Group Inc. Trims Stock Holdings in Piedmont Realty Trust, Inc. $PDM

Key Points

• Goldman Sachs Group Inc. reduced its stake in Piedmont Realty Trust by 29.9%, selling 442,684 shares, which left them with approximately 1,038,669 shares valued at $7.65 million.
• Several institutional investors have adjusted their positions, with Quantinno Capital and PNC Financial Services Group increasing their stakes by 6.5% and 7.4%, respectively, during the last quarter.
• Analysts have mixed opinions on Piedmont Realty Trust, with JPMorgan decreasing its price target from $9.00 to $8.00, resulting in a consensus rating of "Hold" with an average target price of $8.67.

Goldman Sachs Group Inc. cut its position in shares of Piedmont Realty Trust, Inc. (NYSE:PDM - Free Report) by 29.9% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,038,669 shares of the real estate investment trust's stock after selling 442,684 shares during the quarter. Goldman Sachs Group Inc. owned about 0.83% of Piedmont Realty Trust worth $7,655,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Nuveen LLC purchased a new position in Piedmont Realty Trust during the first quarter valued at $5,764,000. Wellington Management Group LLP raised its stake in shares of Piedmont Realty Trust by 35.0% in the fourth quarter. Wellington Management Group LLP now owns 2,106,859 shares of the real estate investment trust's stock worth $19,278,000 after purchasing an additional 546,242 shares during the last quarter. Cbre Investment Management Listed Real Assets LLC raised its stake in shares of Piedmont Realty Trust by 48.0% in the first quarter. Cbre Investment Management Listed Real Assets LLC now owns 1,222,986 shares of the real estate investment trust's stock worth $9,013,000 after purchasing an additional 396,923 shares during the last quarter. Man Group plc increased its position in Piedmont Realty Trust by 535.6% during the fourth quarter. Man Group plc now owns 419,232 shares of the real estate investment trust's stock valued at $3,836,000 after acquiring an additional 353,276 shares during the last quarter. Finally, Systematic Financial Management LP grew its holdings in Piedmont Realty Trust by 20.6% during the first quarter. Systematic Financial Management LP now owns 1,446,437 shares of the real estate investment trust's stock valued at $10,660,000 after purchasing an additional 247,171 shares during the period. 84.48% of the stock is currently owned by institutional investors.

Piedmont Realty Trust Price Performance

Shares of NYSE PDM traded down $0.07 during mid-day trading on Friday, reaching $8.92. The company's stock had a trading volume of 350,084 shares, compared to its average volume of 930,002. The firm has a market capitalization of $1.11 billion, a PE ratio of -16.21 and a beta of 1.53. 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 stock has a fifty day moving average of $8.00 and a two-hundred day moving average of $7.36. Piedmont Realty Trust, Inc. has a 52 week low of $5.46 and a 52 week high of $11.11.

Piedmont Realty Trust (NYSE:PDM - Get Free Report) last posted its earnings results on Monday, July 28th. The real estate investment trust reported $0.36 EPS for the quarter, topping analysts' consensus estimates of $0.35 by $0.01. The company had revenue of $111.13 million for the quarter, compared to the consensus estimate 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 firm's revenue for the quarter was down 2.1% on a year-over-year basis. During the same period in the previous year, the business earned $0.37 earnings per share. Piedmont Realty Trust has set its FY 2025 guidance at 1.380-1.440 EPS. As a group, sell-side analysts anticipate that Piedmont Realty Trust, Inc. will post 1.41 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on PDM shares. Wall Street Zen raised Piedmont Realty Trust from a "sell" rating to a "hold" rating in a report on Saturday, August 23rd. JPMorgan Chase & Co. cut their price target on Piedmont Realty Trust from $9.00 to $8.00 and set a "neutral" rating for the company in a report on Friday, June 13th. One research analyst has rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $8.67.

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.