Northern Trust Corp Reduces Holdings in Piedmont Realty Trust, Inc. $PDM

Key Points

• Northern Trust Corp reduced its stake in Piedmont Realty Trust by 2.1%, selling 35,431 shares, but still holds a position worth approximately $12.38 million.
• Several hedge funds increased their positions in Piedmont Realty Trust, with Private Management Group Inc. boosting its stake by 4.1% in the first quarter, worth approximately $30 million.
• Piedmont Realty Trust reported a quarterly EPS of $0.36, beating consensus estimates, but experienced a revenue decline of 2.1% year-over-year.

Northern Trust Corp reduced its holdings in shares of Piedmont Realty Trust, Inc. (NYSE:PDM - Free Report) by 2.1% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,680,244 shares of the real estate investment trust's stock after selling 35,431 shares during the quarter. Northern Trust Corp owned 1.35% of Piedmont Realty Trust worth $12,383,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the stock. Wolverine Asset Management LLC acquired a new stake in Piedmont Realty Trust in the 1st quarter valued at approximately $48,000. Point72 Hong Kong Ltd purchased a new position in Piedmont Realty Trust in the fourth quarter valued at about $59,000. New Age Alpha Advisors LLC acquired a new stake in shares of Piedmont Realty Trust in the first quarter worth about $71,000. Point72 Asia Singapore Pte. Ltd. bought a new stake in Piedmont Realty Trust during the fourth quarter valued at about $76,000. Finally, Ballentine Partners LLC bought a new stake in shares of Piedmont Realty Trust in the first quarter valued at about $82,000. 84.48% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on PDM shares. Truist Financial lowered their price objective on shares of Piedmont Realty Trust from $10.00 to $9.00 and set a "buy" rating for the company in a research report on Tuesday, May 20th. JPMorgan Chase & Co. dropped their price objective on shares of Piedmont Realty Trust from $9.00 to $8.00 and set a "neutral" rating for the company in a research note on Friday, June 13th. Finally, Wall Street Zen upgraded shares of Piedmont Realty Trust from a "sell" rating to a "hold" rating in a research report on Saturday, August 23rd. One analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, Piedmont Realty Trust currently has an average rating of "Hold" and an average price target of $8.67.

Piedmont Realty Trust Trading Up 1.8%

Piedmont Realty Trust stock traded up $0.16 during trading hours on Wednesday, reaching $8.73. The stock had a trading volume of 567,700 shares, compared to its average volume of 647,653. The company has a debt-to-equity ratio of 1.41, a current ratio of 1.67 and a quick ratio of 1.67. Piedmont Realty Trust, Inc. has a 52 week low of $5.46 and a 52 week high of $11.11. The stock has a market cap of $1.09 billion, a PE ratio of -15.86 and a beta of 1.53. The company has a fifty day simple moving average of $7.84 and a 200-day simple moving average of $7.29.

Piedmont Realty Trust (NYSE:PDM - Get Free Report) last announced its quarterly earnings results on Monday, July 28th. The real estate investment trust reported $0.36 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.35 by $0.01. Piedmont Realty Trust had a negative net margin of 12.10% and a negative return on equity of 4.32%. The firm had revenue of $111.13 million for the quarter, compared to the consensus estimate of $141.96 million. During the same quarter last year, the firm posted $0.37 EPS. The business's quarterly revenue was down 2.1% compared to the same quarter last year. Piedmont Realty Trust has set its FY 2025 guidance at 1.380-1.440 EPS. Analysts forecast that Piedmont Realty Trust, Inc. will post 1.41 EPS for the current fiscal year.

Piedmont 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.