Private Management Group Inc. Boosts Stake in Piedmont Realty Trust, Inc. (NYSE:PDM)

Key Points

• Private Management Group Inc. increased its stake in Piedmont Realty Trust by 4.1%, owning over 4 million shares valued at approximately $30 million as of the latest SEC filing.
• Piedmont Realty Trust reported a quarterly EPS of $0.36, slightly exceeding analysts' expectations, though revenue decreased by 1.3% year-over-year to $136.06 million.
• Insider buying activity was noted as CFO Sherry L. Rexroad purchased shares at an average price of $5.95 each, significantly boosting her ownership in the company.

Private Management Group Inc. raised its position in Piedmont Realty Trust, Inc. (NYSE:PDM - Free Report) by 4.1% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 4,074,332 shares of the real estate investment trust's stock after buying an additional 160,453 shares during the period. Private Management Group Inc. owned 3.27% of Piedmont Realty Trust worth $30,028,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in PDM. Quantinno Capital Management LP grew its position in shares of Piedmont Realty Trust by 6.5% during the 4th quarter. Quantinno Capital Management LP now owns 22,803 shares of the real estate investment trust's stock valued at $209,000 after acquiring an additional 1,390 shares during the period. Wealth Enhancement Advisory Services LLC grew its position in shares of Piedmont 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 valued at $334,000 after acquiring an additional 1,479 shares during the period. Meeder Asset Management Inc. grew its position in shares of Piedmont Realty Trust by 15.8% during the 4th quarter. Meeder Asset Management Inc. now owns 12,125 shares of the real estate investment trust's stock valued at $111,000 after acquiring an additional 1,650 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of Piedmont Realty Trust by 3.4% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 70,159 shares of the real estate investment trust's stock valued at $642,000 after acquiring an additional 2,321 shares during the period. Finally, Sterling Capital Management LLC grew its position in shares of Piedmont Realty Trust by 809.2% during the 4th quarter. Sterling Capital Management LLC now owns 3,955 shares of the real estate investment trust's stock valued at $36,000 after acquiring an additional 3,520 shares during the period. Hedge funds and other institutional investors own 84.48% of the company's stock.

Piedmont Realty Trust Stock Down 0.3%

PDM opened at $7.57 on Friday. The company has a 50 day moving average of $7.32 and a 200 day moving average of $7.37. The company has a market cap of $941.16 million, a PE ratio of -15.44 and a beta of 1.43. Piedmont Realty Trust, Inc. has a 12 month low of $5.46 and a 12 month high of $11.11. The company has a current ratio of 1.79, a quick ratio of 1.79 and a debt-to-equity ratio of 1.40.

Piedmont 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 EPS for the quarter, topping the consensus estimate of $0.35 by $0.01. The company had revenue of $136.06 million during the quarter, compared to the consensus estimate of $141.29 million. Piedmont Realty Trust had a negative net margin of 10.80% and a negative return on equity of 3.82%. Piedmont Realty Trust's revenue for the quarter was down 1.3% on a year-over-year basis. During the same period last year, the firm earned $0.39 EPS. On average, sell-side analysts expect that Piedmont Realty Trust, Inc. will post 1.41 EPS for the current year.

Insider Buying and Selling

In other Piedmont Realty Trust news, CFO Sherry L. Rexroad acquired 16,850 shares of the business's stock in a transaction that occurred on Thursday, May 1st. The stock was bought at an average cost of $5.95 per share, with a total value of $100,257.50. Following the acquisition, the chief financial officer owned 16,850 shares in the company, valued at approximately $100,257.50. This represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 1.29% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on PDM shares. JPMorgan Chase & Co. reduced their target price on shares of Piedmont Realty Trust from $9.00 to $8.00 and set a "neutral" rating for the company in a research report on Friday, June 13th. Truist Financial reduced their target price 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. Four research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $8.67.

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.

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