Vanguard Group Inc. Trims Stock Position in Piedmont Realty Trust, Inc. $PDM

Key Points

• Vanguard Group Inc. has reduced its holdings in Piedmont Realty Trust by 0.3% in the first quarter, now owning approximately 15.47% of the company, equating to about $141.87 million.
• Several hedge funds have adjusted their positions, with notable increases such as GAMMA Investing LLC growing its stake by 540.9% during the first quarter.
• Analysts have set new price targets, with JPMorgan Chase lowering theirs from $9.00 to $8.00, while the average target price stands at $8.67, indicating a cautious outlook.

Vanguard Group Inc. cut its stake in shares of Piedmont Realty Trust, Inc. (NYSE:PDM - Free Report) by 0.3% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 19,249,897 shares of the real estate investment trust's stock after selling 59,614 shares during the quarter. Vanguard Group Inc. owned 15.47% of Piedmont Realty Trust worth $141,872,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also bought and sold shares of the company. Jump Financial LLC bought a new stake in Piedmont Realty Trust during the fourth quarter valued at approximately $663,000. Private Management Group Inc. lifted its position in Piedmont Realty Trust by 4.1% during the first quarter. Private Management Group Inc. now owns 4,074,332 shares of the real estate investment trust's stock valued at $30,028,000 after purchasing an additional 160,453 shares during the last quarter. Raymond James Financial Inc. bought a new stake in Piedmont Realty Trust during the fourth quarter valued at approximately $1,313,000. GAMMA Investing LLC lifted its position in Piedmont Realty Trust by 540.9% during the first 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 during the last quarter. Finally, BROOKFIELD Corp ON lifted its position in Piedmont Realty Trust by 46.5% during the fourth quarter. BROOKFIELD Corp ON now owns 1,033,232 shares of the real estate investment trust's stock valued at $9,454,000 after purchasing an additional 327,982 shares during the last quarter. 84.48% of the stock is currently owned by institutional investors.

Piedmont Realty Trust Trading Up 3.8%

Shares of NYSE PDM traded up $0.2950 during mid-day trading on Friday, hitting $8.1550. The stock had a trading volume of 686,344 shares, compared to its average volume of 973,322. The company has a debt-to-equity ratio of 1.41, a quick ratio of 1.67 and a current ratio of 1.67. Piedmont Realty Trust, Inc. has a 1 year low of $5.46 and a 1 year high of $11.11. The business has a 50 day moving average price of $7.54 and a two-hundred day moving average price of $7.22. The firm has a market cap of $1.02 billion, a P/E ratio of -14.83 and a beta of 1.46.

Piedmont Realty Trust (NYSE:PDM - Get Free Report) last issued its earnings results on Monday, July 28th. The real estate investment trust reported $0.36 EPS for the quarter, topping the consensus estimate 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 company had revenue of $111.13 million for the quarter, compared to the consensus estimate of $141.96 million. During the same period in the previous year, the firm earned $0.37 earnings per share. The firm's revenue for the quarter was down 2.1% on a year-over-year basis. Piedmont Realty Trust has set its FY 2025 guidance at 1.380-1.440 EPS. On average, equities analysts anticipate that Piedmont Realty Trust, Inc. will post 1.41 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts have issued reports on PDM shares. Truist Financial dropped 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. Wall Street Zen raised shares of Piedmont Realty Trust from a "sell" rating to a "hold" rating in a research note on Saturday. Finally, JPMorgan Chase & Co. decreased their price target on shares of Piedmont Realty Trust from $9.00 to $8.00 and set a "neutral" rating on the stock in a research note on Friday, June 13th. One equities research analyst has rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $8.67.

Piedmont 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.