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 Piedmont Realty Trust, Inc. (NYSE:PDM - Free Report) by 0.3% during the 1st quarter, according to its most recent Form 13F filing 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 period. Vanguard Group Inc. owned 15.47% of Piedmont Realty Trust worth $141,872,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the company. New Age Alpha Advisors LLC acquired a new position in Piedmont Realty Trust in the first quarter valued at $71,000. PNC Financial Services Group Inc. grew its holdings in shares of Piedmont Realty Trust by 7.4% during the first quarter. PNC Financial Services Group Inc. now owns 25,929 shares of the real estate investment trust's stock valued at $191,000 after buying an additional 1,781 shares during the last quarter. Arkadios Wealth Advisors raised its stake in shares of Piedmont Realty Trust by 13.0% in the first quarter. Arkadios Wealth Advisors now owns 13,002 shares of the real estate investment trust's stock worth $96,000 after purchasing an additional 1,500 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Piedmont Realty Trust by 3.6% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 75,840 shares of the real estate investment trust's stock worth $559,000 after purchasing an additional 2,605 shares during the last quarter. Finally, Private Management Group Inc. lifted its position in shares of 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 in the last quarter. Institutional investors own 84.48% of the company's stock.

Wall Street Analysts Forecast Growth

PDM has been the topic of a number of research analyst reports. Wall Street Zen upgraded Piedmont Realty Trust from a "sell" rating to a "hold" rating in a research note on Saturday. Truist Financial reduced their price target 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. Finally, JPMorgan Chase & Co. dropped their price objective on shares of Piedmont Realty Trust from $9.00 to $8.00 and set a "neutral" rating on the stock in a report on Friday, June 13th. One equities research analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $8.67.

Piedmont Realty Trust Price Performance

Shares of Piedmont Realty Trust stock traded down $0.04 on Tuesday, reaching $8.12. The stock had a trading volume of 609,477 shares, compared to its average volume of 937,153. The business's 50 day moving average is $7.57 and its two-hundred day moving average is $7.22. The company has a current ratio of 1.67, a quick ratio of 1.67 and a debt-to-equity ratio of 1.41. Piedmont Realty Trust, Inc. has a 1 year low of $5.46 and a 1 year high of $11.11. The company has a market cap of $1.01 billion, a P/E ratio of -14.75 and a beta of 1.46.

Piedmont Realty Trust (NYSE:PDM - Get Free Report) last issued its quarterly earnings data on Monday, July 28th. The real estate investment trust reported $0.36 EPS for the quarter, beating the consensus estimate of $0.35 by $0.01. The company had revenue of $111.13 million during the quarter, compared to analysts' expectations of $141.96 million. Piedmont Realty Trust had a negative net margin of 12.10% and a negative return on equity of 4.32%. Piedmont Realty Trust's revenue for the quarter was down 2.1% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.37 earnings per share. Piedmont Realty Trust has set its FY 2025 guidance at 1.380-1.440 EPS. As a group, research analysts anticipate that Piedmont Realty Trust, Inc. will post 1.41 EPS for the current 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.