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Vision Capital Corp Cuts Holdings in Piedmont Realty Trust, Inc. (NYSE:PDM)

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Key Points

  • Vision Capital Corp reduced its stake in Piedmont Realty Trust by 7.1% in the 1st quarter, after selling 250,000 shares, leaving it with 3,276,777 shares, which constitutes 5.5% of its portfolio.
  • Analyst ratings show a cautious sentiment towards Piedmont Realty Trust, with JPMorgan lowering its price target from $9.00 to $8.00 and a consensus rating of "Hold" across multiple analysts.
  • Despite the recent challenges, Piedmont Realty Trust reported earnings per share of $0.36, slightly above estimates, although its revenue fell 2.1% compared to the same quarter last year.
  • Want stock alerts on Piedmont Realty Trust? Get 5 Weeks of MarketBeat All Access for $5. Get My Stock Alerts.

Vision Capital Corp decreased its holdings in Piedmont Realty Trust, Inc. (NYSE:PDM - Free Report) by 7.1% in the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 3,276,777 shares of the real estate investment trust's stock after selling 250,000 shares during the quarter. Piedmont Realty Trust accounts for approximately 5.5% of Vision Capital Corp's holdings, making the stock its 4th biggest holding. Vision Capital Corp owned 2.63% of Piedmont Realty Trust worth $24,150,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in PDM. Quantinno Capital Management LP raised its stake in Piedmont Realty Trust by 6.5% in the fourth quarter. Quantinno Capital Management LP now owns 22,803 shares of the real estate investment trust's stock valued at $209,000 after purchasing an additional 1,390 shares in the last quarter. Wealth Enhancement Advisory Services LLC grew its holdings in shares of Piedmont Realty Trust by 4.2% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 36,489 shares of the real estate investment trust's stock worth $334,000 after purchasing an additional 1,479 shares during the last quarter. Arkadios Wealth Advisors boosted its holdings in 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 valued at $96,000 after acquiring an additional 1,500 shares during the last quarter. PNC Financial Services Group Inc. boosted its holdings in Piedmont Realty Trust by 7.4% in 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 acquiring an additional 1,781 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in Piedmont Realty Trust by 3.4% in the fourth 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 buying an additional 2,321 shares during the period. Institutional investors own 84.48% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on PDM. Wall Street Zen lowered Piedmont Realty Trust from a "hold" rating to a "sell" rating in a research report on Saturday, August 2nd. JPMorgan Chase & Co. lowered their price target on 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. Finally, Truist Financial lowered their price target on 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. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $8.67.

Get Our Latest Report on PDM

Piedmont Realty Trust Stock Performance

Shares of PDM stock traded down $0.05 on Friday, hitting $7.71. 871,722 shares of the stock were exchanged, compared to its average volume of 962,275. The company has a current ratio of 1.67, a quick ratio of 1.67 and a debt-to-equity ratio of 1.41. The firm has a market capitalization of $959.90 million, a PE ratio of -14.02 and a beta of 1.46. Piedmont Realty Trust, Inc. has a one year low of $5.46 and a one year high of $11.11. The firm's 50 day moving average is $7.52 and its two-hundred day moving average is $7.25.

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

Piedmont Realty Trust Profile

(Free Report)

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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