Wellington Management Group LLP Grows Position in Piedmont Office Realty Trust, Inc. (NYSE:PDM)

Wellington Management Group LLP grew its stake in Piedmont Office Realty Trust, Inc. (NYSE:PDM - Free Report) by 35.0% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,106,859 shares of the real estate investment trust's stock after purchasing an additional 546,242 shares during the period. Wellington Management Group LLP owned approximately 1.70% of Piedmont Office Realty Trust worth $19,278,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Vision Capital Corp grew its holdings in Piedmont Office Realty Trust by 65.0% in the 4th quarter. Vision Capital Corp now owns 3,526,777 shares of the real estate investment trust's stock valued at $32,270,000 after buying an additional 1,389,477 shares in the last quarter. Hudson Bay Capital Management LP grew its holdings in shares of Piedmont Office Realty Trust by 58.8% in the fourth quarter. Hudson Bay Capital Management LP now owns 2,281,624 shares of the real estate investment trust's stock valued at $20,877,000 after purchasing an additional 845,098 shares during the period. Helix Partners Management LP acquired a new stake in Piedmont Office Realty Trust during the fourth quarter worth about $6,405,000. Prudential Financial Inc. raised its stake in Piedmont Office Realty Trust by 34.6% during the fourth quarter. Prudential Financial Inc. now owns 2,719,332 shares of the real estate investment trust's stock worth $24,882,000 after purchasing an additional 699,339 shares during the period. Finally, Norges Bank purchased a new stake in shares of Piedmont Office Realty Trust in the 4th quarter valued at approximately $5,106,000. Institutional investors and hedge funds own 84.48% of the company's stock.

Wall Street Analyst Weigh In

PDM has been the subject of a number of recent analyst reports. Truist Financial cut their price target on shares of Piedmont Office Realty Trust from $10.00 to $9.00 and set a "buy" rating for the company in a report on Tuesday, May 20th. Robert W. Baird cut their target price on Piedmont Office Realty Trust from $10.00 to $9.00 and set a "neutral" rating for the company in a research note on Monday, February 24th. Finally, Wall Street Zen upgraded Piedmont Office Realty Trust from a "sell" rating to a "hold" rating in a research report on Monday, February 17th.

Insider Buying and Selling

In other Piedmont Office Realty Trust news, CFO Sherry L. Rexroad purchased 16,850 shares of the company's stock in a transaction on Thursday, May 1st. The stock was acquired at an average price of $5.95 per share, for a total transaction of $100,257.50. Following the completion of the purchase, the chief financial officer now directly owns 16,850 shares in the company, valued at approximately $100,257.50. The trade was a ∞ increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.29% of the stock is owned by insiders.

Piedmont Office Realty Trust Trading Up 0.3%

Shares of PDM traded up $0.02 during midday trading on Wednesday, hitting $7.41. 858,064 shares of the stock were exchanged, compared to its average volume of 905,297. Piedmont Office Realty Trust, Inc. has a 52-week low of $5.46 and a 52-week high of $11.12. The company has a debt-to-equity ratio of 1.40, a quick ratio of 2.22 and a current ratio of 2.10. The stock has a fifty day simple moving average of $6.70 and a 200 day simple moving average of $7.80. The firm has a market cap of $921.86 million, a P/E ratio of -11.76 and a beta of 1.37.

Piedmont Office Realty Trust (NYSE:PDM - Get Free Report) last announced its earnings results on Monday, April 28th. The real estate investment trust reported $0.36 EPS for the quarter, beating analysts' consensus estimates of $0.35 by $0.01. The company had revenue of $136.06 million during the quarter, compared to analysts' expectations of $141.29 million. Piedmont Office Realty Trust had a negative return on equity of 4.82% and a negative net margin of 13.86%. Piedmont Office Realty Trust's revenue for the quarter was down 1.3% on a year-over-year basis. During the same period last year, the business posted $0.39 EPS. On average, research analysts anticipate that Piedmont Office Realty Trust, Inc. will post 1.41 EPS for the current fiscal year.

About Piedmont Office Realty Trust

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.