Hudson Bay Capital Management LP Raises Stock Position in Piedmont Office Realty Trust, Inc. (NYSE:PDM)

Hudson Bay Capital Management LP increased its position in shares of Piedmont Office Realty Trust, Inc. (NYSE:PDM - Free Report) by 58.8% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,281,624 shares of the real estate investment trust's stock after acquiring an additional 845,098 shares during the quarter. Hudson Bay Capital Management LP owned about 1.84% of Piedmont Office Realty Trust worth $20,877,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of PDM. Wilsey Asset Management Inc. lifted its holdings in shares of Piedmont Office Realty Trust by 2.0% during the 4th quarter. Wilsey Asset Management Inc. now owns 3,953,542 shares of the real estate investment trust's stock valued at $36,175,000 after purchasing an additional 77,220 shares during the last quarter. Vision Capital Corp raised its stake in Piedmont Office Realty Trust by 65.0% in the fourth 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 during the last quarter. Prudential Financial Inc. boosted its holdings in Piedmont Office Realty Trust by 34.6% in 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 acquiring an additional 699,339 shares in the last quarter. Wellington Management Group LLP grew its stake in shares of Piedmont Office Realty Trust by 35.0% during the fourth quarter. Wellington Management Group LLP now owns 2,106,859 shares of the real estate investment trust's stock worth $19,278,000 after acquiring an additional 546,242 shares during the last quarter. Finally, JPMorgan Chase & Co. increased its holdings in shares of Piedmont Office Realty Trust by 16.0% during the fourth quarter. JPMorgan Chase & Co. now owns 1,780,288 shares of the real estate investment trust's stock valued at $16,290,000 after acquiring an additional 245,518 shares in the last quarter. Hedge funds and other institutional investors own 84.48% of the company's stock.

Insiders Place Their Bets

In other news, CFO Sherry L. Rexroad bought 16,850 shares of the firm's stock in a transaction that occurred on Thursday, May 1st. The stock was purchased at an average cost of $5.95 per share, for a total transaction of $100,257.50. Following the purchase, the chief financial officer now directly owns 16,850 shares in the company, valued at approximately $100,257.50. This trade represents a ∞ increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.93% of the company's stock.

Piedmont Office Realty Trust Stock Performance

Shares of NYSE PDM opened at $6.62 on Friday. The company has a 50 day simple moving average of $6.82 and a two-hundred day simple moving average of $8.18. The stock has a market cap of $823.58 million, a price-to-earnings ratio of -10.51 and a beta of 1.37. The company has a current ratio of 2.10, a quick ratio of 2.22 and a debt-to-equity ratio of 1.40. Piedmont Office Realty Trust, Inc. has a 12 month low of $5.46 and a 12 month high of $11.12.

Piedmont Office Realty Trust (NYSE:PDM - Get Free Report) last posted its quarterly earnings results on Monday, April 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 $136.06 million for the quarter, compared to analyst estimates of $141.29 million. Piedmont Office Realty Trust had a negative net margin of 13.86% and a negative return on equity of 4.82%. The firm's revenue was down 1.3% on a year-over-year basis. During the same period in the prior year, the company earned $0.39 earnings per share. As a group, analysts predict that Piedmont Office Realty Trust, Inc. will post 1.41 earnings per share for the current year.

Analysts Set New Price Targets

A number of analysts recently commented on the stock. StockNews.com upgraded shares of Piedmont Office Realty Trust from a "sell" rating to a "hold" rating in a research note on Monday, February 17th. Baird R W lowered shares of Piedmont Office Realty Trust from a "strong-buy" rating to a "hold" rating in a report on Thursday, January 16th. Truist Financial restated a "buy" rating and issued a $10.00 target price (down previously from $11.00) on shares of Piedmont Office Realty Trust in a research note on Tuesday, February 25th. Finally, Robert W. Baird dropped their price target on Piedmont Office Realty Trust from $10.00 to $9.00 and set a "neutral" rating on the stock in a research note on Monday, February 24th.

Piedmont Office 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.

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