Piedmont Office Realty Trust (NYSE:PDM) Price Target Lowered to $8.00 at JPMorgan Chase & Co.

Piedmont Office Realty Trust (NYSE:PDM - Get Free Report) had its price target reduced by stock analysts at JPMorgan Chase & Co. from $9.00 to $8.00 in a report issued on Friday,Benzinga reports. The firm currently has a "neutral" rating on the real estate investment trust's stock. JPMorgan Chase & Co.'s price target points to a potential upside of 6.52% from the company's current price.

A number of other analysts have also recently commented on the company. Robert W. Baird reduced their price objective on Piedmont Office Realty Trust from $10.00 to $9.00 and set a "neutral" rating for the company in a research report on Monday, February 24th. Wall Street Zen upgraded Piedmont Office Realty Trust from a "sell" rating to a "hold" rating in a research report on Monday, February 17th. Finally, Truist Financial reduced their price objective on Piedmont Office Realty Trust from $10.00 to $9.00 and set a "buy" rating for the company in a research report on Tuesday, May 20th. Four research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $8.67.

Piedmont Office Realty Trust Stock Down 3.6%

Shares of PDM stock traded down $0.28 during mid-day trading on Friday, hitting $7.51. The company's stock had a trading volume of 905,877 shares, compared to its average volume of 912,411. Piedmont Office Realty Trust has a 52-week low of $5.46 and a 52-week high of $11.12. The business has a 50-day moving average price of $6.77 and a 200 day moving average price of $7.73. 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 market cap of $934.30 million, a price-to-earnings ratio of -11.92 and a beta of 1.44.

Piedmont Office Realty Trust (NYSE:PDM - Get Free Report) last posted its quarterly earnings data 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% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.39 earnings per share. Research analysts predict that Piedmont Office Realty Trust will post 1.41 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CFO Sherry L. Rexroad bought 16,850 shares of Piedmont Office Realty Trust stock in a transaction that occurred on Thursday, May 1st. The stock was bought at an average cost of $5.95 per share, with a total value of $100,257.50. Following the acquisition, the chief financial officer now owns 16,850 shares of the company's stock, valued at $100,257.50. The trade was a ∞ increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 1.29% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Piedmont Office Realty Trust

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PDM. Sterling Capital Management LLC boosted its stake in Piedmont Office Realty Trust by 809.2% in the 4th quarter. Sterling Capital Management LLC now owns 3,955 shares of the real estate investment trust's stock worth $36,000 after purchasing an additional 3,520 shares during the period. Wolverine Asset Management LLC bought a new position in Piedmont Office Realty Trust in the 1st quarter worth approximately $48,000. Harbour Investments Inc. boosted its stake in Piedmont Office Realty Trust by 25.4% in the 4th quarter. Harbour Investments Inc. now owns 6,004 shares of the real estate investment trust's stock worth $55,000 after purchasing an additional 1,216 shares during the period. Point72 Hong Kong Ltd bought a new position in Piedmont Office Realty Trust in the 4th quarter worth approximately $59,000. Finally, New Age Alpha Advisors LLC bought a new position in Piedmont Office Realty Trust in the 1st quarter worth approximately $71,000. 84.48% of the stock is owned by hedge funds and other institutional investors.

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.