JPMorgan Chase & Co. Has Lowered Expectations for Piedmont Office Realty Trust (NYSE:PDM) Stock Price

Piedmont Office Realty Trust (NYSE:PDM - Get Free Report) had its price target dropped 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 target price would indicate a potential upside of 6.57% from the stock's current price.

Several other equities analysts have also recently commented on the stock. Truist Financial dropped their target price on shares of Piedmont Office Realty Trust from $10.00 to $9.00 and set a "buy" rating on the stock in a research report on Tuesday, May 20th. 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 report on Monday, February 24th. Finally, Wall Street Zen raised Piedmont Office Realty Trust from a "sell" rating to a "hold" rating in a research report on Monday, February 17th. Four equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $8.67.

Piedmont Office Realty Trust Stock Up 0.2%

Piedmont Office Realty Trust stock traded up $0.02 during trading on Friday, hitting $7.51. 660,834 shares of the company were exchanged, compared to its average volume of 984,639. The company has a market capitalization of $933.93 million, a P/E ratio of -11.92 and a beta of 1.44. The business's 50 day moving average is $6.80 and its 200 day moving average is $7.69. Piedmont Office Realty Trust has a 52 week low of $5.46 and a 52 week high of $11.11. 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 (NYSE:PDM - Get Free Report) last posted its quarterly earnings data on Monday, April 28th. The real estate investment trust reported $0.36 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.35 by $0.01. The firm had revenue of $136.06 million for the quarter, compared to the consensus estimate 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 business's revenue for the quarter was down 1.3% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.39 EPS. Analysts predict that Piedmont Office Realty Trust will post 1.41 earnings per share for the current year.

Insider Buying and Selling

In other news, CFO Sherry L. Rexroad bought 16,850 shares of the stock in a transaction on Thursday, May 1st. The shares were purchased at an average cost 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 $100,257.50. This represents a ∞ increase in their position. The transaction was disclosed in a legal filing with the SEC, 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

Large investors have recently added to or reduced their stakes in the company. Sterling Capital Management LLC increased its stake in shares of Piedmont Office Realty Trust by 809.2% in the fourth 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 in the last quarter. Wolverine Asset Management LLC bought a new position in Piedmont Office Realty Trust in the 1st quarter worth approximately $48,000. Harbour Investments Inc. grew 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 valued at $55,000 after buying an additional 1,216 shares in the last quarter. Point72 Hong Kong Ltd purchased a new position in Piedmont Office Realty Trust in the 4th quarter valued at approximately $59,000. Finally, New Age Alpha Advisors LLC bought a new stake in Piedmont Office Realty Trust during the 1st quarter valued at $71,000. Hedge funds and other institutional investors own 84.48% of the company's stock.

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.