Piedmont Realty Trust (NYSE:PDM) Issues Earnings Results

Key Points

• Piedmont Realty Trust missed earnings expectations: The REIT reported a quarterly loss of $0.09 per share, versus analysts’ expected loss of $0.06. Revenue reached $144.12 million, exceeding the $133.68 million consensus estimate.
• Shares remain near their 52-week high: PDM traded at $9.62, compared with a 1-year range of $6.32 to $9.99, while its market capitalization stood at approximately $1.20 billion.
• Analyst sentiment is mixed: The stock carries an overall “Hold” rating and an average price target of $11.00; Truist maintained a “Buy” rating, while other analysts issued “Sell” or “Hold” views. Institutional investors own 84.48% of the shares.

Piedmont Realty Trust (NYSE:PDM - Get Free Report) posted its quarterly earnings data on Tuesday. The real estate investment trust reported ($0.09) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.06) by ($0.03), FiscalAI reports. Piedmont Realty Trust had a negative return on equity of 5.70% and a negative net margin of 15.28%.The firm had revenue of $144.12 million for the quarter, compared to the consensus estimate of $133.68 million.

Piedmont Realty Trust Price Performance

Shares of NYSE PDM traded down $0.17 during trading hours on Tuesday, hitting $9.62. 595,389 shares of the stock were exchanged, compared to its average volume of 1,032,972. The company's fifty day simple moving average is $9.07 and its two-hundred day simple moving average is $8.21. The company has a market cap of $1.20 billion, a PE ratio of -13.74 and a beta of 1.36. Piedmont Realty Trust has a 1-year low of $6.32 and a 1-year high of $9.99. The company has a debt-to-equity ratio of 1.52, a quick ratio of 1.45 and a current ratio of 1.45.

Institutional Investors Weigh In On Piedmont Realty Trust

Hedge funds have recently made changes to their positions in the stock. AQR Capital Management LLC boosted its position in Piedmont Realty Trust by 28.5% in the first quarter. AQR Capital Management LLC now owns 332,286 shares of the real estate investment trust's stock valued at $2,449,000 after buying an additional 73,762 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in Piedmont Realty Trust by 4.5% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 73,346 shares of the real estate investment trust's stock worth $541,000 after purchasing an additional 3,187 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in shares of Piedmont Realty Trust by 11.3% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 950,015 shares of the real estate investment trust's stock worth $7,002,000 after buying an additional 96,182 shares during the period. Cetera Investment Advisers boosted its position in shares of Piedmont Realty Trust by 18.0% during the 2nd quarter. Cetera Investment Advisers now owns 43,285 shares of the real estate investment trust's stock worth $316,000 after purchasing an additional 6,603 shares in the last quarter. Finally, Norges Bank acquired a new position in Piedmont Realty Trust during the 2nd quarter worth approximately $813,000. 84.48% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

PDM has been the topic of several recent research reports. Weiss Ratings upgraded shares of Piedmont Realty Trust from a "sell (d)" rating to a "sell (d+)" rating in a research note on Tuesday, June 23rd. Wall Street Zen upgraded Piedmont Realty Trust from a "sell" rating to a "hold" rating in a research note on Saturday, April 11th. Finally, Truist Financial reissued a "buy" rating and issued a $11.00 price target (up from $10.00) on shares of Piedmont Realty Trust in a report on Monday, June 15th. One research analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and an average price target of $11.00.

Piedmont Realty Trust Company Profile

Piedmont Realty Trust is a real estate investment trust (REIT) headquartered in Atlanta, Georgia, that focuses on the ownership, acquisition and management of office properties. The company's portfolio comprises a mix of multi-tenant and single-tenant buildings, with a particular emphasis on small- to mid-size office campuses and urban infill properties. Piedmont Realty Trust structures its leases and property services to support a diversified base of tenants, including professional services firms, government agencies and technology companies.

The company's operating model combines property management, leasing and strategic capital allocation to enhance asset value and drive income stability.

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