Piedmont Realty Trust (NYSE:PDM) Stock Price Crosses Above 200-Day Moving Average - Here's Why

Piedmont Realty Trust, Inc. (NYSE:PDM - Get Free Report)'s stock price passed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $7.48 and traded as high as $7.55. Piedmont Realty Trust shares last traded at $7.49, with a volume of 845,410 shares.

Analyst Ratings Changes

A number of equities analysts recently commented on PDM shares. Truist Financial reduced their price objective on shares of Piedmont Realty Trust from $10.00 to $9.00 and set a "buy" rating for the company in a research note on Tuesday, May 20th. JPMorgan Chase & Co. reduced their price objective on shares of Piedmont Realty Trust from $9.00 to $8.00 and set a "neutral" rating for the company in a research note on Friday, June 13th. Four equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $8.67.

Piedmont Realty Trust Stock Up 1.3%

The business's 50 day moving average is $7.14 and its 200 day moving average is $7.48. The company has a quick ratio of 1.79, a current ratio of 1.79 and a debt-to-equity ratio of 1.40. The company has a market cap of $949.25 million, a P/E ratio of -15.56 and a beta of 1.43.

Piedmont Realty Trust (NYSE:PDM - Get Free Report) last released its quarterly earnings results on Monday, April 28th. The real estate investment trust reported $0.36 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.35 by $0.01. Piedmont Realty Trust had a negative net margin of 10.80% and a negative return on equity of 3.82%. The business had revenue of $136.06 million for the quarter, compared to analyst estimates of $141.29 million. During the same period in the previous year, the company earned $0.39 earnings per share. The business's revenue for the quarter was down 1.3% on a year-over-year basis. As a group, equities analysts anticipate that Piedmont Realty Trust, Inc. will post 1.41 earnings per share for the current fiscal year.

Insider Transactions at Piedmont Realty Trust

In other news, CFO Sherry L. Rexroad purchased 16,850 shares of the business's stock in a transaction on Thursday, May 1st. The shares were acquired at an average cost of $5.95 per share, with a total value of $100,257.50. Following the completion of the acquisition, the chief financial officer owned 16,850 shares of the company's stock, valued at $100,257.50. This trade represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 1.29% of the company's stock.

Hedge Funds Weigh In On Piedmont Realty Trust

Several institutional investors and hedge funds have recently bought and sold shares of the company. Wealth Enhancement Advisory Services LLC grew its holdings in Piedmont Realty Trust by 18.3% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 42,104 shares of the real estate investment trust's stock worth $317,000 after purchasing an additional 6,499 shares during the last quarter. Inspire Investing LLC grew its holdings in shares of Piedmont Realty Trust by 5.3% during the first quarter. Inspire Investing LLC now owns 46,648 shares of the real estate investment trust's stock valued at $344,000 after buying an additional 2,368 shares during the last quarter. Strs Ohio purchased a new stake in shares of Piedmont Realty Trust during the first quarter valued at $1,305,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in shares of Piedmont Realty Trust by 11.3% during the first 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 valued at $7,002,000 after buying an additional 96,182 shares during the last quarter. Finally, Caxton Associates LLP purchased a new stake in shares of Piedmont Realty Trust during the first quarter valued at $531,000. 84.48% of the stock is owned by hedge funds and other institutional investors.

About Piedmont 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.