Piedmont Office Realty Trust (NYSE:PDM – Get Free Report) was downgraded by StockNews.com from a “hold” rating to a “sell” rating in a research note issued to investors on Wednesday.
Piedmont Office Realty Trust Trading Down 0.7 %
Piedmont Office Realty Trust stock traded down $0.05 during trading on Wednesday, hitting $7.27. The company’s stock had a trading volume of 516,568 shares, compared to its average volume of 887,120. The stock’s fifty day moving average is $6.90 and its 200 day moving average is $6.78. Piedmont Office Realty Trust has a 1-year low of $4.91 and a 1-year high of $8.05. The stock has a market capitalization of $900.68 million, a price-to-earnings ratio of -11.92 and a beta of 1.19. The company has a debt-to-equity ratio of 1.23, a quick ratio of 1.90 and a current ratio of 1.90.
Piedmont Office Realty Trust (NYSE:PDM – Get Free Report) last posted its quarterly earnings results on Tuesday, April 30th. The real estate investment trust reported ($0.22) earnings per share for the quarter, missing analysts’ consensus estimates of $0.39 by ($0.61). Piedmont Office Realty Trust had a negative return on equity of 4.29% and a negative net margin of 12.90%. The company had revenue of $144.54 million for the quarter, compared to analysts’ expectations of $143.41 million. As a group, equities research analysts predict that Piedmont Office Realty Trust will post 1.5 EPS for the current year.
Institutional Trading of Piedmont Office Realty Trust
A number of institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its position in shares of Piedmont Office Realty Trust by 2.1% during the first quarter. Vanguard Group Inc. now owns 19,219,805 shares of the real estate investment trust’s stock worth $135,115,000 after purchasing an additional 394,282 shares in the last quarter. Private Management Group Inc. increased its holdings in Piedmont Office Realty Trust by 0.3% during the 1st quarter. Private Management Group Inc. now owns 4,631,310 shares of the real estate investment trust’s stock worth $32,558,000 after purchasing an additional 14,784 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of Piedmont Office Realty Trust by 6.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,412,069 shares of the real estate investment trust’s stock valued at $24,260,000 after buying an additional 209,963 shares during the last quarter. Wilsey Asset Management Inc. grew its position in shares of Piedmont Office Realty Trust by 34.5% during the first quarter. Wilsey Asset Management Inc. now owns 2,597,119 shares of the real estate investment trust’s stock worth $18,258,000 after buying an additional 666,145 shares in the last quarter. Finally, Glenmede Trust Co. NA increased its stake in shares of Piedmont Office Realty Trust by 86.6% in the third quarter. Glenmede Trust Co. NA now owns 1,695,612 shares of the real estate investment trust’s stock worth $9,529,000 after buying an additional 786,699 shares during the last quarter. 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.