Robert W. Baird Issues Positive Forecast for Piedmont Office Realty Trust (NYSE:PDM) Stock Price

Piedmont Office Realty Trust (NYSE:PDM) had its target price raised by equities research analysts at Robert W. Baird from $10.00 to $11.00 in a note issued to investors on Friday, Benzinga reports. The firm currently has an “outperform” rating on the real estate investment trust’s stock. Robert W. Baird’s target price indicates a potential upside of 11.34% from the company’s previous close.

PDM has been the subject of several other research reports. Truist Financial restated a “buy” rating and issued a $11.00 price target (up previously from $10.00) on shares of Piedmont Office Realty Trust in a research note on Wednesday, August 14th. StockNews.com raised Piedmont Office Realty Trust from a “sell” rating to a “hold” rating in a research report on Tuesday, July 23rd.

Piedmont Office Realty Trust Stock Performance

Shares of PDM stock opened at $9.88 on Friday. The company has a market capitalization of $1.23 billion, a price-to-earnings ratio of -15.94 and a beta of 1.21. The company has a debt-to-equity ratio of 1.36, a quick ratio of 2.22 and a current ratio of 2.22. Piedmont Office Realty Trust has a one year low of $5.37 and a one year high of $11.11. The company’s 50-day moving average is $10.00 and its 200 day moving average is $8.42.

Piedmont Office Realty Trust (NYSE:PDM) last posted its quarterly earnings results on Thursday, October 24th. The real estate investment trust reported ($0.09) EPS for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.46). Piedmont Office Realty Trust had a negative net margin of 13.47% and a negative return on equity of 4.61%. The firm had revenue of $139.29 million for the quarter, compared to analysts’ expectations of $143.56 million. During the same quarter in the previous year, the company earned $0.43 EPS. Sell-side analysts expect that Piedmont Office Realty Trust will post 1.5 EPS for the current fiscal year.

Hedge Funds Weigh In On Piedmont Office Realty Trust

Several hedge funds and other institutional investors have recently modified their holdings of PDM. Russell Investments Group Ltd. increased its position in Piedmont Office Realty Trust by 164.8% during the first quarter. Russell Investments Group Ltd. now owns 272,302 shares of the real estate investment trust’s stock valued at $1,914,000 after acquiring an additional 169,454 shares during the last quarter. Nordea Investment Management AB lifted its stake in shares of Piedmont Office Realty Trust by 37.5% in the 1st quarter. Nordea Investment Management AB now owns 830,402 shares of the real estate investment trust’s stock worth $5,755,000 after purchasing an additional 226,611 shares during the period. SG Americas Securities LLC boosted its holdings in shares of Piedmont Office Realty Trust by 694.5% in the first quarter. SG Americas Securities LLC now owns 590,715 shares of the real estate investment trust’s stock worth $4,153,000 after buying an additional 516,367 shares during the last quarter. Swedbank AB bought a new stake in Piedmont Office Realty Trust during the first quarter valued at approximately $3,488,000. Finally, Vanguard Group Inc. increased its holdings in 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 valued at $135,115,000 after buying an additional 394,282 shares during the last quarter. 84.48% of the stock is owned by 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.