Piedmont Office Realty Trust (NYSE:PDM) Downgraded to “Neutral” Rating by Robert W. Baird

Piedmont Office Realty Trust (NYSE:PDM) was downgraded by investment analysts at Robert W. Baird from an “outperform” rating to a “neutral” rating in a note issued to investors on Thursday,Briefing.com Automated Import reports. They presently have a $11.00 target price on the real estate investment trust’s stock. Robert W. Baird’s price objective points to a potential upside of 24.58% from the company’s previous close.

Piedmont Office Realty Trust Price Performance

NYSE:PDM opened at $8.83 on Thursday. The company has a quick ratio of 2.22, a current ratio of 2.22 and a debt-to-equity ratio of 1.36. Piedmont Office Realty Trust has a 52 week low of $5.93 and a 52 week high of $11.11. The stock’s 50-day moving average price is $9.22 and its 200-day moving average price is $9.26. The stock has a market capitalization of $1.09 billion, a PE ratio of -14.24 and a beta of 1.19.

Piedmont Office Realty Trust (NYSE:PDM) last issued its quarterly earnings data on Thursday, October 24th. The real estate investment trust reported ($0.09) EPS for the quarter, missing the consensus estimate of $0.37 by ($0.46). The business had revenue of $139.29 million during the quarter, compared to analyst estimates of $143.56 million. Piedmont Office Realty Trust had a negative net margin of 13.47% and a negative return on equity of 4.61%. During the same period in the previous year, the business posted $0.43 earnings per share. As a group, equities analysts expect that Piedmont Office Realty Trust will post 1.49 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of PDM. Mirae Asset Global Investments Co. Ltd. raised its holdings in shares of Piedmont Office Realty Trust by 34.8% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,809 shares of the real estate investment trust’s stock valued at $48,000 after acquiring an additional 1,241 shares during the last quarter. The Manufacturers Life Insurance Company lifted its holdings in Piedmont Office Realty Trust by 2.9% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 46,090 shares of the real estate investment trust’s stock valued at $334,000 after purchasing an additional 1,311 shares in the last quarter. abrdn plc boosted its stake in Piedmont Office Realty Trust by 5.9% during the 3rd quarter. abrdn plc now owns 24,341 shares of the real estate investment trust’s stock worth $246,000 after purchasing an additional 1,366 shares during the last quarter. TD Private Client Wealth LLC grew its holdings in shares of Piedmont Office Realty Trust by 51.3% during the third quarter. TD Private Client Wealth LLC now owns 4,916 shares of the real estate investment trust’s stock worth $50,000 after buying an additional 1,666 shares in the last quarter. Finally, CWM LLC lifted its stake in shares of Piedmont Office Realty Trust by 15.1% in the third quarter. CWM LLC now owns 12,772 shares of the real estate investment trust’s stock worth $129,000 after buying an additional 1,678 shares in the last quarter. Institutional investors and hedge funds own 84.48% of the company’s stock.

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.