Shares of Piedmont Office Realty Trust Inc. (NYSE:PDM) reached a new 52-week high during mid-day trading on Friday . The stock traded as high as $21.76 and last traded at $21.74, with a volume of 151,759 shares. The stock had previously closed at $21.61.

PDM has been the topic of several recent analyst reports. Zacks Investment Research cut Piedmont Office Realty Trust from a “hold” rating to a “sell” rating in a research note on Wednesday, March 30th. DA Davidson reissued a “hold” rating and issued a $22.00 target price (up from $20.00) on shares of Piedmont Office Realty Trust in a research note on Tuesday, May 3rd. Finally, Stifel Nicolaus raised their target price on Piedmont Office Realty Trust from $16.50 to $18.00 and gave the stock a “sell” rating in a research note on Tuesday, May 10th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and one has assigned a buy rating to the stock. Piedmont Office Realty Trust has an average rating of “Hold” and a consensus target price of $20.71.

The stock has a market cap of $3.14 billion and a price-to-earnings ratio of 19.54. The firm’s 50 day moving average is $21.03 and its 200-day moving average is $19.69.

Piedmont Office Realty Trust (NYSE:PDM) last announced its earnings results on Tuesday, May 3rd. The real estate investment trust reported $0.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.40 by $0.01. The business had revenue of $138 million for the quarter, compared to analysts’ expectations of $139.25 million. During the same quarter in the prior year, the company posted $0.39 earnings per share. The firm’s quarterly revenue was down 7.9% compared to the same quarter last year. Equities analysts anticipate that Piedmont Office Realty Trust Inc. will post $1.63 earnings per share for the current year.

Several hedge funds have made changes to their positions in the stock. Russell Frank Co boosted its stake in shares of Piedmont Office Realty Trust by 21.0% in the fourth quarter. Russell Frank Co now owns 324,662 shares of the real estate investment trust’s stock valued at $6,204,000 after buying an additional 56,436 shares in the last quarter. First Trust Advisors LP boosted its stake in shares of Piedmont Office Realty Trust by 1.9% in the fourth quarter. First Trust Advisors LP now owns 56,592 shares of the real estate investment trust’s stock valued at $1,068,000 after buying an additional 1,041 shares in the last quarter. Rhumbline Advisers boosted its stake in shares of Piedmont Office Realty Trust by 0.9% in the fourth quarter. Rhumbline Advisers now owns 133,307 shares of the real estate investment trust’s stock valued at $2,517,000 after buying an additional 1,250 shares in the last quarter. Vanguard Group Inc. boosted its stake in shares of Piedmont Office Realty Trust by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 21,331,860 shares of the real estate investment trust’s stock valued at $402,745,000 after buying an additional 167,166 shares in the last quarter. Finally, Morgan Stanley boosted its stake in shares of Piedmont Office Realty Trust by 0.4% in the fourth quarter. Morgan Stanley now owns 3,979,635 shares of the real estate investment trust’s stock valued at $75,135,000 after buying an additional 17,759 shares in the last quarter.

Piedmont Office Realty Trust, Inc (Piedmont) is an integrated self-managed real estate investment trust specializing in the acquisition, ownership, management, development and disposition of primarily Class A office buildings located in the United States office markets. The Company operates through its real estate assets segment.

Get Analysts' Upgrades and Downgrades Daily - Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter.