Piedmont Office Realty Trust, Inc. (NYSE:PDM) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Wednesday. The firm currently has a $23.00 price objective on the real estate investment trust’s stock. Zacks Investment Research‘s price objective would suggest a potential upside of 13.02% from the company’s current price.

According to Zacks, “Piedmont Office Realty Trust, Inc. is an integrated and self-managed real estate investment trust specializing in the acquisition, ownership, management and development of commercial real estate properties. That includes properties that are under construction, newly constructed, or have operating histories. The Company is primarily focused on high-quality Class A office buildings located in major U.S. markets and leased primarily to high-credit quality tenants. Major markets include: Washington, D.C., greater Los Angeles, the New York metropolitan area, Boston and Chicago. Piedmont conducts business primarily through Piedmont Operating Partnership, LP; a Delaware limited partnership, as well as performing the management of its buildings through two wholly-owned subsidiaries, Piedmont Government Services, LLC and Piedmont Office Management, LLC. Piedmont OP owns a majority of its properties directly and a limited number through joint ventures with real estate limited partnerships with other third parties. “

A number of other research firms have also recently weighed in on PDM. BidaskClub upgraded shares of Piedmont Office Realty Trust from a “sell” rating to a “hold” rating in a research report on Tuesday, June 13th. ValuEngine cut shares of Piedmont Office Realty Trust from a “buy” rating to a “hold” rating in a research report on Thursday, June 29th. Stifel Nicolaus reiterated a “hold” rating and set a $21.00 price objective on shares of Piedmont Office Realty Trust in a research report on Thursday, September 21st. Finally, Robert W. Baird upgraded shares of Piedmont Office Realty Trust from a “neutral” rating to an “outperform” rating and boosted their price objective for the company from $23.00 to $24.00 in a research report on Monday, August 28th. One research analyst has rated the stock with a sell rating, one has given a hold rating and three have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $22.67.

Piedmont Office Realty Trust (NYSE:PDM) last posted its quarterly earnings data on Wednesday, August 2nd. The real estate investment trust reported $0.46 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.44 by $0.02. Piedmont Office Realty Trust had a net margin of 9.71% and a return on equity of 2.67%. The business had revenue of $148.70 million for the quarter, compared to analysts’ expectations of $147.66 million. During the same quarter in the previous year, the business posted $0.40 earnings per share. The business’s revenue was up 9.9% compared to the same quarter last year.

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Large investors have recently added to or reduced their stakes in the stock. LSV Asset Management lifted its stake in Piedmont Office Realty Trust by 1.4% in the second quarter. LSV Asset Management now owns 6,801,281 shares of the real estate investment trust’s stock worth $143,370,000 after acquiring an additional 95,600 shares during the period. American Century Companies Inc. lifted its stake in Piedmont Office Realty Trust by 1.0% in the second quarter. American Century Companies Inc. now owns 5,265,600 shares of the real estate investment trust’s stock worth $110,999,000 after acquiring an additional 54,084 shares during the period. Paragon Capital Management Ltd purchased a new stake in Piedmont Office Realty Trust in the second quarter worth about $246,000. AQR Capital Management LLC lifted its stake in Piedmont Office Realty Trust by 17.8% in the first quarter. AQR Capital Management LLC now owns 190,109 shares of the real estate investment trust’s stock worth $4,065,000 after acquiring an additional 28,664 shares during the period. Finally, Geode Capital Management LLC lifted its stake in Piedmont Office Realty Trust by 7.2% in the first quarter. Geode Capital Management LLC now owns 1,446,915 shares of the real estate investment trust’s stock worth $30,935,000 after acquiring an additional 97,659 shares during the period. 82.75% of the stock is owned by institutional investors.

Piedmont Office Realty Trust Company Profile

Piedmont Office Realty Trust, Inc is an integrated self-managed real estate investment trust (REIT). The Company’s business consists primarily of owning, managing, operating, leasing, acquiring, developing, investing in, and disposing of office real estate assets. As of December 31, 2016, the Company owned and operated 65 in-service office properties, one redevelopment asset, two development assets and one office building through an unconsolidated joint venture.

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