Piedmont Office Realty Trust (NYSE:PDM) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Friday, Zacks.com reports. The firm presently has a $21.00 price target on the real estate investment trust’s stock. Zacks Investment Research‘s price objective indicates a potential upside of 12.18% 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. “
Separately, TheStreet downgraded shares of Piedmont Office Realty Trust from a “b-” rating to a “c+” rating in a report on Friday, July 30th.
Piedmont Office Realty Trust (NYSE:PDM) last issued its quarterly earnings results on Wednesday, October 27th. The real estate investment trust reported $0.09 earnings per share for the quarter, beating analysts’ consensus estimates of $0.08 by $0.01. Piedmont Office Realty Trust had a net margin of 10.19% and a return on equity of 2.83%. The firm had revenue of $131.10 million during the quarter, compared to the consensus estimate of $130.87 million. During the same period in the prior year, the firm earned $0.48 EPS. The business’s revenue was down .5% on a year-over-year basis. Analysts expect that Piedmont Office Realty Trust will post 1.95 earnings per share for the current fiscal year.
In related news, insider Christopher Brent Smith acquired 2,800 shares of the stock in a transaction on Friday, September 3rd. The stock was purchased at an average price of $17.63 per share, for a total transaction of $49,364.00. Following the transaction, the insider now owns 136,378 shares of the company’s stock, valued at approximately $2,404,344.14. The acquisition was disclosed in a filing with the SEC, which is available through this link. Company insiders own 0.91% of the company’s stock.
Several large investors have recently modified their holdings of the company. Bank of New York Mellon Corp grew its position in shares of Piedmont Office Realty Trust by 3.0% during the 3rd quarter. Bank of New York Mellon Corp now owns 1,123,276 shares of the real estate investment trust’s stock worth $19,578,000 after buying an additional 32,465 shares during the period. Cetera Advisor Networks LLC grew its position in shares of Piedmont Office Realty Trust by 33.6% during the 3rd quarter. Cetera Advisor Networks LLC now owns 15,530 shares of the real estate investment trust’s stock worth $271,000 after buying an additional 3,903 shares during the period. Janus Henderson Group PLC acquired a new stake in shares of Piedmont Office Realty Trust during the 3rd quarter worth approximately $218,000. Hillcrest Asset Management LLC boosted its stake in Piedmont Office Realty Trust by 14.7% during the 3rd quarter. Hillcrest Asset Management LLC now owns 762,652 shares of the real estate investment trust’s stock worth $13,293,000 after acquiring an additional 97,854 shares during the last quarter. Finally, Two Sigma Investments LP bought a new position in Piedmont Office Realty Trust during the 3rd quarter worth approximately $330,000. Institutional investors own 82.12% of the company’s stock.
About Piedmont Office Realty Trust
Piedmont Office Realty Trust, Inc engages in the owning, managing, operating, leasing, acquiring, developing, investing in, and disposing of office real estate assets. . Its activities include acquisition, investment, development, management, disposing, and ownership of commercial real estate properties throughout the United States.
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