Panagora Asset Management Inc. Sells 118,403 Shares of Piedmont Realty Trust, Inc. $PDM

Panagora Asset Management Inc. decreased its stake in Piedmont Realty Trust, Inc. (NYSE:PDM) by 32.1% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 249,931 shares of the real estate investment trust’s stock after selling 118,403 shares during the period. Panagora Asset Management Inc. owned about 0.20% of Piedmont Realty Trust worth $1,822,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in PDM. Wilsey Asset Management Inc. increased its holdings in shares of Piedmont Realty Trust by 2.6% during the second quarter. Wilsey Asset Management Inc. now owns 4,115,288 shares of the real estate investment trust’s stock worth $30,000,000 after buying an additional 103,658 shares in the last quarter. Geode Capital Management LLC grew its position in Piedmont Realty Trust by 1.4% during the 2nd quarter. Geode Capital Management LLC now owns 3,418,028 shares of the real estate investment trust’s stock worth $24,920,000 after acquiring an additional 46,198 shares during the last quarter. Wellington Management Group LLP grew its position in Piedmont Realty Trust by 1.3% during the 1st quarter. Wellington Management Group LLP now owns 2,134,947 shares of the real estate investment trust’s stock worth $15,735,000 after acquiring an additional 28,088 shares during the last quarter. JPMorgan Chase & Co. increased its holdings in Piedmont Realty Trust by 4.2% in the 2nd quarter. JPMorgan Chase & Co. now owns 1,965,690 shares of the real estate investment trust’s stock worth $14,330,000 after purchasing an additional 79,945 shares in the last quarter. Finally, Systematic Financial Management LP increased its holdings in Piedmont Realty Trust by 20.6% in the 1st quarter. Systematic Financial Management LP now owns 1,446,437 shares of the real estate investment trust’s stock worth $10,660,000 after purchasing an additional 247,171 shares in the last quarter. Institutional investors and hedge funds own 84.48% of the company’s stock.

Piedmont Realty Trust Trading Down 1.9%

Shares of PDM stock opened at $8.40 on Friday. Piedmont Realty Trust, Inc. has a 1-year low of $5.46 and a 1-year high of $9.55. The company has a current ratio of 1.67, a quick ratio of 1.67 and a debt-to-equity ratio of 1.43. The stock has a market cap of $1.05 billion, a price-to-earnings ratio of -14.73 and a beta of 1.26. The stock has a 50-day moving average of $8.38 and a 200-day moving average of $7.97.

Piedmont Realty Trust (NYSE:PDM) last posted its quarterly earnings data on Monday, October 27th. The real estate investment trust reported $0.35 EPS for the quarter, topping analysts’ consensus estimates of $0.34 by $0.01. Piedmont Realty Trust had a negative return on equity of 4.51% and a negative net margin of 12.44%.The company had revenue of $110.75 million for the quarter, compared to analyst estimates of $141.46 million. During the same period in the previous year, the firm earned $0.36 earnings per share. The firm’s quarterly revenue was down .1% on a year-over-year basis. Piedmont Realty Trust has set its FY 2025 guidance at 1.400-1.420 EPS. On average, equities research analysts forecast that Piedmont Realty Trust, Inc. will post 1.41 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the company. Wall Street Zen raised Piedmont Realty Trust from a “sell” rating to a “hold” rating in a research note on Saturday, August 23rd. Weiss Ratings reiterated a “sell (d-)” rating on shares of Piedmont Realty Trust in a report on Wednesday, October 8th. Finally, Truist Financial lifted their target price on shares of Piedmont Realty Trust from $9.00 to $10.00 and gave the stock a “buy” rating in a research report on Monday, November 24th. One investment analyst has rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $9.00.

Piedmont Realty Trust 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.