Piedmont Realty Trust (NYSE:PDM) Issues Earnings Results

Piedmont Realty Trust (NYSE:PDM) posted its earnings results on Monday. The real estate investment trust reported ($0.17) EPS for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.11), FiscalAI reports. Piedmont Realty Trust had a negative net margin of 14.18% and a negative return on equity of 5.39%. The business had revenue of $151.24 million for the quarter, compared to analysts’ expectations of $146.80 million.

Piedmont Realty Trust Stock Down 0.7%

Shares of Piedmont Realty Trust stock opened at $9.62 on Tuesday. The firm’s 50 day moving average price is $9.35 and its 200-day moving average price is $8.59. The company has a quick ratio of 1.36, a current ratio of 1.36 and a debt-to-equity ratio of 1.53. Piedmont Realty Trust has a 52-week low of $6.32 and a 52-week high of $10.13. The company has a market cap of $1.20 billion, a P/E ratio of -14.79 and a beta of 1.39.

Insider Buying and Selling

In related news, CFO Sherry Rexroad sold 4,446 shares of the stock in a transaction that occurred on Thursday, October 1st. The shares were sold at an average price of $8.81, for a total transaction of $39,169.26. Following the completion of the sale, the chief financial officer owned 53,857 shares of the company’s stock, valued at $474,480.17. This represents a 7.63% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 1.20% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

PDM has been the topic of a number of recent research reports. Zacks Research upgraded shares of Piedmont Realty Trust from a “hold” rating to a “strong-buy” rating in a research note on Thursday, October 15th. Weiss Ratings downgraded shares of Piedmont Realty Trust from a “sell (d+)” rating to a “sell (d-)” rating in a research note on Thursday, July 30th. JPMorgan Chase & Co. boosted their price objective on shares of Piedmont Realty Trust from $10.00 to $11.00 and gave the stock a “neutral” rating in a research note on Wednesday, September 9th. Finally, Robert W. Baird upped their target price on Piedmont Realty Trust from $9.00 to $10.00 and gave the stock a “neutral” rating in a report on Friday, August 14th. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Piedmont Realty Trust presently has a consensus rating of “Hold” and an average target price of $10.67.

About Piedmont Realty Trust

Piedmont Realty Trust, formally known as Piedmont Office Realty Trust, Inc (NYSE: PDM), is a self-managed real estate investment trust that owns, develops, acquires, leases and manages office properties in the United States. The company primarily focuses on high-quality office buildings serving corporate tenants and other organizations.

Piedmont’s portfolio has historically been concentrated in major office markets across the Sun Belt and eastern United States, including Atlanta, Boston, Dallas, Washington, DC, and other metropolitan areas.