BidaskClub Lowers Piedmont Office Realty Trust, Inc. (NYSE:PDM) to Strong Sell

Piedmont Office Realty Trust, Inc. (NYSE:PDM) was downgraded by equities research analysts at BidaskClub from a “sell” rating to a “strong sell” rating in a research report issued to clients and investors on Thursday, July 27th.

Other equities research analysts also recently issued research reports about the company. Zacks Investment Research upgraded Piedmont Office Realty Trust from a “hold” rating to a “buy” rating and set a $24.00 price target on the stock in a report on Saturday, May 6th. ValuEngine downgraded Piedmont Office Realty Trust from a “buy” rating to a “hold” rating in a report on Thursday, June 29th.

Piedmont Office Realty Trust (NYSE:PDM) opened at 20.26 on Thursday. Piedmont Office Realty Trust has a 52 week low of $18.61 and a 52 week high of $23.08. The company has a 50-day moving average of $20.68 and a 200-day moving average of $21.47. The company has a market cap of $2.95 billion, a PE ratio of 52.62 and a beta of 0.60.

Piedmont Office Realty Trust (NYSE:PDM) last issued its quarterly earnings results on Wednesday, August 2nd. The real estate investment trust reported $0.46 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.44 by $0.02. Piedmont Office Realty Trust had a return on equity of 2.67% and a net margin of 9.71%. The company had revenue of $148.70 million for the quarter, compared to the consensus estimate of $147.66 million. During the same quarter in the prior year, the business earned $0.40 EPS. Piedmont Office Realty Trust’s revenue was up 9.9% on a year-over-year basis. On average, equities analysts expect that Piedmont Office Realty Trust will post $0.50 EPS for the current year.

Piedmont Office Realty Trust declared that its board has initiated a share repurchase program on Wednesday, May 3rd that permits the company to buyback $250.00 million in outstanding shares. This buyback authorization permits the real estate investment trust to buy up to 8.1% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s leadership believes its stock is undervalued.

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In related news, CAO Laura P. Moon sold 7,800 shares of the firm’s stock in a transaction that occurred on Wednesday, May 24th. The stock was sold at an average price of $21.64, for a total transaction of $168,792.00. Following the transaction, the chief accounting officer now owns 24,620 shares in the company, valued at approximately $532,776.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.76% of the company’s stock.

A number of hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. boosted its stake in Piedmont Office Realty Trust by 2.3% in the first quarter. Vanguard Group Inc. now owns 23,021,266 shares of the real estate investment trust’s stock worth $492,194,000 after buying an additional 511,212 shares during the last quarter. BlackRock Inc. boosted its stake in Piedmont Office Realty Trust by 1.0% in the second quarter. BlackRock Inc. now owns 9,707,520 shares of the real estate investment trust’s stock worth $204,634,000 after buying an additional 97,660 shares during the last quarter. LSV Asset Management boosted 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 buying an additional 95,600 shares during the last quarter. American Century Companies Inc. boosted 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 buying an additional 54,084 shares during the last quarter. Finally, State Street Corp boosted its stake in Piedmont Office Realty Trust by 4.5% in the first quarter. State Street Corp now owns 4,777,715 shares of the real estate investment trust’s stock worth $102,146,000 after buying an additional 205,578 shares during the last quarter. 86.40% 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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