BidaskClub downgraded shares of Piedmont Office Realty Trust, Inc. (NYSE:PDM) from a sell rating to a strong sell rating in a research report report published on Thursday morning.

Other equities analysts have also recently issued reports about the stock. Zacks Investment Research upgraded shares of Piedmont Office Realty Trust from a hold rating to a buy rating and set a $24.00 target price for the company in a research note on Saturday, May 6th. ValuEngine cut shares of Piedmont Office Realty Trust from a buy rating to a hold rating in a research note on Thursday, June 29th. One analyst has rated the stock with a sell rating and four have assigned a hold rating to the company. The company currently has a consensus rating of Hold and a consensus target price of $22.50.

Piedmont Office Realty Trust (NYSE PDM) traded down 0.14% during midday trading on Thursday, hitting $20.92. 374,448 shares of the stock traded hands. The company has a 50-day moving average of $21.01 and a 200-day moving average of $21.53. Piedmont Office Realty Trust has a 1-year low of $18.61 and a 1-year high of $23.08. The stock has a market cap of $3.04 billion, a PE ratio of 29.10 and a beta of 0.60.

Piedmont Office Realty Trust (NYSE:PDM) last released its earnings results on Wednesday, May 3rd. The real estate investment trust reported $0.10 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.44 by $0.34. The company had revenue of $148.50 million for the quarter, compared to analyst estimates of $145.35 million. Piedmont Office Realty Trust had a net margin of 19.89% and a return on equity of 5.26%. Piedmont Office Realty Trust’s revenue for the quarter was up 7.6% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.41 earnings per share. On average, equities analysts expect that Piedmont Office Realty Trust will post $0.40 EPS for the current fiscal year.

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Piedmont Office Realty Trust declared that its Board of Directors has initiated a share repurchase plan on Wednesday, May 3rd that allows the company to repurchase $250.00 million in shares. This repurchase authorization allows the real estate investment trust to reacquire up to 8.1% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its stock is undervalued.

In other news, CAO Laura P. Moon sold 7,800 shares of the stock in a transaction on Wednesday, May 24th. The shares were sold at an average price of $21.64, for a total value of $168,792.00. Following the completion of the transaction, the chief accounting officer now owns 24,620 shares in the company, valued at approximately $532,776.80. The sale was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 0.76% of the company’s stock.

Several institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its position in shares of 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 in the last quarter. BlackRock Inc. boosted its position in shares of Piedmont Office Realty Trust by 3,921.0% in the first quarter. BlackRock Inc. now owns 9,609,860 shares of the real estate investment trust’s stock worth $205,459,000 after buying an additional 9,370,868 shares in the last quarter. LSV Asset Management boosted its position in shares of Piedmont Office Realty Trust by 3.8% in the first quarter. LSV Asset Management now owns 6,705,681 shares of the real estate investment trust’s stock worth $143,367,000 after buying an additional 246,000 shares in the last quarter. State Street Corp boosted its position in shares of 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 in the last quarter. Finally, Dimensional Fund Advisors LP boosted its position in shares of Piedmont Office Realty Trust by 3.7% in the first quarter. Dimensional Fund Advisors LP now owns 2,181,817 shares of the real estate investment trust’s stock worth $46,647,000 after buying an additional 78,038 shares in the last quarter. Institutional investors own 86.69% of the company’s stock.

About Piedmont Office Realty Trust

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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