Prudential Financial Inc. Trims Stock Holdings in Piedmont Realty Trust, Inc. $PDM

Prudential Financial Inc. lowered its holdings in shares of Piedmont Realty Trust, Inc. (NYSE:PDM) by 8.7% in the second quarter, Holdings Channel.com reports. The fund owned 2,440,061 shares of the real estate investment trust’s stock after selling 233,041 shares during the quarter. Prudential Financial Inc.’s holdings in Piedmont Realty Trust were worth $17,788,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Cbre Investment Management Listed Real Assets LLC boosted its stake in shares of Piedmont Realty Trust by 48.0% during the first quarter. Cbre Investment Management Listed Real Assets LLC now owns 1,222,986 shares of the real estate investment trust’s stock valued at $9,013,000 after purchasing an additional 396,923 shares during the period. Allianz Asset Management GmbH increased its stake in Piedmont Realty Trust by 3.3% in the 2nd quarter. Allianz Asset Management GmbH now owns 73,194 shares of the real estate investment trust’s stock worth $534,000 after buying an additional 2,318 shares during the period. Sonora Investment Management Group LLC lifted its holdings in Piedmont Realty Trust by 213.5% during the 2nd quarter. Sonora Investment Management Group LLC now owns 125,400 shares of the real estate investment trust’s stock valued at $914,000 after buying an additional 85,400 shares in the last quarter. Strs Ohio purchased a new stake in Piedmont Realty Trust in the 1st quarter valued at about $1,305,000. Finally, CWM LLC grew its stake in Piedmont Realty Trust by 165.6% in the 2nd quarter. CWM LLC now owns 33,138 shares of the real estate investment trust’s stock worth $242,000 after acquiring an additional 20,659 shares in the last quarter. Institutional investors own 84.48% of the company’s stock.

Piedmont Realty Trust Price Performance

Shares of PDM opened at $8.77 on Thursday. The company has a debt-to-equity ratio of 1.43, a quick ratio of 1.67 and a current ratio of 1.67. The company has a 50 day moving average price of $8.42 and a 200-day moving average price of $7.90. Piedmont Realty Trust, Inc. has a fifty-two week low of $5.46 and a fifty-two week high of $10.02. The stock has a market capitalization of $1.09 billion, a PE ratio of -15.39 and a beta of 1.48.

Piedmont Realty Trust (NYSE:PDM) last issued 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. The company had revenue of $110.75 million during the quarter, compared to the consensus estimate of $141.46 million. Piedmont Realty Trust had a negative net margin of 12.44% and a negative return on equity of 4.51%. Piedmont Realty Trust’s revenue for the quarter was down .1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.36 earnings per share. Piedmont Realty Trust has set its FY 2025 guidance at 1.400-1.420 EPS. Equities analysts predict that Piedmont Realty Trust, Inc. will post 1.41 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

PDM has been the topic of a number of research reports. Truist Financial raised 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. Wall Street Zen upgraded Piedmont Realty Trust from a “sell” rating to a “hold” rating in a report on Saturday, August 23rd. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Piedmont Realty Trust in a research report on Wednesday, October 8th. One research analyst has rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Piedmont Realty Trust presently has a consensus rating of “Hold” and a consensus target price of $9.00.

About Piedmont Realty Trust

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.