Piedmont Office Realty Trust, Inc. (NYSE:PDM) was upgraded by equities researchers at ValuEngine from a “hold” rating to a “buy” rating in a report released on Monday.

PDM has been the subject of a number of other research reports. BidaskClub downgraded shares of Piedmont Office Realty Trust from a “hold” rating to a “sell” rating in a report on Saturday, June 24th. Zacks Investment Research raised 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 Wednesday, July 5th. Robert W. Baird raised Piedmont Office Realty Trust from a “neutral” rating to an “outperform” rating and upped their price target for the company from $23.00 to $24.00 in a research note on Monday, August 28th. Finally, Stifel Nicolaus reiterated a “hold” rating and set a $21.00 price target on shares of Piedmont Office Realty Trust in a report on Thursday, September 21st. One investment analyst has rated the stock with a sell rating, two have given a hold rating and two have assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $23.00.

Piedmont Office Realty Trust (PDM) opened at 20.16 on Monday. The company has a market cap of $2.93 billion, a PE ratio of 52.36 and a beta of 0.60. Piedmont Office Realty Trust has a 52-week low of $18.61 and a 52-week high of $23.08. The firm’s 50-day moving average is $20.15 and its 200-day moving average is $21.03.

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

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Several hedge funds have recently made changes to their positions in PDM. LSV Asset Management increased its stake in Piedmont Office Realty Trust by 1.4% during the 2nd 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 period. American Century Companies Inc. boosted its position in Piedmont Office Realty Trust by 1.0% in the 2nd quarter. American Century Companies Inc. now owns 5,265,600 shares of the real estate investment trust’s stock valued at $110,999,000 after buying an additional 54,084 shares during the period. Paragon Capital Management Ltd purchased a new position in Piedmont Office Realty Trust in the 2nd quarter valued at approximately $246,000. AQR Capital Management LLC boosted its position in Piedmont Office Realty Trust by 17.8% in the 1st quarter. AQR Capital Management LLC now owns 190,109 shares of the real estate investment trust’s stock valued at $4,065,000 after buying an additional 28,664 shares during the period. Finally, Geode Capital Management LLC boosted its position in Piedmont Office Realty Trust by 7.2% in the 1st quarter. Geode Capital Management LLC now owns 1,446,915 shares of the real estate investment trust’s stock valued at $30,935,000 after buying an additional 97,659 shares during the period. Hedge funds and other institutional investors own 82.75% 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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