Piedmont Realty Trust (NYSE:PDM) Releases Earnings Results, Misses Estimates By $0.03 EPS

Piedmont Realty Trust (NYSE:PDM) issued its quarterly earnings data on Tuesday. The real estate investment trust reported ($0.09) earnings per share for the quarter, missing the consensus estimate of ($0.06) by ($0.03), FiscalAI reports. Piedmont Realty Trust had a negative net margin of 15.28% and a negative return on equity of 5.70%. The company had revenue of $144.12 million for the quarter, compared to the consensus estimate of $133.68 million.

Piedmont Realty Trust Price Performance

Shares of NYSE PDM traded down $0.17 during trading hours on Tuesday, reaching $9.62. 595,389 shares of the stock traded hands, compared to its average volume of 1,032,972. The company has a market capitalization of $1.20 billion, a P/E ratio of -13.74 and a beta of 1.36. Piedmont Realty Trust has a 52-week low of $6.32 and a 52-week high of $9.99. The company’s 50-day simple moving average is $9.07 and its two-hundred day simple moving average is $8.21. The company has a quick ratio of 1.45, a current ratio of 1.45 and a debt-to-equity ratio of 1.52.

Institutional Investors Weigh In On Piedmont Realty Trust

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Price T Rowe Associates Inc. MD increased its stake in Piedmont Realty Trust by 1.9% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 135,685 shares of the real estate investment trust’s stock worth $1,132,000 after purchasing an additional 2,534 shares during the period. Norges Bank bought a new position in shares of Piedmont Realty Trust in the second quarter worth approximately $813,000. Martingale Asset Management L P raised its stake in shares of Piedmont Realty Trust by 145.7% in the fourth quarter. Martingale Asset Management L P now owns 79,503 shares of the real estate investment trust’s stock worth $663,000 after purchasing an additional 47,140 shares during the last quarter. Amundi boosted its position in shares of Piedmont Realty Trust by 5.0% during the fourth quarter. Amundi now owns 66,177 shares of the real estate investment trust’s stock valued at $552,000 after buying an additional 3,147 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of Piedmont Realty Trust by 4.5% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 73,346 shares of the real estate investment trust’s stock valued at $541,000 after acquiring an additional 3,187 shares during the last quarter. Institutional investors own 84.48% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the company. Wall Street Zen raised Piedmont Realty Trust from a “sell” rating to a “hold” rating in a research report on Saturday, April 11th. Weiss Ratings raised shares of Piedmont Realty Trust from a “sell (d)” rating to a “sell (d+)” rating in a report on Tuesday, June 23rd. Finally, Truist Financial reaffirmed a “buy” rating and set a $11.00 target price (up from $10.00) on shares of Piedmont Realty Trust in a report on Monday, June 15th. One research analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, Piedmont Realty Trust currently has a consensus rating of “Hold” and a consensus target price of $11.00.

About Piedmont Realty Trust

Piedmont Realty Trust is a real estate investment trust (REIT) headquartered in Atlanta, Georgia, that focuses on the ownership, acquisition and management of office properties. The company’s portfolio comprises a mix of multi-tenant and single-tenant buildings, with a particular emphasis on small- to mid-size office campuses and urban infill properties. Piedmont Realty Trust structures its leases and property services to support a diversified base of tenants, including professional services firms, government agencies and technology companies.

The company’s operating model combines property management, leasing and strategic capital allocation to enhance asset value and drive income stability.