Robert W. Baird Boosts Piedmont Office Realty Trust (NYSE:PDM) Price Target to $11.00

Piedmont Office Realty Trust (NYSE:PDM) had its price target boosted by analysts at Robert W. Baird from $10.00 to $11.00 in a research report issued to clients and investors on Friday, Benzinga reports. The brokerage currently has an “outperform” rating on the real estate investment trust’s stock. Robert W. Baird’s target price points to a potential upside of 10.66% from the stock’s previous close.

PDM has been the topic of a number of other reports. StockNews.com raised Piedmont Office Realty Trust from a “sell” rating to a “hold” rating in a report on Tuesday, July 23rd. Truist Financial restated a “buy” rating and set a $11.00 target price (up previously from $10.00) on shares of Piedmont Office Realty Trust in a research note on Wednesday, August 14th.

Piedmont Office Realty Trust Stock Performance

Shares of Piedmont Office Realty Trust stock opened at $9.94 on Friday. The stock has a market cap of $1.23 billion, a price-to-earnings ratio of -16.03 and a beta of 1.22. The company has a debt-to-equity ratio of 1.36, a current ratio of 2.22 and a quick ratio of 2.22. Piedmont Office Realty Trust has a 1 year low of $5.37 and a 1 year high of $11.11. The firm’s 50-day moving average is $9.97 and its 200 day moving average is $8.38.

Piedmont Office Realty Trust (NYSE:PDM) last posted its quarterly earnings results on Thursday, October 24th. The real estate investment trust reported ($0.09) EPS for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.46). Piedmont Office Realty Trust had a negative net margin of 13.47% and a negative return on equity of 4.61%. The firm had revenue of $139.29 million for the quarter, compared to analysts’ expectations of $143.56 million. During the same quarter in the previous year, the company earned $0.43 EPS. Sell-side analysts anticipate that Piedmont Office Realty Trust will post 1.5 EPS for the current fiscal year.

Institutional Trading of Piedmont Office Realty Trust

Hedge funds have recently bought and sold shares of the company. First Trust Direct Indexing L.P. bought a new position in Piedmont Office Realty Trust in the first quarter worth approximately $73,000. Fidelis Capital Partners LLC purchased a new stake in Piedmont Office Realty Trust in the first quarter worth about $122,000. Nordea Investment Management AB raised its stake in shares of Piedmont Office Realty Trust by 37.5% in the first quarter. Nordea Investment Management AB now owns 830,402 shares of the real estate investment trust’s stock worth $5,755,000 after buying an additional 226,611 shares during the period. Daiwa Securities Group Inc. lifted its position in shares of Piedmont Office Realty Trust by 67.6% during the 1st quarter. Daiwa Securities Group Inc. now owns 70,701 shares of the real estate investment trust’s stock valued at $497,000 after buying an additional 28,507 shares in the last quarter. Finally, Jennison Associates LLC grew its stake in shares of Piedmont Office Realty Trust by 15.1% during the 1st quarter. Jennison Associates LLC now owns 231,239 shares of the real estate investment trust’s stock valued at $1,626,000 after acquiring an additional 30,377 shares during the period. Hedge funds and other institutional investors own 84.48% of the company’s stock.

About Piedmont Office 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.