Piedmont Realty Trust (NYSE:PDM) Announces Earnings Results

Piedmont Realty Trust (NYSE:PDM) released its quarterly earnings data on Monday. The real estate investment trust reported ($0.17) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.06) by ($0.11), FiscalAI reports. The business had revenue of $151.24 million during the quarter, compared to analysts’ expectations of $146.80 million.

Piedmont Realty Trust Stock Performance

Shares of PDM stock opened at $9.26 on Wednesday. The firm has a 50 day moving average price of $9.35 and a two-hundred day moving average price of $8.60. Piedmont Realty Trust has a 12-month low of $6.32 and a 12-month high of $10.13.

Insider Activity at Piedmont Realty Trust

In other news, CFO Sherry Rexroad sold 4,446 shares of the company’s stock in a transaction that occurred on Thursday, October 1st. The stock was sold at an average price of $8.81, for a total value of $39,169.26. Following the transaction, the chief financial officer owned 53,857 shares of the company’s stock, valued at approximately $474,480.17. This represents a 7.63% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders own 1.20% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. JPMorgan Chase & Co. lifted their target price on Piedmont Realty Trust from $10.00 to $11.00 and gave the stock a “neutral” rating in a research note on Wednesday, September 9th. Weiss Ratings cut Piedmont Realty Trust from a “sell (d+)” rating to a “sell (d-)” rating in a research note on Thursday, July 30th. Zacks Research raised Piedmont Realty Trust from a “hold” rating to a “strong-buy” rating in a report on Thursday, October 15th. Finally, Robert W. Baird raised their price target on Piedmont Realty Trust from $9.00 to $10.00 and gave the company a “neutral” rating in a report on Friday, August 14th. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $10.67.

About Piedmont Realty Trust

Piedmont Realty Trust, formally known as Piedmont Office Realty Trust, Inc (NYSE: PDM), is a self-managed real estate investment trust that owns, develops, acquires, leases and manages office properties in the United States. The company primarily focuses on high-quality office buildings serving corporate tenants and other organizations.

Piedmont’s portfolio has historically been concentrated in major office markets across the Sun Belt and eastern United States, including Atlanta, Boston, Dallas, Washington, DC, and other metropolitan areas.