Piedmont Office Realty Trust (NYSE:PDM) Downgraded by Baird R W to “Hold”

Piedmont Office Realty Trust (NYSE:PDM) was downgraded by research analysts at Baird R W from a “strong-buy” rating to a “hold” rating in a research note issued on Thursday,Zacks.com reports.

Separately, Robert W. Baird cut shares of Piedmont Office Realty Trust from an “outperform” rating to a “neutral” rating and set a $11.00 price objective for the company. in a research report on Thursday.

Piedmont Office Realty Trust Stock Down 1.0 %

Shares of PDM opened at $8.76 on Thursday. 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 one year low of $5.93 and a one year high of $11.11. The company has a market cap of $1.09 billion, a P/E ratio of -14.12 and a beta of 1.19. The firm has a 50 day simple moving average of $9.19 and a two-hundred day simple moving average of $9.26.

Piedmont Office Realty Trust (NYSE:PDM) last announced its quarterly earnings results on Thursday, October 24th. The real estate investment trust reported ($0.09) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.37 by ($0.46). Piedmont Office Realty Trust had a negative return on equity of 4.61% and a negative net margin of 13.47%. The company had revenue of $139.29 million for the quarter, compared to analyst estimates of $143.56 million. During the same quarter last year, the company posted $0.43 earnings per share. Research analysts forecast that Piedmont Office Realty Trust will post 1.49 EPS for the current fiscal year.

Institutional Investors Weigh In On Piedmont Office Realty Trust

A number of institutional investors and hedge funds have recently made changes to their positions in PDM. Mirae Asset Global Investments Co. Ltd. boosted its position in Piedmont Office Realty Trust by 34.8% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,809 shares of the real estate investment trust’s stock worth $48,000 after purchasing an additional 1,241 shares during the last quarter. TD Private Client Wealth LLC boosted its holdings in shares of Piedmont Office Realty Trust by 51.3% in the 3rd quarter. TD Private Client Wealth LLC now owns 4,916 shares of the real estate investment trust’s stock worth $50,000 after buying an additional 1,666 shares during the last quarter. Optas LLC purchased a new position in shares of Piedmont Office Realty Trust in the 3rd quarter worth about $101,000. Arkadios Wealth Advisors bought a new position in Piedmont Office Realty Trust during the fourth quarter valued at about $105,000. Finally, Sei Investments Co. purchased a new stake in Piedmont Office Realty Trust during the second quarter worth about $85,000. Institutional investors and hedge funds own 84.48% of the company’s stock.

Piedmont Office Realty Trust Company Profile

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.