Piedmont Office Realty Trust, Inc. (NYSE:PDM) was upgraded by analysts at ValuEngine from a “hold” rating to a “buy” rating in a note issued to investors on Monday.

A number of other equities research analysts have also issued reports on the stock. Zacks Investment Research upgraded shares of Piedmont Office Realty Trust from a “hold” rating to a “buy” rating and set a $24.00 target price on the stock in a research note on Saturday, May 6th. BidaskClub lowered shares of Piedmont Office Realty Trust from a “hold” rating to a “sell” rating in a research note on Saturday, June 24th. One analyst has rated the stock with a sell rating, three have issued a hold rating and one has issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $22.50.

Piedmont Office Realty Trust (NYSE:PDM) traded up 0.39% during mid-day trading on Monday, hitting $20.66. The stock had a trading volume of 594,394 shares. Piedmont Office Realty Trust has a one year low of $18.61 and a one year high of $23.08. The company has a 50 day moving average price of $20.98 and a 200 day moving average price of $21.55. The stock has a market cap of $3.01 billion, a P/E ratio of 62.42 and a beta of 0.60.

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

Piedmont Office Realty Trust announced that its board has authorized a stock repurchase program on Wednesday, May 3rd that allows the company to buyback $250.00 million in outstanding shares. This buyback authorization allows the real estate investment trust to buy up to 8.1% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its shares are undervalued.

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In related news, CAO Laura P. Moon sold 7,800 shares of the stock in a transaction dated Wednesday, May 24th. The shares were sold at an average price of $21.64, for a total transaction of $168,792.00. Following the sale, the chief accounting officer now owns 24,620 shares in the company, valued at $532,776.80. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.76% of the stock is owned by corporate insiders.

Large investors have recently added to or reduced their stakes in the company. First Heartland Consultants Inc. raised its stake in Piedmont Office Realty Trust by 0.3% in the first quarter. First Heartland Consultants Inc. now owns 11,187 shares of the real estate investment trust’s stock valued at $239,000 after buying an additional 33 shares during the period. National Planning Corp raised its stake in shares of Piedmont Office Realty Trust by 1.4% in the second quarter. National Planning Corp now owns 14,574 shares of the real estate investment trust’s stock valued at $312,000 after buying an additional 200 shares during the last quarter. Metropolitan Life Insurance Co. NY raised its stake in shares of Piedmont Office Realty Trust by 1.8% in the fourth quarter. Metropolitan Life Insurance Co. NY now owns 12,109 shares of the real estate investment trust’s stock valued at $253,000 after buying an additional 211 shares during the last quarter. Utah Retirement Systems raised its stake in shares of Piedmont Office Realty Trust by 0.7% in the first quarter. Utah Retirement Systems now owns 41,360 shares of the real estate investment trust’s stock valued at $884,000 after buying an additional 300 shares during the last quarter. Finally, SG Americas Securities LLC raised its stake in shares of Piedmont Office Realty Trust by 4.7% in the second quarter. SG Americas Securities LLC now owns 8,060 shares of the real estate investment trust’s stock valued at $170,000 after buying an additional 364 shares during the last quarter. Hedge funds and other institutional investors own 86.68% 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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