Piedmont Office Realty Trust Inc (NYSE:PDM) Receives a Downgrade
It will be interesting to watch the trading activity for Piedmont Office Realty Trust Inc (NYSE:PDM) today as Stifel Nicolaus cut the shares of the stock from a “Hold” rating to a “Sell”. In addition to this downgrade, analysts at Stifel Nicolaus set a $16.50 target which is a change of -10.03%.
From a total of 4 analysts covering Piedmont Office Realty Trust (NYSE:PDM) stock, 1 rate it a ”Buy”, 1 a “Sell”, and 6 a ”Hold”. This means that 13% of the ratings are positive. The highest target price is $21 while the lowest target price is $20. The mean of all analyst targets is $20.75 with a 9.59% above today’s ($18.25) stock price. Piedmont Office Realty Trust was the topic of 3 analyst reports since September 3, 2015 according to the firm StockzIntelligence Inc. SunTrust maintained shares on September 3 with “Neutral” rating.
Approximately 231,592 shares of stock traded hands. Piedmont Office Realty Trust, Inc. (NYSE:PDM) has risen 5.99% since May 11, 2015 and is uptrending. It has outperformed by 10.40% the S&P500.
The overall sentiment of institutions has decreased to 0.71 in Q2 2015. Its down 0.11, from 0.82 in 2015Q2. The ratio fall, as 25 institutions have sold all the shares of Piedmont Office Realty Trust, Inc. that they owned while 86 funds have taken shares off the table. 20 funds have purchased shares for the first time while 59 added to their positions. These institutions now hold 98.05 million shares or 20.53% less than the 123.38 million shares they owned in 2015Q2.
The Fund Private Management Group Inc currently is holding shares equating to 2.66% of its total portfolio in Piedmont Office Realty Trust, Inc. representing a total of 2.28 million shares. Another fund,Wilsey Asset Management Inc, is holding a total of 190,815 shares equating to 2.64% of their holdings. Additionally, Aew Capital Management L P has a 5.25 million share stake in Piedmont Office Realty Trust, Inc. which represents 2.2% of their total portfolio. The Fund, Dean Capital Management, based out of Kansas, has also built up a stake in the stock, which represents a total of 1.93% of their total portfolio. Finally Green Street Investors Llc, a fund which is based in the state of California reported a total holdings of 71,800 shares.
Piedmont Office Realty Trust, Inc. is an integrated, self-managed real estate investment trust (REIT) specializing in the acquisition, ownership, management, development, and disposition of primarily Class A office buildings located in the United States office markets. The company has a market cap of $2.66 billion. The Firm conducts business through Piedmont Operating Partnership, L.P., as well as performing the management of its buildings through two wholly owned subsidiaries, Piedmont Government Services, LLC and Piedmont Office Management, LLC. It has 47.01 P/E ratio. The Firm owns and operates 74 office properties, one redevelopment asset, and one office building through an unconsolidated joint venture.
According to Zacks Investment Research, “Piedmont Office Realty Trust, Inc. is an integrated and self-managed real estate investment trust specializing in the acquisition, ownership, management and development of commercial real estate properties. That includes properties that are under construction, newly constructed, or have operating histories. The Company is primarily focused on high-quality Class A office buildings located in major U.S. markets and leased primarily to high-credit quality tenants. Major markets include: Washington, D.C., greater Los Angeles, the New York metropolitan area, Boston and Chicago. Piedmont conducts business primarily through Piedmont Operating Partnership, LP; a Delaware limited partnership, as well as performing the management of its buildings through two wholly-owned subsidiaries, Piedmont Government Services, LLC and Piedmont Office Management, LLC. Piedmont OP owns a majority of its properties directly and a limited number through joint ventures with real estate limited partnerships with other third parties.”