5 Cheap REITs with Huge Upside

4. Piedmont Office Realty Trust, Inc. (NYSE:PDM)

Number of Hedge Fund Holders: 19

Average Upside Potential Based on Analyst Ratings: 61.97%

Average Analyst Price Target: $12.00

Piedmont Office Realty Trust, Inc. (NYSE:PDM) is a real estate investment trust that owns, manages, develops, redevelops, and operates Class A office properties in seven major Eastern U.S. office markets, with the majority of its revenue coming from the Sunbelt. It is one of the top cheap REIT stocks to monitor. 

At the end of June 2022, Truist analyst Michael Lewis maintained a Buy rating on Piedmont Office Realty Trust, Inc. (NYSE:PDM) but lowered the firm’s price target on the shares to $17 from $21 as part of a broader research note on Office REITs that assumes higher debt costs and a slower assumed occupancy recovery. 

According to Insider Monkey’s fourth quarter database, 19 hedge funds were bullish on Piedmont Office Realty Trust, Inc. (NYSE:PDM), compared to 16 funds in the preceding quarter. GLG Partners held the largest position in the company, comprising approximately 2 million shares worth $18.2 million.