Private Management Group Inc. cut its stake in shares of Piedmont Office Realty Trust, Inc. (NYSE:PDM - Free Report) by 9.7% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 4,171,419 shares of the real estate investment trust's stock after selling 447,460 shares during the quarter. Piedmont Office Realty Trust makes up approximately 1.5% of Private Management Group Inc.'s portfolio, making the stock its 9th biggest position. Private Management Group Inc. owned 3.36% of Piedmont Office Realty Trust worth $42,131,000 as of its most recent SEC filing.
A number of other institutional investors have also recently made changes to their positions in the stock. Vanguard Group Inc. raised its stake in Piedmont Office Realty Trust by 2.1% during the first quarter. Vanguard Group Inc. now owns 19,219,805 shares of the real estate investment trust's stock worth $135,115,000 after buying an additional 394,282 shares during the last quarter. Wilsey Asset Management Inc. raised its position in shares of Piedmont Office Realty Trust by 50.2% in the 2nd quarter. Wilsey Asset Management Inc. now owns 3,899,800 shares of the real estate investment trust's stock worth $28,274,000 after acquiring an additional 1,302,681 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of Piedmont Office Realty Trust by 0.9% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,719,641 shares of the real estate investment trust's stock valued at $12,467,000 after purchasing an additional 14,831 shares during the period. Marshall Wace LLP boosted its position in shares of Piedmont Office Realty Trust by 7,041.3% during the 2nd quarter. Marshall Wace LLP now owns 914,092 shares of the real estate investment trust's stock valued at $6,627,000 after purchasing an additional 901,292 shares in the last quarter. Finally, Nordea Investment Management AB boosted its position in shares of Piedmont Office Realty Trust by 37.5% during the 1st quarter. Nordea Investment Management AB now owns 830,402 shares of the real estate investment trust's stock valued at $5,755,000 after purchasing an additional 226,611 shares in the last quarter. Institutional investors own 84.48% of the company's stock.
Several equities analysts have issued reports on the company. StockNews.com raised Piedmont Office Realty Trust from a "sell" rating to a "hold" rating in a research note on Tuesday, July 23rd. Truist Financial reiterated a "buy" rating and set a $11.00 target price (up previously from $10.00) on shares of Piedmont Office Realty Trust in a research report on Wednesday, August 14th. Finally, Robert W. Baird increased their target price on shares of Piedmont Office Realty Trust from $10.00 to $11.00 and gave the stock an "outperform" rating in a research note on Friday.
Get Our Latest Stock Report on Piedmont Office Realty Trust
PDM stock traded down $0.06 during trading on Friday, reaching $9.88. 965,837 shares of the stock were exchanged, compared to its average volume of 857,877. The firm's 50 day moving average is $10.00 and its 200 day moving average is $8.42. The firm has a market cap of $1.23 billion, a P/E ratio of -15.94 and a beta of 1.22. The company has a current ratio of 2.22, a quick ratio of 2.22 and a debt-to-equity ratio of 1.36. Piedmont Office Realty Trust, Inc. has a twelve month low of $5.37 and a twelve month high of $11.11.
Piedmont Office Realty Trust (NYSE:PDM - Get Free Report) last issued its earnings results on Thursday, October 24th. The real estate investment trust reported ($0.09) earnings per share for the quarter, missing analysts' consensus estimates 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 firm had revenue of $139.29 million for the quarter, compared to analyst estimates of $143.56 million. During the same period in the previous year, the company earned $0.43 earnings per share. As a group, research analysts forecast that Piedmont Office Realty Trust, Inc. will post 1.5 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Friday, November 22nd will be issued a dividend of $0.125 per share. This represents a $0.50 dividend on an annualized basis and a dividend yield of 5.06%. The ex-dividend date of this dividend is Friday, November 22nd. Piedmont Office Realty Trust's dividend payout ratio is currently -80.64%.
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.
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