Resona Asset Management Co. Ltd. Invests $431,000 in Piedmont Office Realty Trust, Inc. (NYSE:PDM)

Resona Asset Management Co. Ltd. purchased a new position in shares of Piedmont Office Realty Trust, Inc. (NYSE:PDM - Free Report) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 48,736 shares of the real estate investment trust's stock, valued at approximately $431,000.

Several other hedge funds also recently modified their holdings of PDM. Barclays PLC boosted its holdings in Piedmont Office Realty Trust by 88.7% in the 3rd quarter. Barclays PLC now owns 237,407 shares of the real estate investment trust's stock valued at $2,398,000 after purchasing an additional 111,596 shares during the period. JPMorgan Chase & Co. lifted its stake in shares of Piedmont Office Realty Trust by 45.3% in the third quarter. JPMorgan Chase & Co. now owns 1,534,770 shares of the real estate investment trust's stock valued at $15,501,000 after buying an additional 478,560 shares during the period. Franklin Resources Inc. increased its position in shares of Piedmont Office Realty Trust by 72.5% during the third quarter. Franklin Resources Inc. now owns 148,046 shares of the real estate investment trust's stock valued at $1,519,000 after purchasing an additional 62,233 shares during the period. Choreo LLC raised its stake in shares of Piedmont Office Realty Trust by 4.0% in the 4th quarter. Choreo LLC now owns 54,024 shares of the real estate investment trust's stock valued at $484,000 after buying an additional 2,078 shares in the last quarter. Finally, Wilsey Asset Management Inc. increased its stake in Piedmont Office Realty Trust by 2.0% in the fourth quarter. Wilsey Asset Management Inc. now owns 3,953,542 shares of the real estate investment trust's stock valued at $36,175,000 after acquiring an additional 77,220 shares during the period. 84.48% of the stock is owned by institutional investors.

Piedmont Office Realty Trust Price Performance

Shares of PDM traded up $0.07 during mid-day trading on Thursday, hitting $6.54. 110,298 shares of the company traded hands, compared to its average volume of 828,952. The business has a 50-day moving average of $7.14 and a 200 day moving average of $8.63. Piedmont Office Realty Trust, Inc. has a one year low of $5.81 and a one year high of $11.12. The company has a current ratio of 2.10, a quick ratio of 2.22 and a debt-to-equity ratio of 1.40. The stock has a market capitalization of $813.50 million, a price-to-earnings ratio of -10.40 and a beta of 1.21.

Piedmont Office Realty Trust (NYSE:PDM - Get Free Report) last released its earnings results on Thursday, February 13th. The real estate investment trust reported $0.37 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $0.37. Piedmont Office Realty Trust had a negative net margin of 13.86% and a negative return on equity of 4.82%. The company had revenue of $143.23 million for the quarter, compared to the consensus estimate of $142.16 million. As a group, equities analysts expect that Piedmont Office Realty Trust, Inc. will post 1.41 earnings per share for the current fiscal year.

Piedmont Office Realty Trust Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 14th. Shareholders of record on Friday, February 21st were paid a $0.125 dividend. This represents a $0.50 annualized dividend and a yield of 7.65%. The ex-dividend date of this dividend was Friday, February 21st. Piedmont Office Realty Trust's payout ratio is -79.37%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on PDM shares. StockNews.com raised Piedmont Office Realty Trust from a "sell" rating to a "hold" rating in a report on Monday, February 17th. Robert W. Baird lowered their target price on shares of Piedmont Office Realty Trust from $10.00 to $9.00 and set a "neutral" rating on the stock in a report on Monday, February 24th. Truist Financial restated a "buy" rating and issued a $10.00 price target (down from $11.00) on shares of Piedmont Office Realty Trust in a research report on Tuesday, February 25th. Finally, Baird R W cut shares of Piedmont Office Realty Trust from a "strong-buy" rating to a "hold" rating in a research note on Thursday, January 16th.

About Piedmont Office Realty Trust

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.