Ilmarinen Mutual Pension Insurance Co Acquires 75,000 Shares of Piedmont Office Realty Trust, Inc. (NYSE:PDM)

Ilmarinen Mutual Pension Insurance Co raised its position in shares of Piedmont Office Realty Trust, Inc. (NYSE:PDM - Free Report) by 681.8% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 86,000 shares of the real estate investment trust's stock after purchasing an additional 75,000 shares during the period. Ilmarinen Mutual Pension Insurance Co owned 0.07% of Piedmont Office Realty Trust worth $787,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the business. TD Private Client Wealth LLC increased its position in Piedmont Office Realty Trust by 51.3% in the 3rd quarter. TD Private Client Wealth LLC now owns 4,916 shares of the real estate investment trust's stock valued at $50,000 after acquiring an additional 1,666 shares during the period. Harbour Investments Inc. grew its position in Piedmont Office Realty Trust by 25.4% in the 4th quarter. Harbour Investments Inc. now owns 6,004 shares of the real estate investment trust's stock valued at $55,000 after buying an additional 1,216 shares in the last quarter. Xponance Inc. bought a new position in shares of Piedmont Office Realty Trust in the fourth quarter valued at approximately $95,000. Arkadios Wealth Advisors acquired a new position in shares of Piedmont Office Realty Trust during the fourth quarter valued at approximately $105,000. Finally, Cibc World Markets Corp acquired a new stake in Piedmont Office Realty Trust in the fourth quarter worth approximately $106,000. Institutional investors own 84.48% of the company's stock.

Analysts Set New Price Targets

PDM has been the subject of several research analyst reports. Baird R W lowered Piedmont Office Realty Trust from a "strong-buy" rating to a "hold" rating in a report on Thursday, January 16th. Robert W. Baird reduced their target price on Piedmont Office Realty Trust from $10.00 to $9.00 and set a "neutral" rating for the company in a report on Monday, February 24th. StockNews.com upgraded Piedmont Office Realty Trust from a "sell" rating to a "hold" rating in a report on Monday, February 17th. Finally, Truist Financial reissued a "buy" rating and issued a $10.00 target price (down from $11.00) on shares of Piedmont Office Realty Trust in a research report on Tuesday, February 25th.

Piedmont Office Realty Trust Stock Performance

PDM stock traded down $0.06 during trading on Friday, reaching $6.07. 247,410 shares of the stock were exchanged, compared to its average volume of 826,173. Piedmont Office Realty Trust, Inc. has a twelve month low of $5.81 and a twelve month high of $11.12. The company has a market capitalization of $755.16 million, a P/E ratio of -9.63 and a beta of 1.21. 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 50 day simple moving average of $7.31 and a 200-day simple moving average of $8.72.

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

Piedmont Office Realty Trust Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Friday, February 21st were issued a dividend of $0.125 per share. The ex-dividend date was Friday, February 21st. This represents a $0.50 annualized dividend and a yield of 8.24%. Piedmont Office Realty Trust's payout ratio is presently -79.37%.

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.