Swedbank AB Sells 70,698 Shares of Piedmont Office Realty Trust, Inc. (NYSE:PDM)

Swedbank AB lessened its stake in shares of Piedmont Office Realty Trust, Inc. (NYSE:PDM - Free Report) by 16.9% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 347,359 shares of the real estate investment trust's stock after selling 70,698 shares during the quarter. Swedbank AB owned about 0.28% of Piedmont Office Realty Trust worth $3,508,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in the stock. Blue Trust Inc. grew its position in Piedmont Office Realty Trust by 38.3% in the 2nd quarter. Blue Trust Inc. now owns 4,654 shares of the real estate investment trust's stock worth $33,000 after purchasing an additional 1,288 shares during the period. First Trust Direct Indexing L.P. bought a new stake in shares of Piedmont Office Realty Trust in the first quarter worth $73,000. Meeder Asset Management Inc. purchased a new stake in Piedmont Office Realty Trust during the second quarter valued at $76,000. Bayesian Capital Management LP bought a new position in Piedmont Office Realty Trust in the first quarter valued at about $81,000. Finally, Sei Investments Co. purchased a new position in Piedmont Office Realty Trust in the second quarter worth about $85,000. 84.48% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

PDM has been the topic of several recent research reports. StockNews.com upgraded shares of 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 issued a $11.00 price target (up from $10.00) on shares of Piedmont Office Realty Trust in a research report on Wednesday, August 14th.

Piedmont Office Realty Trust Stock Performance

NYSE PDM traded up $0.20 on Friday, hitting $11.07. 531,635 shares of the company traded hands, compared to its average volume of 714,775. The business's 50 day moving average price is $9.73 and its 200-day moving average price is $8.17. Piedmont Office Realty Trust, Inc. has a 52-week low of $4.91 and a 52-week high of $11.11. The company has a current ratio of 2.40, a quick ratio of 2.40 and a debt-to-equity ratio of 1.34. The company has a market capitalization of $1.37 billion, a price-to-earnings ratio of -16.52 and a beta of 1.22.

Piedmont Office Realty Trust (NYSE:PDM - Get Free Report) last posted its quarterly earnings data on Wednesday, July 31st. The real estate investment trust reported ($0.08) earnings per share for the quarter, missing analysts' consensus estimates of $0.37 by ($0.45). The company had revenue of $143.26 million for the quarter, compared to analysts' expectations of $141.25 million. Piedmont Office Realty Trust had a negative net margin of 14.24% and a negative return on equity of 4.84%. Equities analysts expect that Piedmont Office Realty Trust, Inc. will post 1.5 earnings per share for the current year.

Piedmont Office Realty Trust Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 20th. Stockholders of record on Friday, August 23rd were paid a $0.125 dividend. The ex-dividend date was Friday, August 23rd. This represents a $0.50 dividend on an annualized basis and a dividend yield of 4.52%. Piedmont Office Realty Trust's dividend payout ratio (DPR) is presently -74.63%.

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.