OVERSEA CHINESE BANKING Corp Ltd purchased a new position in Piedmont Office Realty Trust, Inc. (NYSE:PDM - Free Report) in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 179,452 shares of the real estate investment trust's stock, valued at approximately $1,812,000. OVERSEA CHINESE BANKING Corp Ltd owned approximately 0.14% of Piedmont Office Realty Trust as of its most recent filing with the Securities & Exchange Commission.
A number of other institutional investors have also made changes to their positions in the company. Russell Investments Group Ltd. increased its holdings in shares of Piedmont Office Realty Trust by 164.8% in the 1st quarter. Russell Investments Group Ltd. now owns 272,302 shares of the real estate investment trust's stock worth $1,914,000 after acquiring an additional 169,454 shares during the period. ProShare Advisors LLC lifted its holdings in Piedmont Office Realty Trust by 8.5% in the 1st quarter. ProShare Advisors LLC now owns 22,203 shares of the real estate investment trust's stock valued at $156,000 after acquiring an additional 1,748 shares during the last quarter. Vanguard Group Inc. boosted its holdings 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 in the last quarter. Quadrature Capital Ltd grew its holdings in shares of Piedmont Office Realty Trust by 24.7% in the 1st quarter. Quadrature Capital Ltd now owns 32,640 shares of the real estate investment trust's stock worth $229,000 after acquiring an additional 6,467 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD increased its stake in Piedmont Office Realty Trust by 5.7% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 100,242 shares of the real estate investment trust's stock worth $705,000 after purchasing an additional 5,386 shares in the last quarter. 84.48% of the stock is currently owned by institutional investors.
Wall Street Analysts Forecast Growth
Several brokerages have issued reports on PDM. Robert W. Baird boosted their target price on shares of Piedmont Office Realty Trust from $10.00 to $11.00 and gave the company an "outperform" rating in a research note on Friday, November 1st. Truist Financial reaffirmed 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, StockNews.com upgraded Piedmont Office Realty Trust from a "sell" rating to a "hold" rating in a research note on Tuesday, July 23rd.
Get Our Latest Analysis on PDM
Piedmont Office Realty Trust Stock Performance
Shares of PDM traded down $0.16 during trading hours on Wednesday, reaching $9.73. 1,127,163 shares of the company traded hands, compared to its average volume of 861,122. The company has a debt-to-equity ratio of 1.36, a quick ratio of 2.22 and a current ratio of 2.22. The stock's fifty day moving average is $10.06 and its 200 day moving average is $8.62. Piedmont Office Realty Trust, Inc. has a 1-year low of $5.78 and a 1-year high of $11.11. The stock has a market cap of $1.21 billion, a P/E ratio of -15.82 and a beta of 1.21.
Piedmont Office Realty Trust (NYSE:PDM - Get Free Report) last posted its quarterly earnings results on Thursday, October 24th. The real estate investment trust reported ($0.09) EPS for the quarter, missing the consensus estimate of $0.37 by ($0.46). The firm had revenue of $139.29 million during the quarter, compared to analyst estimates of $143.56 million. Piedmont Office Realty Trust had a negative net margin of 13.47% and a negative return on equity of 4.61%. During the same period last year, the company earned $0.43 EPS. Equities research analysts anticipate that Piedmont Office Realty Trust, Inc. will post 1.49 earnings per share for the current fiscal year.
Piedmont Office Realty Trust Announces Dividend
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 paid a $0.125 dividend. This represents a $0.50 dividend on an annualized basis and a dividend yield of 5.14%. The ex-dividend date of this dividend is Friday, November 22nd. Piedmont Office Realty Trust's dividend payout ratio is -80.64%.
Piedmont Office Realty Trust Profile
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Free Report)
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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