Charles Schwab Investment Management Inc. Sells 329,317 Shares of Piedmont Office Realty Trust, Inc. (NYSE:PDM)

Charles Schwab Investment Management Inc. cut its position in Piedmont Office Realty Trust, Inc. (NYSE:PDM - Free Report) by 10.4% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,847,806 shares of the real estate investment trust's stock after selling 329,317 shares during the quarter. Charles Schwab Investment Management Inc. owned about 2.30% of Piedmont Office Realty Trust worth $28,763,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the company. Massachusetts Financial Services Co. MA lifted its position in shares of Piedmont Office Realty Trust by 47.6% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 1,069,508 shares of the real estate investment trust's stock valued at $10,802,000 after acquiring an additional 344,694 shares during the period. Landscape Capital Management L.L.C. bought a new stake in shares of Piedmont Office Realty Trust during the 3rd quarter valued at $123,000. Intech Investment Management LLC bought a new stake in shares of Piedmont Office Realty Trust during the 3rd quarter valued at $258,000. Metis Global Partners LLC bought a new stake in shares of Piedmont Office Realty Trust during the 3rd quarter valued at $129,000. Finally, OVERSEA CHINESE BANKING Corp Ltd bought a new stake in shares of Piedmont Office Realty Trust during the 3rd quarter valued at $1,812,000. 84.48% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

PDM has been the subject of several recent analyst reports. Robert W. Baird upped their price objective on Piedmont Office Realty Trust from $10.00 to $11.00 and gave the stock an "outperform" rating in a research report on Friday, November 1st. Truist Financial restated a "buy" rating and set a $11.00 price objective (up from $10.00) on shares of Piedmont Office Realty Trust in a research report on Wednesday, August 14th.

Piedmont Office Realty Trust Price Performance

PDM traded down $0.05 on Thursday, reaching $9.21. The stock had a trading volume of 564,911 shares, compared to its average volume of 865,020. Piedmont Office Realty Trust, Inc. has a fifty-two week low of $5.93 and a fifty-two week high of $11.11. The firm has a 50-day moving average of $9.97 and a 200-day moving average of $8.88. The company has a current ratio of 2.22, a quick ratio of 2.22 and a debt-to-equity ratio of 1.36. The company has a market capitalization of $1.14 billion, a price-to-earnings ratio of -14.94 and a beta of 1.20.

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 (EPS) 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 during the quarter, compared to analyst estimates of $143.56 million. During the same period in the previous year, the company earned $0.43 EPS. As a group, sell-side analysts anticipate that Piedmont Office Realty Trust, Inc. will post 1.49 EPS for the current year.

Piedmont Office Realty Trust Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, November 22nd will be issued a $0.125 dividend. The ex-dividend date is Friday, November 22nd. This represents a $0.50 dividend on an annualized basis and a yield of 5.43%. Piedmont Office Realty Trust's payout ratio is presently -80.64%.

Piedmont Office Realty Trust Company Profile

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.