Piedmont Office Realty Trust (NYSE:PDM) Shares Down 6.5% - What's Next?

Shares of Piedmont Office Realty Trust, Inc. (NYSE:PDM - Get Free Report) traded down 6.5% during trading on Friday . The company traded as low as $7.29 and last traded at $7.44. 293,773 shares traded hands during mid-day trading, a decline of 51% from the average session volume of 602,315 shares. The stock had previously closed at $7.96.

Analysts Set New Price Targets

PDM has been the subject of several research analyst reports. Baird R W downgraded shares of Piedmont Office Realty Trust from a "strong-buy" rating to a "hold" rating in a research note on Thursday, January 16th. Robert W. Baird downgraded Piedmont Office Realty Trust from an "outperform" rating to a "neutral" rating and set a $11.00 price target on the stock. in a research report on Thursday, January 16th. Finally, StockNews.com upgraded Piedmont Office Realty Trust from a "sell" rating to a "hold" rating in a report on Monday.

Piedmont Office Realty Trust Price Performance

The firm has a 50-day simple moving average of $8.66 and a 200-day simple moving average of $9.33. The firm has a market cap of $915.74 million, a P/E ratio of -11.91 and a beta of 1.19. The company has a current ratio of 2.22, a quick ratio of 2.22 and a debt-to-equity ratio of 1.36.

Piedmont Office Realty Trust (NYSE:PDM - Get Free Report) last announced its earnings results on Thursday, February 13th. The real estate investment trust reported $0.37 EPS for the quarter, hitting analysts' consensus estimates of $0.37. Piedmont Office Realty Trust had a negative net margin of 13.47% and a negative return on equity of 4.61%. The business had revenue of $143.23 million during the quarter, compared to the consensus estimate of $142.16 million. As a group, analysts forecast 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 declared a quarterly dividend, which will be paid on Friday, March 14th. Shareholders of record on Friday, February 21st will be issued a $0.125 dividend. This represents a $0.50 annualized dividend and a yield of 6.77%. The ex-dividend date is Friday, February 21st. Piedmont Office Realty Trust's dividend payout ratio is currently -80.64%.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Hudson Edge Investment Partners Inc. increased its holdings in shares of Piedmont Office Realty Trust by 4.8% during the fourth quarter. Hudson Edge Investment Partners Inc. now owns 25,550 shares of the real estate investment trust's stock valued at $234,000 after acquiring an additional 1,180 shares in the last quarter. Harbour Investments Inc. raised its holdings in shares of Piedmont Office Realty Trust by 25.4% in the fourth quarter. Harbour Investments Inc. now owns 6,004 shares of the real estate investment trust's stock worth $55,000 after buying an additional 1,216 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of Piedmont Office Realty Trust by 34.8% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,809 shares of the real estate investment trust's stock worth $48,000 after buying an additional 1,241 shares during the period. abrdn plc increased its position in shares of Piedmont Office Realty Trust by 5.9% in the 3rd quarter. abrdn plc now owns 24,341 shares of the real estate investment trust's stock valued at $246,000 after acquiring an additional 1,366 shares during the period. Finally, Quantinno Capital Management LP raised its stake in Piedmont Office Realty Trust by 6.5% in the 4th quarter. Quantinno Capital Management LP now owns 22,803 shares of the real estate investment trust's stock worth $209,000 after acquiring an additional 1,390 shares during the last quarter. 84.48% of the stock is owned by institutional investors and hedge funds.

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.