Prudential Financial Inc. Grows Stake in Piedmont Office Realty Trust, Inc. (NYSE:PDM)

Prudential Financial Inc. lifted its holdings in Piedmont Office Realty Trust, Inc. (NYSE:PDM - Free Report) by 34.6% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 2,719,332 shares of the real estate investment trust's stock after purchasing an additional 699,339 shares during the period. Prudential Financial Inc. owned about 2.19% of Piedmont Office Realty Trust worth $24,882,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the business. Hudson Edge Investment Partners Inc. raised its holdings in Piedmont Office Realty Trust by 4.8% in the 4th quarter. Hudson Edge Investment Partners Inc. now owns 25,550 shares of the real estate investment trust's stock worth $234,000 after purchasing an additional 1,180 shares during the period. Harbour Investments Inc. boosted its position 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 purchasing an additional 1,216 shares during the period. Metis Global Partners LLC increased its stake in shares of Piedmont Office Realty Trust by 11.4% in the fourth quarter. Metis Global Partners LLC now owns 14,225 shares of the real estate investment trust's stock worth $130,000 after purchasing an additional 1,453 shares in the last quarter. TD Private Client Wealth LLC raised its position in shares of Piedmont Office Realty Trust by 51.3% during 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 purchasing an additional 1,666 shares during the period. Finally, Quantinno Capital Management LP boosted its holdings in Piedmont Office Realty Trust by 8.7% in the 3rd quarter. Quantinno Capital Management LP now owns 21,413 shares of the real estate investment trust's stock worth $216,000 after buying an additional 1,713 shares during the period. Institutional investors own 84.48% of the company's stock.

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Piedmont Office Realty Trust Price Performance

Shares of NYSE:PDM traded up $0.15 during mid-day trading on Monday, reaching $7.38. The stock had a trading volume of 653,684 shares, compared to its average volume of 822,984. The business's 50 day moving average price is $7.72 and its 200 day moving average price is $8.94. Piedmont Office Realty Trust, Inc. has a 1 year low of $6.27 and a 1 year high of $11.12. The company has a market cap of $917.63 million, a P/E ratio of -11.71 and a beta of 1.25. The company has a current ratio of 2.10, a quick ratio of 2.22 and a debt-to-equity ratio of 1.40.

Piedmont Office Realty Trust (NYSE:PDM - Get Free Report) last issued its quarterly earnings data on Thursday, February 13th. The real estate investment trust reported $0.37 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.37. Piedmont Office Realty Trust had a negative return on equity of 4.82% and a negative net margin of 13.86%. The business had revenue of $143.23 million for the quarter, compared to analysts' expectations of $142.16 million. Research analysts expect that Piedmont Office Realty Trust, Inc. will post 1.41 EPS for the current fiscal year.

Piedmont Office Realty Trust Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 14th. Stockholders of record on Friday, February 21st were issued a $0.125 dividend. The ex-dividend date of this dividend was Friday, February 21st. This represents a $0.50 dividend on an annualized basis and a dividend yield of 6.78%. Piedmont Office Realty Trust's dividend payout ratio (DPR) is presently -79.37%.

Analysts Set New Price Targets

A number of research firms have recently weighed in on PDM. StockNews.com raised Piedmont Office Realty Trust from a "sell" rating to a "hold" rating in a research note on Monday, February 17th. Truist Financial restated a "buy" rating and issued a $10.00 price target (down from $11.00) on shares of Piedmont Office Realty Trust in a research note on Tuesday, February 25th. Robert W. Baird cut their price objective on shares of 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. Finally, Baird R W downgraded shares of Piedmont Office Realty Trust from a "strong-buy" rating to a "hold" rating in a report on Thursday, January 16th.

Piedmont Office Realty Trust 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.