Summit Global Investments Acquires Shares of 57,954 Piedmont Office Realty Trust, Inc. (NYSE:PDM)

Summit Global Investments purchased a new position in Piedmont Office Realty Trust, Inc. (NYSE:PDM - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 57,954 shares of the real estate investment trust's stock, valued at approximately $530,000.

Several other institutional investors have also bought and sold shares of PDM. TD Private Client Wealth LLC grew its stake 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 worth $50,000 after acquiring an additional 1,666 shares during the period. Harbour Investments Inc. boosted its position in Piedmont Office Realty Trust by 25.4% during 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. Xponance Inc. purchased a new position in shares of Piedmont Office Realty Trust in the fourth quarter worth about $95,000. Arkadios Wealth Advisors bought a new stake in shares of Piedmont Office Realty Trust in the fourth quarter valued at approximately $105,000. Finally, Cibc World Markets Corp purchased a new stake in shares of Piedmont Office Realty Trust during the 4th quarter valued at approximately $106,000. Hedge funds and other institutional investors own 84.48% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have issued reports on PDM. Robert W. Baird dropped their target price on Piedmont Office Realty Trust from $10.00 to $9.00 and set a "neutral" rating on the stock in a research report on Monday, February 24th. Baird R W lowered Piedmont Office Realty Trust from a "strong-buy" rating to a "hold" rating in a report on Thursday, January 16th. Truist Financial restated a "buy" rating and issued a $10.00 price objective (down from $11.00) on shares of Piedmont Office Realty Trust in a research report on Tuesday, February 25th. Finally, StockNews.com raised shares of Piedmont Office Realty Trust from a "sell" rating to a "hold" rating in a report on Monday, February 17th.

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Piedmont Office Realty Trust Price Performance

Shares of NYSE:PDM traded down $0.14 on Friday, hitting $7.24. The company's stock had a trading volume of 467,735 shares, compared to its average volume of 823,661. The company has a market capitalization of $900.09 million, a PE ratio of -11.48 and a beta of 1.25. The company has a debt-to-equity ratio of 1.40, a current ratio of 2.10 and a quick ratio of 2.22. The company has a 50-day simple moving average of $7.78 and a 200 day simple moving average of $8.98. Piedmont Office Realty Trust, Inc. has a 1 year low of $6.27 and a 1 year high of $11.12.

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 earnings per share for the quarter, meeting analysts' consensus estimates of $0.37. Piedmont Office Realty Trust had a negative net margin of 13.86% and a negative return on equity of 4.82%. The business had revenue of $143.23 million for the quarter, compared to the consensus estimate of $142.16 million. Sell-side analysts forecast that Piedmont Office Realty Trust, Inc. will post 1.41 EPS for the current fiscal year.

Piedmont Office Realty Trust Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 14th. Stockholders of record on Friday, February 21st were issued a $0.125 dividend. This represents a $0.50 dividend on an annualized basis and a dividend yield of 6.91%. The ex-dividend date was Friday, February 21st. Piedmont Office Realty Trust's payout ratio is currently -79.37%.

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.