Summit Global Investments Takes $530,000 Position in Piedmont Office Realty Trust, Inc. (NYSE:PDM)

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

A number of other large investors have also recently bought and sold shares of PDM. Barclays PLC raised its position in Piedmont Office Realty Trust by 88.7% during the 3rd quarter. Barclays PLC now owns 237,407 shares of the real estate investment trust’s stock worth $2,398,000 after buying an additional 111,596 shares during the last quarter. JPMorgan Chase & Co. lifted its position in Piedmont Office Realty Trust by 45.3% during the third quarter. JPMorgan Chase & Co. now owns 1,534,770 shares of the real estate investment trust’s stock valued at $15,501,000 after purchasing an additional 478,560 shares during the period. Franklin Resources Inc. boosted its holdings in Piedmont Office Realty Trust by 72.5% in the third quarter. Franklin Resources Inc. now owns 148,046 shares of the real estate investment trust’s stock valued at $1,519,000 after purchasing an additional 62,233 shares during the last quarter. Choreo LLC grew its position in Piedmont Office Realty Trust by 4.0% during the 4th quarter. Choreo LLC now owns 54,024 shares of the real estate investment trust’s stock worth $484,000 after purchasing an additional 2,078 shares during the period. Finally, Massachusetts Financial Services Co. MA raised its stake 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 buying an additional 344,694 shares during the last quarter. Hedge funds and other institutional investors own 84.48% of the company’s stock.

Piedmont Office Realty Trust Stock Performance

NYSE PDM opened at $7.43 on Tuesday. The stock has a market capitalization of $923.61 million, a price-to-earnings ratio of -11.80 and a beta of 1.25. The stock has a 50-day moving average of $7.86 and a 200 day moving average of $9.02. 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, Inc. has a twelve month low of $6.27 and a twelve month high of $11.12.

Piedmont Office Realty Trust (NYSE:PDM) last announced its earnings results on Thursday, February 13th. The real estate investment trust reported $0.37 earnings per share 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 during the quarter, compared to the consensus estimate of $142.16 million. Sell-side analysts anticipate that Piedmont Office Realty Trust, Inc. will post 1.41 EPS for the current fiscal year.

Piedmont Office Realty Trust Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, March 14th. Stockholders of record on Friday, February 21st were given a $0.125 dividend. The ex-dividend date was Friday, February 21st. This represents a $0.50 annualized dividend and a dividend yield of 6.73%. Piedmont Office Realty Trust’s dividend payout ratio (DPR) is -79.37%.

Wall Street Analysts Forecast Growth

PDM has been the topic of several analyst reports. Truist Financial reaffirmed a “buy” rating and set a $10.00 target price (down from $11.00) on shares of Piedmont Office Realty Trust in a report on Tuesday, February 25th. StockNews.com raised shares of Piedmont Office Realty Trust from a “sell” rating to a “hold” rating in a report on Monday, February 17th. 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. Finally, Robert W. Baird dropped their price target on shares of 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.

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.