Piedmont Office Realty Trust (NYSE:PDM) Reaches New 1-Year High at $9.86

Shares of Piedmont Office Realty Trust, Inc. (NYSE:PDM) reached a new 52-week high during trading on Friday . The stock traded as high as $9.86 and last traded at $9.78, with a volume of 13393 shares. The stock had previously closed at $9.66.

Analysts Set New Price Targets

Several research firms have commented on PDM. Truist Financial reissued a “buy” rating and issued a $11.00 target price (up from $10.00) on shares of Piedmont Office Realty Trust in a research report on Wednesday, August 14th. StockNews.com raised shares of Piedmont Office Realty Trust from a “sell” rating to a “hold” rating in a research report on Tuesday, July 23rd.

Piedmont Office Realty Trust Price Performance

The company has a quick ratio of 2.40, a current ratio of 2.40 and a debt-to-equity ratio of 1.34. The company has a market capitalization of $1.23 billion, a P/E ratio of -16.26 and a beta of 1.22. The company’s 50-day simple moving average is $8.82 and its 200 day simple moving average is $7.54.

Piedmont Office Realty Trust (NYSE:PDM) last posted its quarterly earnings data on Wednesday, July 31st. The real estate investment trust reported ($0.08) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.37 by ($0.45). The firm had revenue of $143.26 million for the quarter, compared to the consensus estimate of $141.25 million. Piedmont Office Realty Trust had a negative return on equity of 4.84% and a negative net margin of 14.24%. As a group, sell-side analysts expect that Piedmont Office Realty Trust, Inc. will post 1.5 earnings per share for the current fiscal year.

Piedmont Office Realty Trust Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 20th. Investors of record on Friday, August 23rd will be issued a dividend of $0.125 per share. This represents a $0.50 annualized dividend and a dividend yield of 5.04%. The ex-dividend date is Friday, August 23rd. Piedmont Office Realty Trust’s dividend payout ratio is currently -81.97%.

Institutional Trading of Piedmont Office Realty Trust

Several large investors have recently modified their holdings of PDM. Vanguard Group Inc. raised its stake in Piedmont Office Realty Trust by 2.1% during the 1st quarter. Vanguard Group Inc. now owns 19,219,805 shares of the real estate investment trust’s stock valued at $135,115,000 after purchasing an additional 394,282 shares during the last quarter. Private Management Group Inc. raised its stake in Piedmont Office Realty Trust by 0.3% during the 1st quarter. Private Management Group Inc. now owns 4,631,310 shares of the real estate investment trust’s stock valued at $32,558,000 after purchasing an additional 14,784 shares during the last quarter. Wilsey Asset Management Inc. raised its stake in Piedmont Office Realty Trust by 50.2% during the 2nd quarter. Wilsey Asset Management Inc. now owns 3,899,800 shares of the real estate investment trust’s stock valued at $28,274,000 after purchasing an additional 1,302,681 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in Piedmont Office Realty Trust by 6.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,412,069 shares of the real estate investment trust’s stock valued at $24,260,000 after purchasing an additional 209,963 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in Piedmont Office Realty Trust by 0.9% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,719,641 shares of the real estate investment trust’s stock valued at $12,467,000 after purchasing an additional 14,831 shares during the last quarter. 84.48% of the stock is owned by institutional investors.

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.