Piedmont Office Realty Trust (NYSE:PDM) Reaches New 52-Week High at $10.30

Piedmont Office Realty Trust, Inc. (NYSE:PDM) shares reached a new 52-week high during trading on Tuesday . The stock traded as high as $10.30 and last traded at $10.30, with a volume of 11607 shares changing hands. The stock had previously closed at $10.10.

Analyst Ratings Changes

PDM has been the subject of several research analyst reports. StockNews.com upgraded shares of Piedmont Office Realty Trust from a “sell” rating to a “hold” rating in a research report on Tuesday, July 23rd. Truist Financial reissued a “buy” rating and issued a $11.00 price target (up previously from $10.00) on shares of Piedmont Office Realty Trust in a research note on Wednesday, August 14th.

Piedmont Office Realty Trust Price Performance

The firm has a market cap of $1.24 billion, a price-to-earnings ratio of -16.56 and a beta of 1.22. The company’s fifty day moving average is $9.27 and its 200 day moving average is $7.84. The company has a quick ratio of 2.40, a current ratio of 2.40 and a debt-to-equity ratio of 1.34.

Piedmont Office Realty Trust (NYSE:PDM) last posted its quarterly earnings data on Wednesday, July 31st. The real estate investment trust reported ($0.08) EPS for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.45). The business had revenue of $143.26 million for the quarter, compared to analyst estimates 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%. On average, equities research analysts predict that Piedmont Office Realty Trust, Inc. will post 1.5 EPS for the current year.

Piedmont Office Realty Trust Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, September 20th. Investors of record on Friday, August 23rd were issued a dividend of $0.125 per share. The ex-dividend date was Friday, August 23rd. This represents a $0.50 dividend on an annualized basis and a yield of 4.98%. Piedmont Office Realty Trust’s payout ratio is -81.97%.

Institutional Trading of Piedmont Office Realty Trust

Several institutional investors and hedge funds have recently bought and sold shares of PDM. Creative Planning raised its position in shares of Piedmont Office Realty Trust by 7.0% in the second quarter. Creative Planning now owns 53,425 shares of the real estate investment trust’s stock valued at $387,000 after buying an additional 3,496 shares in the last quarter. Algert Global LLC raised its stake in Piedmont Office Realty Trust by 17.7% during the second quarter. Algert Global LLC now owns 130,973 shares of the real estate investment trust’s stock worth $950,000 after buying an additional 19,681 shares during the last quarter. Mackenzie Financial Corp bought a new stake in Piedmont Office Realty Trust during the second quarter valued at $98,000. The Manufacturers Life Insurance Company grew its holdings in Piedmont Office Realty Trust by 2.9% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 46,090 shares of the real estate investment trust’s stock worth $334,000 after acquiring an additional 1,311 shares during the period. Finally, AXA S.A. bought a new position in shares of Piedmont Office Realty Trust in the 2nd quarter worth about $332,000. Institutional investors own 84.48% of the company’s stock.

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.