Wellington Management Group LLP Reduces Stock Position in Piedmont Office Realty Trust, Inc. (NYSE:PDM)

Wellington Management Group LLP trimmed its position in Piedmont Office Realty Trust, Inc. (NYSE:PDM) by 30.0% during the third quarter, Holdings Channel.com reports. The firm owned 1,560,617 shares of the real estate investment trust’s stock after selling 668,677 shares during the period. Wellington Management Group LLP’s holdings in Piedmont Office Realty Trust were worth $15,762,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Mirae Asset Global Investments Co. Ltd. boosted its position in Piedmont Office Realty Trust by 34.8% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,809 shares of the real estate investment trust’s stock worth $48,000 after acquiring an additional 1,241 shares during the last quarter. Blue Trust Inc. boosted its holdings in shares of Piedmont Office Realty Trust by 38.3% during the second quarter. Blue Trust Inc. now owns 4,654 shares of the real estate investment trust’s stock worth $33,000 after purchasing an additional 1,288 shares during the last quarter. The Manufacturers Life Insurance Company grew its position in shares of Piedmont Office Realty Trust by 2.9% in the second quarter. The Manufacturers Life Insurance Company now owns 46,090 shares of the real estate investment trust’s stock valued at $334,000 after purchasing an additional 1,311 shares during the period. abrdn plc increased its stake in Piedmont Office Realty Trust by 5.9% in the third quarter. abrdn plc now owns 24,341 shares of the real estate investment trust’s stock valued at $246,000 after purchasing an additional 1,366 shares during the last quarter. Finally, CWM LLC lifted its position in Piedmont Office Realty Trust by 15.1% during the third quarter. CWM LLC now owns 12,772 shares of the real estate investment trust’s stock worth $129,000 after buying an additional 1,678 shares during the period. 84.48% of the stock is owned by institutional investors and hedge funds.

Piedmont Office Realty Trust Trading Up 1.0 %

Shares of PDM opened at $9.36 on Friday. Piedmont Office Realty Trust, Inc. has a twelve month low of $5.93 and a twelve month high of $11.11. The firm has a market capitalization of $1.16 billion, a P/E ratio of -15.10 and a beta of 1.20. The company has a current ratio of 2.22, a quick ratio of 2.22 and a debt-to-equity ratio of 1.36. The stock’s fifty day simple moving average is $9.88 and its 200 day simple moving average is $8.99.

Piedmont Office Realty Trust (NYSE:PDM) last released its quarterly earnings data on Thursday, October 24th. The real estate investment trust reported ($0.09) earnings per share for the quarter, missing the consensus estimate of $0.37 by ($0.46). The firm had revenue of $139.29 million during the quarter, compared to analyst estimates of $143.56 million. Piedmont Office Realty Trust had a negative net margin of 13.47% and a negative return on equity of 4.61%. During the same period in the prior year, the firm earned $0.43 earnings per share. On average, equities research analysts forecast that Piedmont Office Realty Trust, Inc. will post 1.49 earnings per share for the current year.

Piedmont Office Realty Trust Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Friday, November 22nd will be given a $0.125 dividend. This represents a $0.50 annualized dividend and a dividend yield of 5.34%. The ex-dividend date is Friday, November 22nd. Piedmont Office Realty Trust’s payout ratio is currently -80.64%.

Analyst Upgrades and Downgrades

Separately, Robert W. Baird lifted their price target on Piedmont Office Realty Trust from $10.00 to $11.00 and gave the company an “outperform” rating in a report on Friday, November 1st.

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.