State Street Corp Trims Stock Position in Piedmont Office Realty Trust, Inc. (NYSE:PDM)

State Street Corp cut its position in Piedmont Office Realty Trust, Inc. (NYSE:PDM) by 0.8% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,476,694 shares of the real estate investment trust’s stock after selling 41,519 shares during the quarter. State Street Corp’s holdings in Piedmont Office Realty Trust were worth $55,315,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently bought and sold shares of the company. Blue Trust Inc. increased its holdings in shares of Piedmont Office Realty Trust by 38.3% in 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 period. Mirae Asset Global Investments Co. Ltd. increased its stake in Piedmont Office Realty Trust by 34.8% in the 3rd 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. Meeder Asset Management Inc. bought a new stake in shares of Piedmont Office Realty Trust during the 2nd quarter valued at about $76,000. Sei Investments Co. purchased a new position in shares of Piedmont Office Realty Trust during the second quarter worth about $85,000. Finally, Mackenzie Financial Corp bought a new position in shares of Piedmont Office Realty Trust in the second quarter worth approximately $98,000. 84.48% of the stock is owned by institutional investors.

Piedmont Office Realty Trust Price Performance

PDM opened at $8.74 on Thursday. 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 has a market capitalization of $1.08 billion, a P/E ratio of -14.10 and a beta of 1.20. The stock has a 50-day moving average price of $9.84 and a 200-day moving average price of $9.03. Piedmont Office Realty Trust, Inc. has a 12-month low of $5.93 and a 12-month high of $11.11.

Piedmont Office Realty Trust (NYSE:PDM) last issued its quarterly earnings results on Thursday, October 24th. The real estate investment trust reported ($0.09) EPS for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.46). Piedmont Office Realty Trust had a negative net margin of 13.47% and a negative return on equity of 4.61%. The business had revenue of $139.29 million for the quarter, compared to the consensus estimate of $143.56 million. During the same quarter in the previous year, the business earned $0.43 earnings per share. Equities analysts predict that Piedmont Office Realty Trust, Inc. will post 1.49 earnings per share for the current fiscal year.

Piedmont Office Realty Trust Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Friday, November 22nd will be paid a $0.125 dividend. This represents a $0.50 dividend on an annualized basis and a dividend yield of 5.72%. The ex-dividend date is Friday, November 22nd. Piedmont Office Realty Trust’s dividend payout ratio (DPR) is presently -80.65%.

Analyst Upgrades and Downgrades

Separately, Robert W. Baird boosted their price target on shares of Piedmont Office Realty Trust from $10.00 to $11.00 and gave the stock an “outperform” rating in a research note 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.