Sumitomo Mitsui Trust Holdings Inc. reduced its holdings in shares of Piedmont Office Realty Trust (NYSE:PDM) by 2.4% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 131,748 shares of the real estate investment trust’s stock after selling 3,194 shares during the period. Sumitomo Mitsui Trust Holdings Inc. owned about 0.10% of Piedmont Office Realty Trust worth $2,317,000 at the end of the most recent quarter.
Other hedge funds have also made changes to their positions in the company. Dean Capital Investments Management LLC purchased a new stake in Piedmont Office Realty Trust during the fourth quarter valued at approximately $202,000. Nisa Investment Advisors LLC increased its holdings in Piedmont Office Realty Trust by 123.1% during the fourth quarter. Nisa Investment Advisors LLC now owns 11,600 shares of the real estate investment trust’s stock valued at $227,000 after buying an additional 6,400 shares during the last quarter. Pinnacle Wealth Planning Services Inc. purchased a new stake in Piedmont Office Realty Trust during the fourth quarter valued at approximately $234,000. The Manufacturers Life Insurance Company increased its holdings in Piedmont Office Realty Trust by 38.9% during the fourth quarter. The Manufacturers Life Insurance Company now owns 12,011 shares of the real estate investment trust’s stock valued at $236,000 after buying an additional 3,366 shares during the last quarter. Finally, Xact Kapitalforvaltning AB purchased a new stake in Piedmont Office Realty Trust during the fourth quarter valued at approximately $265,000. 92.63% of the stock is owned by institutional investors and hedge funds.
Get Piedmont Office Realty Trust alerts:Shares of Piedmont Office Realty Trust opened at $17.93 on Friday, according to Marketbeat Ratings. The company has a debt-to-equity ratio of 0.94, a current ratio of 2.28 and a quick ratio of 2.28. The firm has a market capitalization of $2.31 billion, a PE ratio of 10.25, a PEG ratio of 2.62 and a beta of 0.60. Piedmont Office Realty Trust has a 1 year low of $16.69 and a 1 year high of $21.80.
Piedmont Office Realty Trust (NYSE:PDM) last announced its quarterly earnings data on Tuesday, May 1st. The real estate investment trust reported $0.43 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.41 by $0.02. The firm had revenue of $129.90 million during the quarter, compared to analysts’ expectations of $131.38 million. Piedmont Office Realty Trust had a net margin of 31.73% and a return on equity of 3.33%. The company’s revenue for the quarter was down 12.5% compared to the same quarter last year. During the same period in the prior year, the company posted $0.45 earnings per share. research analysts predict that Piedmont Office Realty Trust will post 1.72 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 15th. Stockholders of record on Wednesday, May 23rd will be paid a $0.21 dividend. The ex-dividend date of this dividend is Tuesday, May 22nd. This represents a $0.84 dividend on an annualized basis and a dividend yield of 4.68%. Piedmont Office Realty Trust’s dividend payout ratio (DPR) is presently 48.00%.
A number of analysts have commented on PDM shares. SunTrust Banks set a $20.00 target price on shares of Piedmont Office Realty Trust and gave the company a “hold” rating in a report on Tuesday, March 6th. Robert W. Baird set a $22.00 target price on shares of Piedmont Office Realty Trust and gave the company a “buy” rating in a report on Thursday, February 8th. Stifel Nicolaus cut shares of Piedmont Office Realty Trust from a “hold” rating to a “sell” rating in a report on Tuesday, March 13th. Finally, ValuEngine cut shares of Piedmont Office Realty Trust from a “buy” rating to a “hold” rating in a report on Thursday, February 8th. Three research analysts have rated the stock with a sell rating, two have assigned a hold rating and one has given a buy rating to the stock. Piedmont Office Realty Trust presently has a consensus rating of “Hold” and a consensus price target of $21.25.
In other news, Director Kelly Hefner Barrett acquired 10,000 shares of Piedmont Office Realty Trust stock in a transaction dated Friday, May 4th. The stock was purchased at an average cost of $18.65 per share, with a total value of $186,500.00. Following the completion of the purchase, the director now directly owns 16,446 shares in the company, valued at approximately $306,717.90. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Jeffrey L. Swope acquired 5,700 shares of Piedmont Office Realty Trust stock in a transaction dated Tuesday, March 13th. The stock was purchased at an average cost of $17.57 per share, with a total value of $100,149.00. The disclosure for this purchase can be found here. Corporate insiders own 0.76% of the company’s stock.
Piedmont Office Realty Trust Profile
Piedmont Office Realty Trust, Inc (NYSE: PDM) is an owner, manager, developer, and operator of high-quality, Class A office properties in select submarkets located primarily within eight major U.S. office markets. Its geographically-diversified, almost $5 billion portfolio is currently comprised of approximately 17 million square feet.
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