Piedmont Office Realty Trust (NYSE:PDM) Price Target Raised to $11.00

Piedmont Office Realty Trust (NYSE:PDM) had its target price increased by Robert W. Baird from $10.00 to $11.00 in a research note published on Friday morning, Benzinga reports. The firm currently has an outperform rating on the real estate investment trust’s stock.

A number of other research firms have also recently issued reports on PDM. StockNews.com upgraded Piedmont Office Realty Trust from a “sell” rating to a “hold” rating in a research report on Tuesday, July 23rd. Truist Financial reaffirmed a “buy” rating and set a $11.00 price target (up from $10.00) on shares of Piedmont Office Realty Trust in a report on Wednesday, August 14th.

Piedmont Office Realty Trust Price Performance

Shares of NYSE:PDM traded down $0.06 during midday trading on Friday, hitting $9.88. The stock had a trading volume of 965,837 shares, compared to its average volume of 857,877. The company’s 50-day moving average price is $10.00 and its 200-day moving average price is $8.42. Piedmont Office Realty Trust has a fifty-two week low of $5.37 and a fifty-two week high of $11.11. The company has a quick ratio of 2.22, a current ratio of 2.22 and a debt-to-equity ratio of 1.36. The company has a market capitalization of $1.23 billion, a P/E ratio of -15.94 and a beta of 1.22.

Piedmont Office Realty Trust (NYSE:PDM) last released its earnings results 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). Piedmont Office Realty Trust had a negative return on equity of 4.61% and a negative net margin of 13.47%. 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 company earned $0.43 earnings per share. As a group, equities research analysts predict that Piedmont Office Realty Trust will post 1.5 EPS for the current fiscal year.

Piedmont Office Realty Trust Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, November 22nd will be issued a dividend of $0.125 per share. This represents a $0.50 annualized dividend and a dividend yield of 5.06%. The ex-dividend date is Friday, November 22nd. Piedmont Office Realty Trust’s dividend payout ratio (DPR) is -80.64%.

Hedge Funds Weigh In On Piedmont Office Realty Trust

Institutional investors and hedge funds have recently bought and sold shares of the company. Robeco Institutional Asset Management B.V. grew its holdings in shares of Piedmont Office Realty Trust by 13.7% during the third quarter. Robeco Institutional Asset Management B.V. now owns 727,347 shares of the real estate investment trust’s stock worth $7,346,000 after purchasing an additional 87,618 shares during the last quarter. Van ECK Associates Corp boosted its position in Piedmont Office Realty Trust by 10.8% during the 3rd quarter. Van ECK Associates Corp now owns 24,612 shares of the real estate investment trust’s stock worth $263,000 after buying an additional 2,390 shares during the period. Optas LLC bought a new stake in Piedmont Office Realty Trust during the 3rd quarter worth approximately $101,000. abrdn plc increased its position in Piedmont Office Realty Trust by 5.9% in the 3rd quarter. abrdn plc now owns 24,341 shares of the real estate investment trust’s stock valued at $246,000 after acquiring an additional 1,366 shares during the period. Finally, Wealth Enhancement Advisory Services LLC raised its stake in shares of Piedmont Office Realty Trust by 6.1% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 35,010 shares of the real estate investment trust’s stock valued at $354,000 after acquiring an additional 2,016 shares during the last quarter. Institutional investors and hedge funds 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.