ClearAlpha Technologies LP Makes New Investment in Piedmont Office Realty Trust, Inc. (NYSE:PDM)

ClearAlpha Technologies LP bought a new position in shares of Piedmont Office Realty Trust, Inc. (NYSE:PDM) during the 3rd quarter, HoldingsChannel reports. The fund bought 65,154 shares of the real estate investment trust’s stock, valued at approximately $658,000.

A number of other hedge funds also recently modified their holdings of the stock. Mirae Asset Global Investments Co. Ltd. increased its holdings 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 valued at $48,000 after buying an additional 1,241 shares during the period. Blue Trust Inc. boosted its position in shares of Piedmont Office Realty Trust by 38.3% during the 2nd quarter. Blue Trust Inc. now owns 4,654 shares of the real estate investment trust’s stock worth $33,000 after acquiring an additional 1,288 shares in the last quarter. The Manufacturers Life Insurance Company increased its stake in 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 acquiring an additional 1,311 shares during the last quarter. abrdn plc raised its position in Piedmont Office Realty Trust by 5.9% during 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 in the last quarter. Finally, CWM LLC lifted its stake 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 purchasing an additional 1,678 shares during the last quarter. Institutional investors own 84.48% of the company’s stock.

Piedmont Office Realty Trust Stock Performance

NYSE PDM opened at $9.52 on Monday. The firm’s fifty day moving average price is $10.01 and its two-hundred day moving average price is $8.84. The stock has a market cap of $1.18 billion, a PE ratio of -15.35 and a beta of 1.21. The company has a debt-to-equity ratio of 1.36, a quick ratio of 2.22 and a current ratio of 2.22. Piedmont Office Realty Trust, Inc. has a fifty-two week low of $5.93 and a fifty-two week high of $11.11.

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

Piedmont Office Realty Trust Announces Dividend

The firm 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 $0.125 dividend. The ex-dividend date is Friday, November 22nd. This represents a $0.50 dividend on an annualized basis and a yield of 5.25%. Piedmont Office Realty Trust’s dividend payout ratio (DPR) is presently -80.64%.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on PDM. Truist Financial restated a “buy” rating and set a $11.00 price objective (up from $10.00) on shares of Piedmont Office Realty Trust in a research report on Wednesday, August 14th. Robert W. Baird increased their target price on shares of Piedmont Office Realty Trust from $10.00 to $11.00 and gave the stock an “outperform” rating in a report on Friday, November 1st.

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.