Piedmont Office Realty Trust (NYSE:PDM) Hits New 1-Year High at $9.12

Shares of Piedmont Office Realty Trust, Inc. (NYSE:PDM) hit a new 52-week high during mid-day trading on Monday . The company traded as high as $9.12 and last traded at $9.12, with a volume of 102245 shares. The stock had previously closed at $8.96.

Wall Street Analyst Weigh In

PDM has been the topic of a number of research reports. StockNews.com upgraded shares of Piedmont Office Realty Trust from a “sell” rating to a “hold” rating in a research report on Tuesday, July 23rd. Truist Financial restated a “buy” rating and issued a $11.00 price objective (up from $10.00) on shares of Piedmont Office Realty Trust in a report on Wednesday, August 14th.

Piedmont Office Realty Trust Price Performance

The company’s fifty day moving average is $7.97 and its two-hundred day moving average is $7.15. The firm has a market capitalization of $1.13 billion, a price-to-earnings ratio of -14.98 and a beta of 1.21. The company has a quick ratio of 2.40, a current ratio of 2.40 and a debt-to-equity ratio of 1.34.

Piedmont Office Realty Trust (NYSE:PDM) last posted its earnings results on Wednesday, July 31st. The real estate investment trust reported ($0.08) earnings per share for the quarter, missing the consensus estimate of $0.37 by ($0.45). The firm had revenue of $143.26 million during the quarter, compared to analyst estimates of $141.25 million. Piedmont Office Realty Trust had a negative return on equity of 4.84% and a negative net margin of 14.24%. Equities research analysts anticipate that Piedmont Office Realty Trust, Inc. will post 1.5 earnings per share for the current fiscal year.

Piedmont Office Realty Trust Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, September 20th. Shareholders of record on Friday, August 23rd will be issued a $0.125 dividend. The ex-dividend date is Friday, August 23rd. This represents a $0.50 annualized dividend and a yield of 5.47%. Piedmont Office Realty Trust’s dividend payout ratio (DPR) is presently -81.97%.

Institutional Investors Weigh In On Piedmont Office Realty Trust

Several hedge funds have recently bought and sold shares of PDM. Blue Trust Inc. raised 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 acquiring an additional 1,288 shares during the period. The Manufacturers Life Insurance Company raised its holdings in shares of Piedmont Office Realty Trust by 2.9% during the second quarter. The Manufacturers Life Insurance Company now owns 46,090 shares of the real estate investment trust’s stock worth $334,000 after acquiring an additional 1,311 shares during the period. Bfsg LLC raised its holdings in shares of Piedmont Office Realty Trust by 5.6% during the fourth quarter. Bfsg LLC now owns 32,110 shares of the real estate investment trust’s stock worth $228,000 after acquiring an additional 1,690 shares during the period. ProShare Advisors LLC raised its holdings in shares of Piedmont Office Realty Trust by 8.5% during the first quarter. ProShare Advisors LLC now owns 22,203 shares of the real estate investment trust’s stock worth $156,000 after acquiring an additional 1,748 shares during the period. Finally, Presima Securities ULC raised its holdings in shares of Piedmont Office Realty Trust by 5.5% during the fourth quarter. Presima Securities ULC now owns 42,144 shares of the real estate investment trust’s stock worth $300,000 after acquiring an additional 2,200 shares during the period. 84.48% of the stock is currently owned by institutional investors and hedge funds.

About Piedmont Office Realty Trust

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.