Nomura Asset Management Co. Ltd. cut its stake in Piedmont Office Realty Trust, Inc. (NYSE:PDM) by 2.5% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 96,160 shares of the real estate investment trust’s stock after selling 2,510 shares during the period. Nomura Asset Management Co. Ltd. owned 0.07% of Piedmont Office Realty Trust worth $2,056,000 at the end of the most recent reporting period.
Other large investors also recently modified their holdings of the company. Sigma Planning Corp raised its stake in shares of Piedmont Office Realty Trust by 9.9% in the first quarter. Sigma Planning Corp now owns 21,938 shares of the real estate investment trust’s stock valued at $469,000 after buying an additional 1,979 shares in the last quarter. James Investment Research Inc. bought a new stake in shares of Piedmont Office Realty Trust during the first quarter valued at $141,000. Alpha Windward LLC raised its stake in shares of Piedmont Office Realty Trust by 2,020.8% in the first quarter. Alpha Windward LLC now owns 22,480 shares of the real estate investment trust’s stock valued at $481,000 after buying an additional 21,420 shares in the last quarter. Teachers Advisors LLC raised its stake in shares of Piedmont Office Realty Trust by 4.5% in the fourth quarter. Teachers Advisors LLC now owns 181,952 shares of the real estate investment trust’s stock valued at $3,805,000 after buying an additional 7,871 shares in the last quarter. Finally, Norges Bank bought a new stake in shares of Piedmont Office Realty Trust during the fourth quarter valued at $29,672,000. 86.87% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Piedmont Office Realty Trust, Inc. (NYSE PDM) traded up 0.62% on Friday, hitting $20.95. The stock had a trading volume of 606,556 shares. The company has a market cap of $3.05 billion, a price-to-earnings ratio of 29.14 and a beta of 0.60. Piedmont Office Realty Trust, Inc. has a 52 week low of $18.61 and a 52 week high of $23.08. The firm has a 50 day moving average price of $21.01 and a 200-day moving average price of $21.53.
Piedmont Office Realty Trust (NYSE:PDM) last posted its quarterly earnings data on Wednesday, May 3rd. The real estate investment trust reported $0.10 EPS for the quarter, missing analysts’ consensus estimates of $0.44 by $0.34. The business had revenue of $148.50 million during the quarter, compared to analyst estimates of $145.35 million. Piedmont Office Realty Trust had a return on equity of 5.26% and a net margin of 19.89%. Piedmont Office Realty Trust’s revenue for the quarter was up 7.6% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.41 EPS. Analysts anticipate that Piedmont Office Realty Trust, Inc. will post $0.40 EPS for the current year.
Piedmont Office Realty Trust declared that its board has approved a share repurchase program on Wednesday, May 3rd that allows the company to repurchase $250.00 million in outstanding shares. This repurchase authorization allows the real estate investment trust to buy up to 8.1% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s board believes its shares are undervalued.
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Several brokerages have weighed in on PDM. Zacks Investment Research raised Piedmont Office Realty Trust from a “hold” rating to a “buy” rating and set a $24.00 target price on the stock in a research report on Saturday, May 6th. BidaskClub raised Piedmont Office Realty Trust from a “sell” rating to a “hold” rating in a research report on Tuesday, June 13th. Finally, ValuEngine lowered Piedmont Office Realty Trust from a “buy” rating to a “hold” rating in a research report on Thursday, June 29th. One equities research analyst has rated the stock with a sell rating and four have issued a hold rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $22.50.
In other Piedmont Office Realty Trust news, CAO Laura P. Moon sold 7,800 shares of the business’s stock in a transaction on Wednesday, May 24th. The stock was sold at an average price of $21.64, for a total value of $168,792.00. Following the transaction, the chief accounting officer now owns 24,620 shares of the company’s stock, valued at $532,776.80. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.76% of the stock is currently owned by insiders.
About Piedmont Office Realty Trust
Piedmont Office Realty Trust, Inc is an integrated self-managed real estate investment trust (REIT). The Company’s business consists primarily of owning, managing, operating, leasing, acquiring, developing, investing in, and disposing of office real estate assets. As of December 31, 2016, the Company owned and operated 65 in-service office properties, one redevelopment asset, two development assets and one office building through an unconsolidated joint venture.
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