Piedmont Office Realty Trust (PDM) Sets New 52-Week High at $21.29

Piedmont Office Realty Trust, Inc. (NYSE:PDM) reached a new 52-week high during trading on Thursday . The stock traded as high as $21.29 and last traded at $21.21, with a volume of 28638 shares. The stock had previously closed at $21.12.

Several equities research analysts have recently commented on the company. Zacks Investment Research lowered Piedmont Office Realty Trust from a “buy” rating to a “hold” rating in a research note on Wednesday, March 20th. Stifel Nicolaus upgraded Piedmont Office Realty Trust from a “sell” rating to a “hold” rating and increased their price target for the stock from $16.00 to $20.00 in a research note on Thursday, February 7th. Finally, Robert W. Baird lowered Piedmont Office Realty Trust from an “outperform” rating to a “neutral” rating in a research note on Tuesday, January 8th. Four equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $22.33.

The firm has a market cap of $2.65 billion, a P/E ratio of 12.27, a PEG ratio of 1.98 and a beta of 0.81. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.75 and a current ratio of 1.75.

Piedmont Office Realty Trust (NYSE:PDM) last announced its quarterly earnings results on Tuesday, February 5th. The real estate investment trust reported $0.35 EPS for the quarter, missing the Zacks’ consensus estimate of $0.44 by ($0.09). The business had revenue of $137.20 million during the quarter, compared to the consensus estimate of $125.41 million. Piedmont Office Realty Trust had a net margin of 24.77% and a return on equity of 7.47%. The firm’s revenue was down 1.4% on a year-over-year basis. During the same period in the previous year, the business posted $0.42 EPS. Equities analysts anticipate that Piedmont Office Realty Trust, Inc. will post 1.77 earnings per share for the current year.

The business also recently announced a quarterly dividend, which was paid on Friday, March 15th. Stockholders of record on Thursday, February 28th were given a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a dividend yield of 3.96%. The ex-dividend date of this dividend was Wednesday, February 27th. Piedmont Office Realty Trust’s dividend payout ratio (DPR) is presently 48.55%.

A number of hedge funds have recently modified their holdings of the stock. BlackRock Inc. increased its holdings in Piedmont Office Realty Trust by 2.8% during the fourth quarter. BlackRock Inc. now owns 13,652,709 shares of the real estate investment trust’s stock valued at $232,642,000 after buying an additional 375,052 shares during the period. American Century Companies Inc. boosted its stake in Piedmont Office Realty Trust by 3.2% in the fourth quarter. American Century Companies Inc. now owns 5,180,448 shares of the real estate investment trust’s stock valued at $88,275,000 after acquiring an additional 159,032 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in Piedmont Office Realty Trust by 40.1% in the third quarter. JPMorgan Chase & Co. now owns 2,916,158 shares of the real estate investment trust’s stock valued at $55,203,000 after acquiring an additional 834,192 shares in the last quarter. Renaissance Technologies LLC boosted its stake in Piedmont Office Realty Trust by 13.9% in the third quarter. Renaissance Technologies LLC now owns 2,678,900 shares of the real estate investment trust’s stock valued at $50,712,000 after acquiring an additional 326,374 shares in the last quarter. Finally, Geode Capital Management LLC lifted its stake in shares of Piedmont Office Realty Trust by 10.1% during the fourth quarter. Geode Capital Management LLC now owns 1,767,919 shares of the real estate investment trust’s stock worth $30,125,000 after buying an additional 162,893 shares during the period. 85.30% of the stock is currently owned by institutional investors.

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Piedmont Office Realty Trust Company Profile (NYSE:PDM)

Piedmont Office Realty Trust, Inc (NYSE: PDM) is an owner, manager, developer, and operator of high-quality, Class A office properties in select sub-markets 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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