According to Zacks, “Piedmont Office Realty Trust, Inc. is an integrated and self-managed real estate investment trust specializing in the acquisition, ownership, management and development of commercial real estate properties. That includes properties that are under construction, newly constructed, or have operating histories. The Company is primarily focused on high-quality Class A office buildings located in major U.S. markets and leased primarily to high-credit quality tenants. Major markets include: Washington, D.C., greater Los Angeles, the New York metropolitan area, Boston and Chicago. Piedmont conducts business primarily through Piedmont Operating Partnership, LP; a Delaware limited partnership, as well as performing the management of its buildings through two wholly-owned subsidiaries, Piedmont Government Services, LLC and Piedmont Office Management, LLC. Piedmont OP owns a majority of its properties directly and a limited number through joint ventures with real estate limited partnerships with other third parties. “
Separately, DA Davidson cut shares of Piedmont Office Realty Trust from a buy rating to a neutral rating in a report on Tuesday, July 23rd. Five investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. The stock has a consensus rating of Hold and an average target price of $22.00.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 20th. Stockholders of record on Friday, August 30th will be issued a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a dividend yield of 4.20%. The ex-dividend date is Thursday, August 29th. Piedmont Office Realty Trust’s dividend payout ratio is currently 48.55%.
Several hedge funds and other institutional investors have recently modified their holdings of PDM. Quadrant Capital Group LLC acquired a new position in shares of Piedmont Office Realty Trust during the first quarter valued at about $25,000. Prime Capital Investment Advisors LLC acquired a new position in shares of Piedmont Office Realty Trust during the second quarter valued at about $27,000. Legacy Bridge LLC acquired a new position in shares of Piedmont Office Realty Trust during the first quarter valued at about $28,000. Personal Wealth Partners acquired a new position in shares of Piedmont Office Realty Trust during the second quarter valued at about $36,000. Finally, Manchester Financial Inc. acquired a new position in shares of Piedmont Office Realty Trust during the second quarter valued at about $43,000. Hedge funds and other institutional investors own 86.27% of the company’s stock.
About Piedmont Office Realty Trust
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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