MetLife Investment Management LLC Has $703,000 Stake in Piedmont Office Realty Trust, Inc. (NYSE:PDM)

MetLife Investment Management LLC lowered its stake in Piedmont Office Realty Trust, Inc. (NYSE:PDM) by 5.8% in the third quarter, HoldingsChannel.com reports. The firm owned 69,645 shares of the real estate investment trust’s stock after selling 4,270 shares during the quarter. MetLife Investment Management LLC’s holdings in Piedmont Office Realty Trust were worth $703,000 at the end of the most recent reporting period.

Several other institutional investors have also recently bought and sold shares of the stock. Wilsey Asset Management Inc. increased its stake in shares of Piedmont Office Realty Trust by 50.2% in the 2nd quarter. Wilsey Asset Management Inc. now owns 3,899,800 shares of the real estate investment trust’s stock valued at $28,274,000 after buying an additional 1,302,681 shares during the period. Marshall Wace LLP increased its position in Piedmont Office Realty Trust by 7,041.3% in the second quarter. Marshall Wace LLP now owns 914,092 shares of the real estate investment trust’s stock worth $6,627,000 after purchasing an additional 901,292 shares during the period. Massachusetts Financial Services Co. MA increased its position in Piedmont Office Realty Trust by 47.6% in the third quarter. Massachusetts Financial Services Co. MA now owns 1,069,508 shares of the real estate investment trust’s stock worth $10,802,000 after purchasing an additional 344,694 shares during the period. OVERSEA CHINESE BANKING Corp Ltd bought a new stake in Piedmont Office Realty Trust during the 3rd quarter worth about $1,812,000. Finally, Robeco Institutional Asset Management B.V. lifted its position in Piedmont Office Realty Trust by 13.7% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 727,347 shares of the real estate investment trust’s stock valued at $7,346,000 after purchasing an additional 87,618 shares during the period. Institutional investors own 84.48% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on PDM. Truist Financial reissued a “buy” rating and set a $11.00 price target (up from $10.00) on shares of Piedmont Office Realty Trust in a research note on Wednesday, August 14th. Robert W. Baird upped their target price on shares of Piedmont Office Realty Trust from $10.00 to $11.00 and gave the company an “outperform” rating in a research report on Friday, November 1st.

Piedmont Office Realty Trust Price Performance

Piedmont Office Realty Trust stock opened at $9.26 on Friday. The company has a current ratio of 2.22, a quick ratio of 2.22 and a debt-to-equity ratio of 1.36. The firm has a market capitalization of $1.15 billion, a P/E ratio of -14.94 and a beta of 1.20. The business has a 50-day moving average of $9.94 and a 200-day moving average of $8.91. Piedmont Office Realty Trust, Inc. has a 1 year low of $5.93 and a 1 year 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 (EPS) 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 analyst estimates of $143.56 million. Piedmont Office Realty Trust had a negative net margin of 13.47% and a negative return on equity of 4.61%. During the same quarter in the prior year, the firm posted $0.43 EPS. On average, equities analysts anticipate that Piedmont Office Realty Trust, Inc. will post 1.49 EPS for the current year.

Piedmont Office Realty Trust Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, November 22nd will be issued a dividend of $0.125 per share. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $0.50 annualized dividend and a yield of 5.40%. Piedmont Office Realty Trust’s dividend payout ratio is presently -80.65%.

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.