Geode Capital Management LLC Has $32.50 Million Position in Piedmont Office Realty Trust, Inc. (NYSE:PDM)

Geode Capital Management LLC boosted its holdings in shares of Piedmont Office Realty Trust, Inc. (NYSE:PDM) by 1.5% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 3,217,213 shares of the real estate investment trust’s stock after acquiring an additional 48,944 shares during the period. Geode Capital Management LLC’s holdings in Piedmont Office Realty Trust were worth $32,499,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in the business. Mirae Asset Global Investments Co. Ltd. increased its holdings in Piedmont Office Realty Trust by 34.8% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,809 shares of the real estate investment trust’s stock worth $48,000 after purchasing an additional 1,241 shares in the last quarter. The Manufacturers Life Insurance Company grew its holdings in 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 buying an additional 1,311 shares in the last quarter. abrdn plc raised its position in Piedmont Office Realty Trust by 5.9% in the 3rd quarter. abrdn plc now owns 24,341 shares of the real estate investment trust’s stock valued at $246,000 after buying an additional 1,366 shares during the last quarter. CWM LLC lifted its stake in Piedmont Office Realty Trust by 15.1% during the 3rd quarter. CWM LLC now owns 12,772 shares of the real estate investment trust’s stock valued at $129,000 after acquiring an additional 1,678 shares in the last quarter. Finally, Quantinno Capital Management LP boosted its holdings in Piedmont Office Realty Trust by 8.7% during the 3rd quarter. Quantinno Capital Management LP now owns 21,413 shares of the real estate investment trust’s stock worth $216,000 after acquiring an additional 1,713 shares during the last quarter. 84.48% of the stock is owned by institutional investors.

Piedmont Office Realty Trust Stock Performance

PDM stock opened at $8.91 on Thursday. The company has a quick ratio of 2.22, a current ratio of 2.22 and a debt-to-equity ratio of 1.36. The firm has a market cap of $1.10 billion, a PE ratio of -14.37 and a beta of 1.20. The business has a 50 day moving average of $9.69 and a 200-day moving average of $9.09. Piedmont Office Realty Trust, Inc. has a 12-month low of $5.93 and a 12-month high of $11.11.

Piedmont Office Realty Trust (NYSE:PDM) last announced 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 business had revenue of $139.29 million during the quarter, compared to the consensus estimate 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 last year, the company earned $0.43 EPS. As a group, sell-side analysts expect that Piedmont Office Realty Trust, Inc. will post 1.49 earnings per share for the current year.

Piedmont Office Realty Trust Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, November 22nd will be given a $0.125 dividend. This represents a $0.50 annualized dividend and a yield of 5.61%. The ex-dividend date is Friday, November 22nd. Piedmont Office Realty Trust’s dividend payout ratio is -80.65%.

Analysts Set New Price Targets

Separately, Robert W. Baird increased 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 report on Friday, November 1st.

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.