OVERSEA CHINESE BANKING Corp Ltd Grows Stake in Piedmont Office Realty Trust, Inc. (NYSE:PDM)

OVERSEA CHINESE BANKING Corp Ltd increased its holdings in shares of Piedmont Office Realty Trust, Inc. (NYSE:PDM) by 40.2% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 251,536 shares of the real estate investment trust’s stock after purchasing an additional 72,084 shares during the quarter. OVERSEA CHINESE BANKING Corp Ltd owned approximately 0.20% of Piedmont Office Realty Trust worth $2,302,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in PDM. Metis Global Partners LLC purchased a new stake in shares of Piedmont Office Realty Trust during the third quarter worth about $129,000. Intech Investment Management LLC purchased a new stake in shares of Piedmont Office Realty Trust during the third quarter worth about $258,000. Landscape Capital Management L.L.C. purchased a new position in Piedmont Office Realty Trust during the 3rd quarter valued at approximately $123,000. Massachusetts Financial Services Co. MA grew its holdings in Piedmont Office Realty Trust by 47.6% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 1,069,508 shares of the real estate investment trust’s stock valued at $10,802,000 after buying an additional 344,694 shares in the last quarter. Finally, Daiwa Securities Group Inc. grew its holdings in Piedmont Office Realty Trust by 8.5% during the 3rd quarter. Daiwa Securities Group Inc. now owns 41,454 shares of the real estate investment trust’s stock valued at $419,000 after buying an additional 3,233 shares in the last quarter. Hedge funds and other institutional investors own 84.48% of the company’s stock.

Piedmont Office Realty Trust Price Performance

NYSE:PDM opened at $7.34 on Thursday. The firm has a market capitalization of $912.55 million, a price-to-earnings ratio of -11.65 and a beta of 1.25. Piedmont Office Realty Trust, Inc. has a 1 year low of $6.13 and a 1 year high of $11.12. The business has a 50 day simple moving average of $7.93 and a 200-day simple moving average of $9.07. The company has a debt-to-equity ratio of 1.40, a current ratio of 2.10 and a quick ratio of 2.22.

Piedmont Office Realty Trust (NYSE:PDM) last posted its quarterly earnings data on Thursday, February 13th. The real estate investment trust reported $0.37 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.37. The business had revenue of $143.23 million during the quarter, compared to analyst estimates of $142.16 million. Piedmont Office Realty Trust had a negative return on equity of 4.82% and a negative net margin of 13.86%. Equities analysts forecast that Piedmont Office Realty Trust, Inc. will post 1.41 EPS for the current year.

Piedmont Office Realty Trust Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Friday, February 21st were paid a dividend of $0.125 per share. This represents a $0.50 dividend on an annualized basis and a dividend yield of 6.81%. The ex-dividend date of this dividend was Friday, February 21st. Piedmont Office Realty Trust’s dividend payout ratio is currently -79.37%.

Analyst Ratings Changes

PDM has been the subject of several research analyst reports. StockNews.com upgraded Piedmont Office Realty Trust from a “sell” rating to a “hold” rating in a report on Monday, February 17th. Truist Financial restated a “buy” rating and set a $10.00 price target (down previously from $11.00) on shares of Piedmont Office Realty Trust in a report on Tuesday, February 25th. Baird R W cut Piedmont Office Realty Trust from a “strong-buy” rating to a “hold” rating in a report on Thursday, January 16th. Finally, Robert W. Baird cut their price target on Piedmont Office Realty Trust from $10.00 to $9.00 and set a “neutral” rating for the company in a report on Monday, February 24th.

Piedmont Office Realty Trust Profile

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.