Mirae Asset Global Investments Co. Ltd. Buys 1,241 Shares of Piedmont Office Realty Trust, Inc. (NYSE:PDM)

Mirae Asset Global Investments Co. Ltd. boosted its stake in Piedmont Office Realty Trust, Inc. (NYSE:PDM) by 34.8% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 4,809 shares of the real estate investment trust’s stock after purchasing an additional 1,241 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in Piedmont Office Realty Trust were worth $48,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Blue Trust Inc. increased its holdings in Piedmont Office Realty Trust by 38.3% in the second quarter. Blue Trust Inc. now owns 4,654 shares of the real estate investment trust’s stock valued at $33,000 after purchasing an additional 1,288 shares during the last quarter. First Trust Direct Indexing L.P. bought a new stake in Piedmont Office Realty Trust in the first quarter valued at about $73,000. Meeder Asset Management Inc. bought a new stake in Piedmont Office Realty Trust in the second quarter valued at about $76,000. Bayesian Capital Management LP bought a new stake in Piedmont Office Realty Trust in the first quarter valued at about $81,000. Finally, Sei Investments Co. bought a new stake in Piedmont Office Realty Trust in the second quarter valued at about $85,000. Institutional investors own 84.48% of the company’s stock.

Piedmont Office Realty Trust Stock Up 0.3 %

NYSE:PDM opened at $10.05 on Wednesday. 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 stock has a market cap of $1.25 billion, a price-to-earnings ratio of -16.21 and a beta of 1.21. The stock has a 50-day moving average price of $10.01 and a two-hundred day moving average price of $8.47. Piedmont Office Realty Trust, Inc. has a 1 year low of $5.37 and a 1 year high of $11.11.

Piedmont Office Realty Trust (NYSE:PDM) last posted its quarterly earnings data on Thursday, October 24th. The real estate investment trust reported ($0.09) earnings per share for the quarter, missing the consensus estimate 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 return on equity of 4.61% and a negative net margin of 13.47%. During the same period in the prior year, the company earned $0.43 earnings per share. As a group, equities analysts expect that Piedmont Office Realty Trust, Inc. will post 1.5 earnings per share for the current year.

Piedmont Office Realty Trust Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Friday, November 22nd will be given 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 dividend yield of 4.98%. Piedmont Office Realty Trust’s dividend payout ratio is currently -80.64%.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on PDM shares. StockNews.com raised Piedmont Office Realty Trust from a “sell” rating to a “hold” rating in a research note on Tuesday, July 23rd. Truist Financial reissued a “buy” rating and issued a $11.00 target price (up from $10.00) on shares of Piedmont Office Realty Trust in a research note on Wednesday, August 14th. Finally, Robert W. Baird boosted their target price on Piedmont Office Realty Trust from $10.00 to $11.00 and gave the company an “outperform” rating in a research note on Friday, November 1st.

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.