California Public Employees Retirement System Decreases Position in Piedmont Office Realty Trust, Inc. (PDM)

California Public Employees Retirement System cut its stake in Piedmont Office Realty Trust, Inc. (NYSE:PDM) by 6.2% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 319,233 shares of the real estate investment trust’s stock after selling 21,122 shares during the quarter. California Public Employees Retirement System’s holdings in Piedmont Office Realty Trust were worth $5,440,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the stock. JPMorgan Chase & Co. lifted its stake in Piedmont Office Realty Trust by 40.1% in the 3rd quarter. JPMorgan Chase & Co. now owns 2,916,158 shares of the real estate investment trust’s stock worth $55,203,000 after purchasing an additional 834,192 shares in the last quarter. Prudential Financial Inc. lifted its stake in Piedmont Office Realty Trust by 596.6% in the 4th quarter. Prudential Financial Inc. now owns 860,880 shares of the real estate investment trust’s stock worth $14,669,000 after purchasing an additional 737,295 shares in the last quarter. Matarin Capital Management LLC purchased a new position in Piedmont Office Realty Trust in the 3rd quarter worth approximately $9,193,000. Renaissance Technologies LLC lifted its stake in Piedmont Office Realty Trust by 13.9% in the 3rd quarter. Renaissance Technologies LLC now owns 2,678,900 shares of the real estate investment trust’s stock worth $50,712,000 after purchasing an additional 326,374 shares in the last quarter. Finally, Russell Investments Group Ltd. lifted its stake in Piedmont Office Realty Trust by 1,433.9% in the 3rd quarter. Russell Investments Group Ltd. now owns 314,914 shares of the real estate investment trust’s stock worth $5,961,000 after purchasing an additional 294,384 shares in the last quarter. 82.29% of the stock is currently owned by hedge funds and other institutional investors.

A number of research analysts have weighed in on the stock. Zacks Investment Research raised shares of Piedmont Office Realty Trust from a “hold” rating to a “strong-buy” rating and set a $24.00 target price on the stock in a research note on Wednesday, February 13th. Stifel Nicolaus raised shares of Piedmont Office Realty Trust from a “sell” rating to a “hold” rating and raised their target price for the stock from $16.00 to $20.00 in a research note on Thursday, February 7th. Robert W. Baird lowered shares of Piedmont Office Realty Trust from an “outperform” rating to a “neutral” rating in a research note on Tuesday, January 8th. SunTrust Banks raised shares of Piedmont Office Realty Trust from a “hold” rating to a “buy” rating in a research note on Friday, November 30th. Finally, ValuEngine raised shares of Piedmont Office Realty Trust from a “sell” rating to a “hold” rating in a research note on Friday, November 16th. Three equities research analysts have rated the stock with a hold rating, two have given a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average target price of $22.33.

PDM stock opened at $20.66 on Friday. The company has a market cap of $2.57 billion, a PE ratio of 11.94, a PEG ratio of 1.91 and a beta of 0.81. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.75 and a current ratio of 1.75. Piedmont Office Realty Trust, Inc. has a one year low of $16.43 and a one year high of $20.94.

Piedmont Office Realty Trust (NYSE:PDM) last released its quarterly earnings results on Tuesday, February 5th. The real estate investment trust reported $0.35 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.44 by ($0.09). The firm had revenue of $137.20 million for the quarter, compared to analysts’ expectations of $125.41 million. Piedmont Office Realty Trust had a net margin of 24.77% and a return on equity of 7.47%. The firm’s quarterly revenue was down 1.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.42 EPS. Analysts forecast that Piedmont Office Realty Trust, Inc. will post 1.78 earnings per share for the current year.

The company also recently declared a quarterly dividend, which will be paid on Friday, March 15th. Stockholders of record on Thursday, February 28th will be given a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a dividend yield of 4.07%. The ex-dividend date of this dividend is Wednesday, February 27th. Piedmont Office Realty Trust’s payout ratio is presently 48.55%.

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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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Institutional Ownership by Quarter for Piedmont Office Realty Trust (NYSE:PDM)

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