Summit Global Investments Acquires New Position in Piedmont Office Realty Trust, Inc. (NYSE:PDM)

Summit Global Investments acquired a new stake in Piedmont Office Realty Trust, Inc. (NYSE:PDM) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 57,954 shares of the real estate investment trust’s stock, valued at approximately $530,000.

A number of other hedge funds have also added to or reduced their stakes in the stock. Hudson Edge Investment Partners Inc. grew its stake in Piedmont Office Realty Trust by 4.8% in the fourth quarter. Hudson Edge Investment Partners Inc. now owns 25,550 shares of the real estate investment trust’s stock worth $234,000 after purchasing an additional 1,180 shares in the last quarter. Harbour Investments Inc. grew its position in shares of Piedmont Office Realty Trust by 25.4% during the 4th quarter. Harbour Investments Inc. now owns 6,004 shares of the real estate investment trust’s stock worth $55,000 after buying an additional 1,216 shares in the last quarter. Metis Global Partners LLC increased its stake in shares of Piedmont Office Realty Trust by 11.4% during the fourth quarter. Metis Global Partners LLC now owns 14,225 shares of the real estate investment trust’s stock valued at $130,000 after buying an additional 1,453 shares during the period. TD Private Client Wealth LLC raised its holdings in shares of Piedmont Office Realty Trust by 51.3% in the third quarter. TD Private Client Wealth LLC now owns 4,916 shares of the real estate investment trust’s stock valued at $50,000 after acquiring an additional 1,666 shares in the last quarter. Finally, Quantinno Capital Management LP lifted its stake in Piedmont Office Realty Trust by 8.7% in the third 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 period. 84.48% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the stock. Truist Financial reissued a “buy” rating and set a $10.00 target price (down previously from $11.00) on shares of Piedmont Office Realty Trust in a research report on Tuesday, February 25th. StockNews.com raised shares of Piedmont Office Realty Trust from a “sell” rating to a “hold” rating in a research note on Monday, February 17th. Robert W. Baird dropped their target price on Piedmont Office Realty Trust from $10.00 to $9.00 and set a “neutral” rating on the stock in a research report on Monday, February 24th. Finally, Baird R W lowered Piedmont Office Realty Trust from a “strong-buy” rating to a “hold” rating in a research report on Thursday, January 16th.

Piedmont Office Realty Trust Stock Up 2.8 %

Shares of Piedmont Office Realty Trust stock opened at $7.43 on Tuesday. Piedmont Office Realty Trust, Inc. has a 52-week low of $6.27 and a 52-week high of $11.12. The firm’s 50 day moving average price is $7.86 and its 200-day moving average price is $9.02. The company has a quick ratio of 2.22, a current ratio of 2.10 and a debt-to-equity ratio of 1.40. The company has a market cap of $923.61 million, a P/E ratio of -11.80 and a beta of 1.25.

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

Piedmont Office Realty Trust Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 14th. Shareholders of record on Friday, February 21st were paid a $0.125 dividend. This represents a $0.50 dividend on an annualized basis and a yield of 6.73%. The ex-dividend date was Friday, February 21st. Piedmont Office Realty Trust’s dividend payout ratio (DPR) is presently -79.37%.

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.