Modern Wealth Management LLC Lowers Stake in Piedmont Office Realty Trust, Inc. (NYSE:PDM)

Modern Wealth Management LLC trimmed its position in Piedmont Office Realty Trust, Inc. (NYSE:PDM) by 5.1% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 45,056 shares of the real estate investment trust’s stock after selling 2,441 shares during the quarter. Modern Wealth Management LLC’s holdings in Piedmont Office Realty Trust were worth $412,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Barclays PLC grew its stake in Piedmont Office Realty Trust by 88.7% during the third quarter. Barclays PLC now owns 237,407 shares of the real estate investment trust’s stock worth $2,398,000 after buying an additional 111,596 shares during the period. JPMorgan Chase & Co. increased its holdings in Piedmont Office Realty Trust by 45.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 1,534,770 shares of the real estate investment trust’s stock valued at $15,501,000 after purchasing an additional 478,560 shares in the last quarter. Franklin Resources Inc. raised its position in Piedmont Office Realty Trust by 72.5% in the third quarter. Franklin Resources Inc. now owns 148,046 shares of the real estate investment trust’s stock valued at $1,519,000 after purchasing an additional 62,233 shares during the period. Choreo LLC lifted its stake in shares of Piedmont Office Realty Trust by 4.0% during the fourth quarter. Choreo LLC now owns 54,024 shares of the real estate investment trust’s stock worth $484,000 after purchasing an additional 2,078 shares in the last quarter. Finally, Wilsey Asset Management Inc. boosted its position in shares of Piedmont Office Realty Trust by 2.0% in the fourth quarter. Wilsey Asset Management Inc. now owns 3,953,542 shares of the real estate investment trust’s stock worth $36,175,000 after buying an additional 77,220 shares during the period. 84.48% of the stock is owned by institutional investors and hedge funds.

Piedmont Office Realty Trust Stock Performance

PDM opened at $7.37 on Friday. Piedmont Office Realty Trust, Inc. has a twelve month low of $6.27 and a twelve month high of $11.12. The company has a current ratio of 2.10, a quick ratio of 2.22 and a debt-to-equity ratio of 1.40. The stock has a market cap of $916.26 million, a PE ratio of -11.69 and a beta of 1.25. The business’s 50 day moving average is $7.78 and its 200-day moving average is $8.98.

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

Piedmont Office Realty Trust Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Friday, February 21st were paid a $0.125 dividend. The ex-dividend date was Friday, February 21st. This represents a $0.50 dividend on an annualized basis and a yield of 6.79%. Piedmont Office Realty Trust’s dividend payout ratio is currently -79.37%.

Analyst Ratings Changes

A number of equities analysts have weighed in on PDM shares. Robert W. Baird decreased 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. Truist Financial reissued a “buy” rating and issued a $10.00 price objective (down from $11.00) on shares of Piedmont Office Realty Trust in a research report on Tuesday, February 25th. StockNews.com upgraded Piedmont Office Realty Trust from a “sell” rating to a “hold” rating in a research note on Monday, February 17th. 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 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.