Cornerstone Wealth Management LLC Sells 16,725 Shares of Piedmont Office Realty Trust, Inc. (NYSE:PDM)

Cornerstone Wealth Management LLC decreased its position in Piedmont Office Realty Trust, Inc. (NYSE:PDM) by 44.5% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 20,899 shares of the real estate investment trust’s stock after selling 16,725 shares during the period. Cornerstone Wealth Management LLC’s holdings in Piedmont Office Realty Trust were worth $211,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently modified their holdings of PDM. Blue Trust Inc. increased its position in shares of Piedmont Office Realty Trust by 38.3% during the second quarter. Blue Trust Inc. now owns 4,654 shares of the real estate investment trust’s stock valued at $33,000 after acquiring an additional 1,288 shares during the last quarter. The Manufacturers Life Insurance Company increased its position in shares of Piedmont Office Realty Trust by 2.9% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 46,090 shares of the real estate investment trust’s stock valued at $334,000 after purchasing an additional 1,311 shares during the last quarter. CWM LLC increased its position in shares of Piedmont Office Realty Trust by 15.1% during the 3rd quarter. CWM LLC now owns 12,772 shares of the real estate investment trust’s stock valued at $129,000 after purchasing an additional 1,678 shares during the last quarter. ProShare Advisors LLC raised its stake in shares of Piedmont Office Realty Trust by 8.5% during the 1st quarter. ProShare Advisors LLC now owns 22,203 shares of the real estate investment trust’s stock worth $156,000 after purchasing an additional 1,748 shares during the period. Finally, Scharf Investments LLC boosted its holdings in shares of Piedmont Office Realty Trust by 18.8% in the 1st quarter. Scharf Investments LLC now owns 15,658 shares of the real estate investment trust’s stock worth $110,000 after buying an additional 2,475 shares during the last quarter. Institutional investors own 84.48% of the company’s stock.

Piedmont Office Realty Trust Stock Up 1.8 %

PDM stock opened at $11.07 on Friday. Piedmont Office Realty Trust, Inc. has a fifty-two week low of $4.91 and a fifty-two week high of $11.11. The stock has a fifty day moving average of $9.73 and a 200-day moving average of $8.17. The company has a market capitalization of $1.37 billion, a price-to-earnings ratio of -18.15 and a beta of 1.22. The company has a debt-to-equity ratio of 1.34, a quick ratio of 2.40 and a current ratio of 2.40.

Piedmont Office Realty Trust (NYSE:PDM) last posted its earnings results on Wednesday, July 31st. The real estate investment trust reported ($0.08) earnings per share for the quarter, missing the consensus estimate of $0.37 by ($0.45). The business had revenue of $143.26 million during the quarter, compared to analysts’ expectations of $141.25 million. Piedmont Office Realty Trust had a negative return on equity of 4.84% and a negative net margin of 14.24%. As a group, equities research analysts predict that Piedmont Office Realty Trust, Inc. will post 1.5 earnings per share for the current year.

Piedmont Office Realty Trust Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, September 20th. Shareholders of record on Friday, August 23rd were given a dividend of $0.125 per share. The ex-dividend date was Friday, August 23rd. This represents a $0.50 annualized dividend and a dividend yield of 4.52%. Piedmont Office Realty Trust’s dividend payout ratio is currently -81.97%.

Wall Street Analyst Weigh In

Several brokerages have commented on PDM. Truist Financial reaffirmed a “buy” rating and issued a $11.00 price objective (up previously from $10.00) on shares of Piedmont Office Realty Trust in a research report on Wednesday, August 14th. StockNews.com upgraded Piedmont Office Realty Trust from a “sell” rating to a “hold” rating in a research note on Tuesday, July 23rd.

About Piedmont Office Realty Trust

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.