Bank of New York Mellon Corp Grows Position in Piedmont Office Realty Trust, Inc. (NYSE:PDM)

Bank of New York Mellon Corp grew its stake in shares of Piedmont Office Realty Trust, Inc. (NYSE:PDM) by 12.4% during the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 596,590 shares of the real estate investment trust’s stock after purchasing an additional 65,714 shares during the period. Bank of New York Mellon Corp owned approximately 0.48% of Piedmont Office Realty Trust worth $5,459,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. TD Private Client Wealth LLC boosted its position in Piedmont Office Realty Trust by 51.3% during the third quarter. TD Private Client Wealth LLC now owns 4,916 shares of the real estate investment trust’s stock worth $50,000 after purchasing an additional 1,666 shares in the last quarter. Arkadios Wealth Advisors acquired a new position in shares of Piedmont Office Realty Trust during the 4th quarter worth $105,000. Landscape Capital Management L.L.C. purchased a new stake in shares of Piedmont Office Realty Trust in the 3rd quarter worth about $123,000. Metis Global Partners LLC acquired a new stake in Piedmont Office Realty Trust in the 3rd quarter valued at about $129,000. Finally, Blue Trust Inc. increased its holdings in Piedmont Office Realty Trust by 24.6% during the 4th quarter. Blue Trust Inc. now owns 18,923 shares of the real estate investment trust’s stock valued at $191,000 after acquiring an additional 3,739 shares in the last quarter. 84.48% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages have commented on PDM. Baird R W cut Piedmont Office Realty Trust from a “strong-buy” rating to a “hold” rating in a report on Thursday, January 16th. Truist Financial reiterated a “buy” rating and set a $10.00 price objective (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. Finally, Robert W. Baird decreased their price target on shares of Piedmont Office Realty Trust from $10.00 to $9.00 and set a “neutral” rating on the stock in a research note on Monday, February 24th.

Piedmont Office Realty Trust Stock Performance

NYSE PDM opened at $7.33 on Tuesday. The business’s 50-day simple moving average is $7.99 and its 200-day simple moving average is $9.10. The firm has a market capitalization of $910.81 million, a P/E ratio of -11.63 and a beta of 1.25. Piedmont Office Realty Trust, Inc. has a 1-year low of $6.13 and a 1-year high of $11.12. The company has a debt-to-equity ratio of 1.40, a current ratio of 2.10 and a quick ratio of 2.22.

Piedmont Office Realty Trust (NYSE:PDM) last posted its earnings results on Thursday, February 13th. The real estate investment trust reported $0.37 earnings per share for the quarter, meeting 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. Equities analysts predict that Piedmont Office Realty Trust, Inc. will post 1.41 EPS for the current year.

Piedmont Office Realty Trust Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, March 14th. Stockholders 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 annualized dividend and a dividend yield of 6.82%. Piedmont Office Realty Trust’s dividend payout ratio (DPR) is presently -79.37%.

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.