Piedmont Office Realty Trust Inc. (PDM) Sees Strong Trading Volume
Piedmont Office Realty Trust Inc. (NYSE:PDM) shares saw an uptick in trading volume on Wednesday . 1,017,214 shares were traded during mid-day trading, an increase of 81% from the previous session’s volume of 561,376 shares.The stock last traded at $21.61 and had previously closed at $21.40.
PDM has been the topic of a number of recent research reports. Zacks Investment Research lowered shares of Piedmont Office Realty Trust from a “hold” rating to a “sell” rating in a report on Saturday, August 6th. DA Davidson reiterated a “hold” rating and set a $22.00 price target (up previously from $20.00) on shares of Piedmont Office Realty Trust in a report on Tuesday, May 3rd. Finally, Stifel Nicolaus lifted their price target on shares of Piedmont Office Realty Trust from $16.50 to $18.00 and gave the stock a “sell” rating in a report on Tuesday, May 10th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and one has assigned a buy rating to the stock. Piedmont Office Realty Trust has a consensus rating of “Hold” and an average target price of $20.86.
The firm has a 50-day moving average price of $21.50 and a 200 day moving average price of $20.40. The stock has a market capitalization of $3.14 billion and a price-to-earnings ratio of 14.77.
Piedmont Office Realty Trust (NYSE:PDM) last announced its quarterly earnings results on Wednesday, August 3rd. The real estate investment trust reported $0.40 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.40. The firm had revenue of $135.30 million for the quarter, compared to analysts’ expectations of $138.87 million. During the same period in the previous year, the company earned $0.39 EPS. The company’s quarterly revenue was down 7.8% on a year-over-year basis. On average, analysts expect that Piedmont Office Realty Trust Inc. will post $1.64 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 16th. Shareholders of record on Friday, August 26th will be given a dividend of $0.21 per share. The ex-dividend date of this dividend is Wednesday, August 24th. This represents a $0.84 annualized dividend and a yield of 3.89%.
An institutional investor recently raised its position in Piedmont Office Realty Trust stock. Schwab Charles Investment Management Inc. boosted its stake in shares of Piedmont Office Realty Trust Inc. (NYSE:PDM) by 4.6% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 973,333 shares of the real estate investment trust’s stock after buying an additional 42,873 shares during the period. Schwab Charles Investment Management Inc. owned approximately 0.67% of Piedmont Office Realty Trust worth $18,377,000 as of its most recent filing with the SEC.
Piedmont Office Realty Trust, Inc (Piedmont) is an integrated self-managed real estate investment trust specializing in the acquisition, ownership, management, development and disposition of primarily Class A office buildings located in the United States office markets. The Company operates through its real estate assets segment.