BlackRock Inc. increased its position in shares of Piedmont Office Realty Trust, Inc. (NYSE:PDM) by 3,921.0% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 9,609,860 shares of the real estate investment trust’s stock after buying an additional 9,370,868 shares during the period. BlackRock Inc. owned about 0.07% of Piedmont Office Realty Trust worth $205,459,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of PDM. First Heartland Consultants Inc. increased its position in Piedmont Office Realty Trust by 0.3% in the first quarter. First Heartland Consultants Inc. now owns 11,187 shares of the real estate investment trust’s stock worth $239,000 after buying an additional 33 shares during the period. UBS Group AG increased its position in Piedmont Office Realty Trust by 11.5% in the first quarter. UBS Group AG now owns 14,563 shares of the real estate investment trust’s stock worth $311,000 after buying an additional 1,500 shares during the period. Dimensional Fund Advisors LP increased its position in Piedmont Office Realty Trust by 3.7% in the first quarter. Dimensional Fund Advisors LP now owns 2,181,817 shares of the real estate investment trust’s stock worth $46,647,000 after buying an additional 78,038 shares during the period. Global Endowment Management LP bought a new position in Piedmont Office Realty Trust during the first quarter worth approximately $2,574,000. Finally, Geode Capital Management LLC increased its position in Piedmont Office Realty Trust by 7.2% in the first quarter. Geode Capital Management LLC now owns 1,446,915 shares of the real estate investment trust’s stock worth $30,935,000 after buying an additional 97,659 shares during the period. 86.89% of the stock is owned by institutional investors and hedge funds.

Piedmont Office Realty Trust, Inc. (NYSE PDM) opened at 20.88 on Tuesday. The firm has a market cap of $3.04 billion, a P/E ratio of 29.04 and a beta of 0.60. The firm’s 50-day moving average price is $21.34 and its 200 day moving average price is $21.52. Piedmont Office Realty Trust, Inc. has a 52 week low of $18.61 and a 52 week high of $23.08.

Piedmont Office Realty Trust (NYSE:PDM) last issued its earnings results on Wednesday, May 3rd. The real estate investment trust reported $0.10 EPS for the quarter, missing the consensus estimate of $0.44 by $0.34. The company had revenue of $148.50 million during the quarter, compared to the consensus estimate of $145.35 million. Piedmont Office Realty Trust had a return on equity of 5.26% and a net margin of 19.89%. The firm’s revenue for the quarter was up 7.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.41 EPS. Equities analysts forecast that Piedmont Office Realty Trust, Inc. will post $0.40 earnings per share for the current fiscal year.

Piedmont Office Realty Trust announced that its Board of Directors has initiated a share buyback plan on Wednesday, May 3rd that allows the company to buyback $250.00 million in shares. This buyback authorization allows the real estate investment trust to reacquire up to 8.1% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.

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A number of research analysts recently commented on the company. Zacks Investment Research downgraded Piedmont Office Realty Trust from a “buy” rating to a “hold” rating in a research note on Saturday, July 8th. ValuEngine downgraded Piedmont Office Realty Trust from a “buy” rating to a “hold” rating in a research note on Thursday, June 29th. Finally, BidaskClub downgraded Piedmont Office Realty Trust from a “hold” rating to a “sell” rating in a research note on Saturday, June 24th. One research analyst has rated the stock with a sell rating and four have issued a hold rating to the company’s stock. Piedmont Office Realty Trust currently has an average rating of “Hold” and an average price target of $22.50.

In other news, CAO Laura P. Moon sold 7,800 shares of Piedmont Office Realty Trust stock in a transaction dated Wednesday, May 24th. The stock was sold at an average price of $21.64, for a total transaction of $168,792.00. Following the completion of the sale, the chief accounting officer now owns 24,620 shares in the company, valued at approximately $532,776.80. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Company insiders own 0.76% of the company’s stock.

Piedmont Office Realty Trust Company Profile

Piedmont Office Realty Trust, Inc is an integrated self-managed real estate investment trust (REIT). The Company’s business consists primarily of owning, managing, operating, leasing, acquiring, developing, investing in, and disposing of office real estate assets. As of December 31, 2016, the Company owned and operated 65 in-service office properties, one redevelopment asset, two development assets and one office building through an unconsolidated joint venture.

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Institutional Ownership by Quarter for Piedmont Office Realty Trust (NYSE:PDM)

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