Shell Asset Management Co. maintained its stake in shares of Piedmont Office Realty Trust, Inc. (NYSE:PDM) during the second quarter, Holdings Channel reports. The institutional investor owned 47,778 shares of the real estate investment trust’s stock at the end of the second quarter. Shell Asset Management Co.’s holdings in Piedmont Office Realty Trust were worth $1,007,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in PDM. Advisory Services Network LLC purchased a new stake in shares of Piedmont Office Realty Trust during the first quarter valued at approximately $141,000. James Investment Research Inc. purchased a new stake in shares of Piedmont Office Realty Trust during the first quarter valued at approximately $141,000. Cornerstone Capital Management Holdings LLC. purchased a new stake in shares of Piedmont Office Realty Trust during the first quarter valued at approximately $164,000. SG Americas Securities LLC raised its stake in shares of Piedmont Office Realty Trust by 31.5% in the first quarter. SG Americas Securities LLC now owns 7,696 shares of the real estate investment trust’s stock valued at $165,000 after buying an additional 1,843 shares in the last quarter. Finally, TLP Group LLC purchased a new stake in shares of Piedmont Office Realty Trust during the first quarter valued at approximately $177,000. Institutional investors own 86.68% of the company’s stock.

Shares of Piedmont Office Realty Trust, Inc. (NYSE PDM) opened at 20.46 on Wednesday. The stock has a 50 day moving average price of $20.92 and a 200-day moving average price of $21.53. Piedmont Office Realty Trust, Inc. has a 1-year low of $18.61 and a 1-year high of $23.08. The firm has a market cap of $2.98 billion, a price-to-earnings ratio of 61.81 and a beta of 0.60.

Piedmont Office Realty Trust (NYSE:PDM) last announced its quarterly earnings results on Wednesday, August 2nd. The real estate investment trust reported $0.46 earnings per share for the quarter, topping analysts’ consensus estimates of $0.44 by $0.02. Piedmont Office Realty Trust had a return on equity of 2.67% and a net margin of 9.71%. The company had revenue of $148.70 million during the quarter, compared to analysts’ expectations of $147.66 million. During the same quarter in the previous year, the firm earned $0.40 earnings per share. The business’s quarterly revenue was up 9.9% compared to the same quarter last year. On average, equities research analysts expect 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 authorized a share repurchase program on Wednesday, May 3rd that authorizes the company to repurchase $250.00 million in shares. This repurchase authorization authorizes the real estate investment trust to buy up to 8.1% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s board of directors believes its shares are undervalued.

The business also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Friday, August 25th will be given a $0.21 dividend. The ex-dividend date is Wednesday, August 23rd. This represents a $0.84 dividend on an annualized basis and a dividend yield of 4.11%. Piedmont Office Realty Trust’s dividend payout ratio is currently 221.06%.

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Several equities research analysts have commented on the company. BidaskClub lowered Piedmont Office Realty Trust from a “hold” rating to a “sell” rating in a research note on Saturday, June 24th. Zacks Investment Research upgraded Piedmont Office Realty Trust from a “hold” rating to a “buy” rating and set a $24.00 price target for the company in a research note on Saturday, May 6th. Finally, ValuEngine lowered Piedmont Office Realty Trust from a “buy” rating to a “hold” rating in a research note on Thursday, June 29th.

In other Piedmont Office Realty Trust news, CAO Laura P. Moon sold 7,800 shares of the business’s stock in a transaction dated Wednesday, May 24th. The stock was sold at an average price of $21.64, for a total value of $168,792.00. Following the completion of the sale, the chief accounting officer now owns 24,620 shares of the company’s stock, valued at $532,776.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 0.76% of the stock is owned by insiders.

About Piedmont Office Realty Trust

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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