Bank of New York Mellon Corp reduced its position in shares of Piedmont Office Realty Trust, Inc. (NYSE:PDM) by 8.9% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,017,358 shares of the real estate investment trust’s stock after selling 99,940 shares during the period. Bank of New York Mellon Corp owned 0.70% of Piedmont Office Realty Trust worth $21,446,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in PDM. Russell Investments Group Ltd. increased its position in Piedmont Office Realty Trust by 10.7% during the first quarter. Russell Investments Group Ltd. now owns 177,449 shares of the real estate investment trust’s stock worth $3,795,000 after purchasing an additional 17,150 shares during the last quarter. Wells Fargo & Company MN increased its position in Piedmont Office Realty Trust by 1.0% during the first quarter. Wells Fargo & Company MN now owns 498,498 shares of the real estate investment trust’s stock worth $10,657,000 after purchasing an additional 4,905 shares during the last quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. increased its position in Piedmont Office Realty Trust by 6.3% during the first quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 23,141 shares of the real estate investment trust’s stock worth $495,000 after purchasing an additional 1,380 shares during the last quarter. DekaBank Deutsche Girozentrale acquired a new stake in Piedmont Office Realty Trust during the first quarter worth about $291,000. Finally, Daiwa Securities Group Inc. increased its position in Piedmont Office Realty Trust by 37.8% during the first quarter. Daiwa Securities Group Inc. now owns 11,300 shares of the real estate investment trust’s stock worth $242,000 after purchasing an additional 3,100 shares during the last quarter. Hedge funds and other institutional investors own 82.75% of the company’s stock.

Shares of Piedmont Office Realty Trust, Inc. (PDM) opened at 20.36 on Friday. The firm has a market capitalization of $2.96 billion, a PE ratio of 52.88 and a beta of 0.61. Piedmont Office Realty Trust, Inc. has a 12 month low of $18.61 and a 12 month high of $23.08. The firm’s 50 day moving average is $20.29 and its 200-day moving average is $21.18.

Piedmont Office Realty Trust (NYSE:PDM) last announced its quarterly earnings data on Wednesday, August 2nd. The real estate investment trust reported $0.46 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate 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 firm had revenue of $148.70 million for the quarter, compared to analysts’ expectations of $147.66 million. During the same period last year, the firm earned $0.40 earnings per share. The company’s revenue for the quarter was up 9.9% compared to the same quarter last year. On average, analysts expect that Piedmont Office Realty Trust, Inc. will post $0.50 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 15th. Stockholders of record on Friday, August 25th were paid a dividend of $0.21 per share. The ex-dividend date was Wednesday, August 23rd. This represents a $0.84 dividend on an annualized basis and a dividend yield of 4.13%. Piedmont Office Realty Trust’s dividend payout ratio (DPR) is currently 221.06%.

Several equities research analysts recently issued reports on PDM shares. ValuEngine upgraded shares of Piedmont Office Realty Trust from a “hold” rating to a “buy” rating in a research report on Monday, August 7th. BidaskClub upgraded shares of Piedmont Office Realty Trust from a “sell” rating to a “hold” rating in a research report on Tuesday, June 13th. Zacks Investment Research upgraded shares of Piedmont Office Realty Trust from a “hold” rating to a “buy” rating and set a $24.00 price objective for the company in a research report on Wednesday, July 5th. Finally, Robert W. Baird upgraded shares of Piedmont Office Realty Trust from a “neutral” rating to an “outperform” rating and raised their price objective for the stock from $23.00 to $24.00 in a research report on Monday, August 28th. One analyst has rated the stock with a sell rating, three have given a hold rating and one has assigned a buy rating to the company. The stock has a consensus rating of “Hold” and an average target price of $22.83.

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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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