Cornerstone Wealth Management LLC Lowers Holdings in Piedmont Office Realty Trust, Inc. (NYSE:PDM)

Cornerstone Wealth Management LLC trimmed its position in Piedmont Office Realty Trust, Inc. (NYSE:PDM) by 44.5% in the 3rd quarter, Holdings Channel reports. The firm owned 20,899 shares of the real estate investment trust’s stock after selling 16,725 shares during the quarter. Cornerstone Wealth Management LLC’s holdings in Piedmont Office Realty Trust were worth $211,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in PDM. Wilsey Asset Management Inc. increased its position in shares of Piedmont Office Realty Trust by 50.2% in the second quarter. Wilsey Asset Management Inc. now owns 3,899,800 shares of the real estate investment trust’s stock worth $28,274,000 after purchasing an additional 1,302,681 shares during the last quarter. Marshall Wace LLP increased its holdings in shares of Piedmont Office Realty Trust by 7,041.3% in the 2nd quarter. Marshall Wace LLP now owns 914,092 shares of the real estate investment trust’s stock worth $6,627,000 after buying an additional 901,292 shares during the last quarter. SG Americas Securities LLC raised its position in shares of Piedmont Office Realty Trust by 694.5% during the 1st quarter. SG Americas Securities LLC now owns 590,715 shares of the real estate investment trust’s stock valued at $4,153,000 after buying an additional 516,367 shares in the last quarter. Swedbank AB bought a new stake in shares of Piedmont Office Realty Trust during the 1st quarter worth $3,488,000. Finally, Vanguard Group Inc. grew its position in Piedmont Office Realty Trust by 2.1% in the first quarter. Vanguard Group Inc. now owns 19,219,805 shares of the real estate investment trust’s stock worth $135,115,000 after acquiring an additional 394,282 shares in the last quarter. 84.48% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the company. Truist Financial reaffirmed a “buy” rating and set a $11.00 price target (up previously from $10.00) on shares of Piedmont Office Realty Trust in a research note on Wednesday, August 14th. StockNews.com raised Piedmont Office Realty Trust from a “sell” rating to a “hold” rating in a report on Tuesday, July 23rd.

Piedmont Office Realty Trust Price Performance

Shares of Piedmont Office Realty Trust stock opened at $11.07 on Friday. The company has a debt-to-equity ratio of 1.34, a quick ratio of 2.40 and a current ratio of 2.40. Piedmont Office Realty Trust, Inc. has a 52-week low of $4.91 and a 52-week high of $11.11. The company has a fifty day moving average of $9.73 and a 200-day moving average of $8.17. The stock has a market capitalization of $1.37 billion, a price-to-earnings ratio of -18.15 and a beta of 1.22.

Piedmont Office Realty Trust (NYSE:PDM) last announced its quarterly earnings data on Wednesday, July 31st. The real estate investment trust reported ($0.08) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.45). Piedmont Office Realty Trust had a negative net margin of 14.24% and a negative return on equity of 4.84%. The company had revenue of $143.26 million for the quarter, compared to the consensus estimate of $141.25 million. Equities research analysts expect that Piedmont Office Realty Trust, Inc. will post 1.5 EPS for the current year.

Piedmont Office Realty Trust Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 20th. Stockholders of record on Friday, August 23rd were issued a $0.125 dividend. This represents a $0.50 annualized dividend and a dividend yield of 4.52%. The ex-dividend date was Friday, August 23rd. Piedmont Office Realty Trust’s dividend payout ratio is -81.97%.

Piedmont Office Realty Trust Company Profile

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.