According to Zacks, “Piedmont Office Realty Trust, Inc. is an integrated and self-managed real estate investment trust specializing in the acquisition, ownership, management and development of commercial real estate properties. That includes properties that are under construction, newly constructed, or have operating histories. The Company is primarily focused on high-quality Class A office buildings located in major U.S. markets and leased primarily to high-credit quality tenants. Major markets include: Washington, D.C., greater Los Angeles, the New York metropolitan area, Boston and Chicago. Piedmont conducts business primarily through Piedmont Operating Partnership, LP; a Delaware limited partnership, as well as performing the management of its buildings through two wholly-owned subsidiaries, Piedmont Government Services, LLC and Piedmont Office Management, LLC. Piedmont OP owns a majority of its properties directly and a limited number through joint ventures with real estate limited partnerships with other third parties. “
Separately, DA Davidson lowered Piedmont Office Realty Trust from a buy rating to a neutral rating in a research report on Tuesday, July 23rd. Five equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. The stock presently has an average rating of Hold and a consensus price target of $22.00.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 20th. Investors of record on Friday, August 30th will be given a dividend of $0.21 per share. The ex-dividend date of this dividend is Thursday, August 29th. This represents a $0.84 annualized dividend and a dividend yield of 4.29%. Piedmont Office Realty Trust’s payout ratio is 48.55%.
Institutional investors have recently made changes to their positions in the stock. Nuveen Asset Management LLC raised its stake in shares of Piedmont Office Realty Trust by 312.3% in the second quarter. Nuveen Asset Management LLC now owns 1,296,065 shares of the real estate investment trust’s stock worth $25,831,000 after purchasing an additional 981,685 shares during the last quarter. Neo Ivy Capital Management purchased a new stake in shares of Piedmont Office Realty Trust in the second quarter worth approximately $53,000. D. E. Shaw & Co. Inc. raised its stake in shares of Piedmont Office Realty Trust by 170.8% in the second quarter. D. E. Shaw & Co. Inc. now owns 27,779 shares of the real estate investment trust’s stock worth $553,000 after purchasing an additional 17,522 shares during the last quarter. Point72 Hong Kong Ltd purchased a new stake in shares of Piedmont Office Realty Trust in the second quarter worth approximately $63,000. Finally, Cubist Systematic Strategies LLC raised its stake in shares of Piedmont Office Realty Trust by 118.7% in the second quarter. Cubist Systematic Strategies LLC now owns 67,163 shares of the real estate investment trust’s stock worth $1,339,000 after purchasing an additional 36,451 shares during the last quarter. Institutional investors own 86.27% of the company’s stock.
Piedmont Office Realty Trust Company Profile
Piedmont Office Realty Trust, Inc (NYSE: PDM) is an owner, manager, developer, and operator of high-quality, Class A office properties in select sub-markets located primarily within eight major U.S. office markets. Its geographically-diversified, almost $5 billion portfolio is currently comprised of approximately 17 million square feet.
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