Today: Today, Nationwide Fund Advisors Cuts Position in Piedmont Office Realty Trust Inc. (PDM)

Today, Nationwide Fund Advisors Cuts Position in Piedmont Office Realty Trust Inc. (PDM)

Nationwide Fund Advisors cut its position in shares of Piedmont Office Realty Trust Inc. (NYSE:PDM) by 9.6% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 164,401 shares of the real estate investment trust’s stock after selling 17,553 shares during the period. Nationwide Fund Advisors owned 0.11% of Piedmont Office Realty Trust worth $3,541,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of PDM. State Street Corp raised its stake in Piedmont Office Realty Trust by 16.5% in the first quarter. State Street Corp now owns 4,313,627 shares of the real estate investment trust’s stock worth $87,606,000 after buying an additional 609,455 shares during the last quarter. JPMorgan Chase & Co. raised its stake in Piedmont Office Realty Trust by 95.2% in the first quarter. JPMorgan Chase & Co. now owns 1,034,489 shares of the real estate investment trust’s stock worth $21,011,000 after buying an additional 504,435 shares during the last quarter. Renaissance Technologies LLC raised its stake in Piedmont Office Realty Trust by 16.1% in the first quarter. Renaissance Technologies LLC now owns 3,226,600 shares of the real estate investment trust’s stock worth $65,532,000 after buying an additional 446,400 shares during the last quarter. First Trust Advisors LP raised its stake in Piedmont Office Realty Trust by 767.1% in the second quarter. First Trust Advisors LP now owns 478,840 shares of the real estate investment trust’s stock worth $10,314,000 after buying an additional 423,619 shares during the last quarter. Finally, LSV Asset Management raised its stake in Piedmont Office Realty Trust by 7.6% in the second quarter. LSV Asset Management now owns 5,638,481 shares of the real estate investment trust’s stock worth $121,452,000 after buying an additional 400,281 shares during the last quarter. 83.34% of the stock is currently owned by institutional investors and hedge funds.

Piedmont Office Realty Trust Inc. (NYSE:PDM) traded up 1.30% on Thursday, hitting $21.09. 339,137 shares of the stock were exchanged. The stock has a market cap of $3.06 billion, a PE ratio of 14.42 and a beta of 0.56. Piedmont Office Realty Trust Inc. has a 1-year low of $16.93 and a 1-year high of $22.28. The company’s 50 day moving average is $21.41 and its 200 day moving average is $20.84.

Piedmont Office Realty Trust (NYSE:PDM) last posted its earnings results on Wednesday, August 3rd. The real estate investment trust reported $0.40 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.40. The firm earned $135.30 million during the quarter, compared to analysts’ expectations of $138.87 million. Piedmont Office Realty Trust had a net margin of 38.14% and a return on equity of 9.87%. The company’s revenue was down 7.8% compared to the same quarter last year. During the same period in the previous year, the company earned $0.39 earnings per share. On average, equities research analysts expect that Piedmont Office Realty Trust Inc. will post $1.64 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 16th. Stockholders of record on Friday, August 26th were paid a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a dividend yield of 4.03%. The ex-dividend date was Wednesday, August 24th. Piedmont Office Realty Trust’s payout ratio is 57.93%.

PDM has been the subject of a number of recent analyst reports. Zacks Investment Research raised shares of Piedmont Office Realty Trust from a “hold” rating to a “buy” rating and set a $24.00 price target for the company in a report on Tuesday, July 12th. DA Davidson raised their price objective on shares of Piedmont Office Realty Trust from $22.00 to $23.00 and gave the stock a “neutral” rating in a report on Monday, August 8th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and two have assigned a buy rating to the stock. Piedmont Office Realty Trust presently has an average rating of “Hold” and an average target price of $20.67.

About Piedmont Office Realty Trust

Piedmont Office Realty Trust, Inc (Piedmont) is an integrated self-managed real estate investment trust specializing in the acquisition, ownership, management, development and disposition of primarily Class A office buildings located in the United States office markets. The Company operates through its real estate assets segment.

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