Paragon Capital Management Ltd acquired a new position in shares of Piedmont Office Realty Trust, Inc. (NYSE:PDM) during the second quarter, Holdings Channel reports. The institutional investor acquired 11,690 shares of the real estate investment trust’s stock, valued at approximately $246,000.
A number of other large investors also recently modified their holdings of the stock. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. increased its stake in shares of Piedmont Office Realty Trust by 6.3% in 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 buying an additional 1,380 shares during the period. Advisory Services Network LLC bought a new stake in shares of Piedmont Office Realty Trust during the first quarter worth about $141,000. Wells Fargo & Company MN increased its stake in shares of Piedmont Office Realty Trust by 1.0% in 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 buying an additional 4,905 shares during the period. Russell Investments Group Ltd. increased its stake in shares of Piedmont Office Realty Trust by 10.7% in 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 buying an additional 17,150 shares during the period. Finally, First Quadrant L P CA increased its stake in shares of Piedmont Office Realty Trust by 27.4% in the first quarter. First Quadrant L P CA now owns 295,274 shares of the real estate investment trust’s stock worth $6,313,000 after buying an additional 63,454 shares during the period. Institutional investors and hedge funds own 86.87% of the company’s stock.
Shares of Piedmont Office Realty Trust, Inc. (NYSE PDM) traded up 0.62% during midday trading on Friday, reaching $20.95. The company’s stock had a trading volume of 606,556 shares. Piedmont Office Realty Trust, Inc. has a one year low of $18.61 and a one year high of $23.08. The firm has a market cap of $3.05 billion, a price-to-earnings ratio of 29.14 and a beta of 0.60. The stock’s 50 day moving average price is $21.01 and its 200 day moving average price is $21.53.
Piedmont Office Realty Trust (NYSE:PDM) last issued its earnings results on Wednesday, May 3rd. The real estate investment trust reported $0.10 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.44 by $0.34. The company had revenue of $148.50 million for the quarter, compared to analyst estimates of $145.35 million. Piedmont Office Realty Trust had a return on equity of 5.26% and a net margin of 19.89%. The company’s revenue for the quarter was up 7.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.41 earnings per share. Analysts predict that Piedmont Office Realty Trust, Inc. will post $0.40 earnings per share for the current year.
Piedmont Office Realty Trust announced that its board has approved a stock buyback plan on Wednesday, May 3rd that permits the company to buyback $250.00 million in outstanding shares. This buyback authorization permits the real estate investment trust to reacquire up to 8.1% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s board believes its shares are undervalued.
A number of equities research analysts have issued reports on the company. Zacks Investment Research upgraded Piedmont Office Realty Trust from a “hold” rating to a “buy” rating and set a $24.00 price objective on the stock in a research report on Saturday, May 6th. BidaskClub upgraded Piedmont Office Realty Trust from a “sell” rating to a “hold” rating in a research report on Tuesday, June 13th. Finally, ValuEngine downgraded Piedmont Office Realty Trust from a “buy” rating to a “hold” rating in a research report on Thursday, June 29th. One analyst has rated the stock with a sell rating and four have given a hold rating to the company’s stock. Piedmont Office Realty Trust presently has a consensus rating of “Hold” and an average target price of $22.50.
In other news, CAO Laura P. Moon sold 7,800 shares of the business’s stock in a transaction that occurred on Wednesday, May 24th. The stock was sold at an average price of $21.64, for a total transaction of $168,792.00. Following the transaction, the chief accounting officer now directly owns 24,620 shares in the company, valued at approximately $532,776.80. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 0.76% of the company’s stock.
Piedmont Office Realty Trust Company Profile
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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