Short Interest in Piedmont Office Realty Trust, Inc. (NYSE:PDM) Drops By 16.9%

Piedmont Office Realty Trust, Inc. (NYSE:PDMGet Rating) was the target of a significant decline in short interest in the month of August. As of August 31st, there was short interest totalling 2,110,000 shares, a decline of 16.9% from the August 15th total of 2,540,000 shares. Currently, 1.7% of the company’s shares are short sold. Based on an average daily trading volume, of 726,400 shares, the short-interest ratio is currently 2.9 days.

Insider Activity at Piedmont Office Realty Trust

In related news, Director Glenn Gary Cohen acquired 3,000 shares of the company’s stock in a transaction dated Thursday, August 4th. The shares were purchased at an average price of $13.01 per share, for a total transaction of $39,030.00. Following the completion of the acquisition, the director now owns 30,419 shares of the company’s stock, valued at $395,751.19. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. 1.13% of the stock is owned by company insiders.

Institutional Investors Weigh In On Piedmont Office Realty Trust

A number of large investors have recently added to or reduced their stakes in PDM. State Street Corp grew its holdings in Piedmont Office Realty Trust by 11.6% in the 1st quarter. State Street Corp now owns 6,174,792 shares of the real estate investment trust’s stock worth $106,330,000 after acquiring an additional 640,582 shares during the last quarter. Cbre Investment Management Listed Real Assets LLC boosted its stake in shares of Piedmont Office Realty Trust by 22.0% during the 1st quarter. Cbre Investment Management Listed Real Assets LLC now owns 3,529,327 shares of the real estate investment trust’s stock valued at $60,775,000 after purchasing an additional 635,689 shares in the last quarter. Vanguard Group Inc. boosted its stake in shares of Piedmont Office Realty Trust by 2.8% during the 1st quarter. Vanguard Group Inc. now owns 19,626,841 shares of the real estate investment trust’s stock valued at $337,974,000 after purchasing an additional 534,136 shares in the last quarter. Private Management Group Inc. boosted its stake in shares of Piedmont Office Realty Trust by 74.7% during the 2nd quarter. Private Management Group Inc. now owns 1,143,539 shares of the real estate investment trust’s stock valued at $15,003,000 after purchasing an additional 489,079 shares in the last quarter. Finally, Glenmede Trust Co. NA boosted its stake in shares of Piedmont Office Realty Trust by 79.8% during the 4th quarter. Glenmede Trust Co. NA now owns 963,332 shares of the real estate investment trust’s stock valued at $17,705,000 after purchasing an additional 427,415 shares in the last quarter. Institutional investors own 82.51% of the company’s stock.

Piedmont Office Realty Trust Price Performance

PDM stock opened at $12.19 on Friday. The company has a debt-to-equity ratio of 0.92, a quick ratio of 1.82 and a current ratio of 1.82. Piedmont Office Realty Trust has a 52 week low of $11.55 and a 52 week high of $19.84. The firm’s fifty day moving average is $12.78 and its 200 day moving average is $14.46. The firm has a market cap of $1.50 billion, a P/E ratio of 32.08 and a beta of 0.97.

Piedmont Office Realty Trust Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, September 16th. Shareholders of record on Friday, August 26th were issued a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a yield of 6.89%. The ex-dividend date of this dividend was Thursday, August 25th. Piedmont Office Realty Trust’s dividend payout ratio (DPR) is presently 221.05%.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on PDM. StockNews.com downgraded shares of Piedmont Office Realty Trust from a “buy” rating to a “hold” rating in a research report on Thursday, May 26th. Truist Financial dropped their price target on shares of Piedmont Office Realty Trust from $21.00 to $17.00 and set a “buy” rating on the stock in a research note on Thursday, June 30th.

About Piedmont Office Realty Trust

(Get Rating)

Piedmont Office Realty Trust, Inc (NYSE: PDM) is an owner, manager, developer, redeveloper, and operator of high-quality, Class A office properties located primarily in select sub-markets within seven major Eastern U.S. office markets, with the majority of its revenue being generated from the Sunbelt.

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