Piedmont Office Realty Trust (NYSE:PDM) Stock Price Up 12.7%

Piedmont Office Realty Trust, Inc. (NYSE:PDM)’s share price rose 12.7% on Tuesday . The company traded as high as $6.31 and last traded at $6.31. Approximately 248,741 shares changed hands during mid-day trading, a decline of 82% from the average daily volume of 1,360,581 shares. The stock had previously closed at $5.60.

Analysts Set New Price Targets

Separately, StockNews.com raised shares of Piedmont Office Realty Trust from a “sell” rating to a “hold” rating in a research report on Monday.

Piedmont Office Realty Trust Price Performance

The company has a market capitalization of $781.85 million, a price-to-earnings ratio of 14.36 and a beta of 1.09. The firm has a 50-day simple moving average of $5.66 and a two-hundred day simple moving average of $6.47. The company has a current ratio of 1.67, a quick ratio of 1.67 and a debt-to-equity ratio of 1.16.

Piedmont Office Realty Trust Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 2nd. Shareholders of record on Friday, November 24th will be given a $0.125 dividend. The ex-dividend date of this dividend is Wednesday, November 22nd. This represents a $0.50 annualized dividend and a yield of 7.91%. Piedmont Office Realty Trust’s dividend payout ratio is presently 113.64%.

Hedge Funds Weigh In On Piedmont Office Realty Trust

Several institutional investors have recently made changes to their positions in PDM. Quarry LP raised its holdings in Piedmont Office Realty Trust by 78.7% in the 1st quarter. Quarry LP now owns 3,871 shares of the real estate investment trust’s stock worth $28,000 after purchasing an additional 1,705 shares during the period. Parallel Advisors LLC raised its stake in shares of Piedmont Office Realty Trust by 181.6% during the 1st quarter. Parallel Advisors LLC now owns 4,840 shares of the real estate investment trust’s stock worth $35,000 after buying an additional 3,121 shares during the period. Ameritas Advisory Services LLC purchased a new position in shares of Piedmont Office Realty Trust during the 1st quarter valued at approximately $43,000. Campbell & CO Investment Adviser LLC acquired a new stake in Piedmont Office Realty Trust in the 3rd quarter valued at $60,000. Finally, Point72 Hong Kong Ltd increased its holdings in Piedmont Office Realty Trust by 3,499.2% in the 2nd quarter. Point72 Hong Kong Ltd now owns 4,643 shares of the real estate investment trust’s stock worth $61,000 after acquiring an additional 4,514 shares in the last quarter. 84.72% of the stock is owned by hedge funds and other institutional investors.

About Piedmont Office Realty Trust

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 major U.S. Sunbelt markets. Its approximately $5 billion portfolio is currently comprised of approximately 17 million square feet. 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 S&P Global Ratings (BBB) and Moody's (Baa2).