Blue Sky Asset Management LLC bought a new position in shares of Piedmont Office Realty Trust, Inc. (NYSE:PDM) during the second quarter, Holdings Channel reports. The institutional investor bought 8,220 shares of the real estate investment trust’s stock, valued at approximately $173,000.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Vanguard Group Inc. increased its position in Piedmont Office Realty Trust by 2.3% in the first quarter. Vanguard Group Inc. now owns 23,021,266 shares of the real estate investment trust’s stock worth $492,194,000 after buying an additional 511,212 shares during the last quarter. BlackRock Inc. increased its position in Piedmont Office Realty Trust by 3,921.0% in the first quarter. BlackRock Inc. now owns 9,609,860 shares of the real estate investment trust’s stock worth $205,459,000 after buying an additional 9,370,868 shares during the last quarter. LSV Asset Management increased its position in Piedmont Office Realty Trust by 3.8% in the first quarter. LSV Asset Management now owns 6,705,681 shares of the real estate investment trust’s stock worth $143,367,000 after buying an additional 246,000 shares during the last quarter. State Street Corp increased its position in Piedmont Office Realty Trust by 4.5% in the first quarter. State Street Corp now owns 4,777,715 shares of the real estate investment trust’s stock worth $102,146,000 after buying an additional 205,578 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its position in Piedmont Office Realty Trust by 3.7% in the first quarter. Dimensional Fund Advisors LP now owns 2,181,817 shares of the real estate investment trust’s stock worth $46,647,000 after buying an additional 78,038 shares during the last quarter. Institutional investors own 86.68% of the company’s stock.

Shares of Piedmont Office Realty Trust, Inc. (NYSE PDM) opened at 20.24 on Thursday. Piedmont Office Realty Trust, Inc. has a 12 month low of $18.61 and a 12 month high of $23.08. The company has a 50 day moving average of $20.83 and a 200-day moving average of $21.52. The firm has a market capitalization of $2.94 billion, a P/E ratio of 61.15 and a beta of 0.60.

Piedmont Office Realty Trust (NYSE:PDM) last released its quarterly earnings results on Wednesday, August 2nd. The real estate investment trust reported $0.46 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.44 by $0.02. The company had revenue of $148.70 million for the quarter, compared to analysts’ expectations of $147.66 million. Piedmont Office Realty Trust had a return on equity of 2.67% and a net margin of 9.71%. The business’s quarterly revenue was up 9.9% compared to the same quarter last year. During the same period in the previous year, the business posted $0.40 earnings per share. Analysts predict that Piedmont Office Realty Trust, Inc. will post $0.50 EPS for the current year.

The company also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Friday, August 25th will be issued a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a dividend yield of 4.15%. The ex-dividend date is Wednesday, August 23rd. Piedmont Office Realty Trust’s dividend payout ratio (DPR) is currently 221.06%.

Piedmont Office Realty Trust announced that its board has authorized a stock buyback program 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 repurchase up to 8.1% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its stock is undervalued.

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PDM has been the topic of a number of research reports. ValuEngine upgraded shares of Piedmont Office Realty Trust from a “hold” rating to a “buy” rating in a research report on Monday. BidaskClub upgraded shares of Piedmont Office Realty Trust from a “sell” rating to a “hold” rating in a research report on Tuesday, June 13th. Finally, Zacks Investment Research upgraded shares of Piedmont Office Realty Trust from a “hold” rating to a “buy” rating and set a $24.00 target price on the stock in a research report on Wednesday, July 5th.

In other news, CAO Laura P. Moon sold 7,800 shares of the business’s stock in a transaction dated Wednesday, May 24th. The stock was sold at an average price of $21.64, for a total transaction of $168,792.00. Following the sale, the chief accounting officer now directly owns 24,620 shares in the company, valued at $532,776.80. The transaction was disclosed in a document filed with the SEC, which is accessible through 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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Institutional Ownership by Quarter for Piedmont Office Realty Trust (NYSE:PDM)

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