Piedmont Office Realty Trust (NYSE:PDM) Upgraded at Zacks Investment Research
According to Zacks, “Piedmont Office Realty Trust, Inc. is an integrated and self-managed real estate investment trust specializing in the acquisition, ownership, management and development of commercial real estate properties. That includes properties that are under construction, newly constructed, or have operating histories. The Company is primarily focused on high-quality Class A office buildings located in major U.S. markets and leased primarily to high-credit quality tenants. Major markets include: Washington, D.C., greater Los Angeles, the New York metropolitan area, Boston and Chicago. Piedmont conducts business primarily through Piedmont Operating Partnership, LP; a Delaware limited partnership, as well as performing the management of its buildings through two wholly-owned subsidiaries, Piedmont Government Services, LLC and Piedmont Office Management, LLC. Piedmont OP owns a majority of its properties directly and a limited number through joint ventures with real estate limited partnerships with other third parties. “
Separately, DA Davidson lowered shares of Piedmont Office Realty Trust from a buy rating to a neutral rating in a research report on Tuesday, July 23rd. Five equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. Piedmont Office Realty Trust presently has an average rating of Hold and a consensus target price of $22.00.
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 20th. Stockholders of record on Friday, August 30th will be given a $0.21 dividend. This represents a $0.84 annualized dividend and a dividend yield of 4.20%. The ex-dividend date is Thursday, August 29th. Piedmont Office Realty Trust’s dividend payout ratio (DPR) is currently 48.55%.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Quadrant Capital Group LLC bought a new stake in shares of Piedmont Office Realty Trust in the first quarter valued at approximately $25,000. Prime Capital Investment Advisors LLC purchased a new position in Piedmont Office Realty Trust during the second quarter valued at approximately $27,000. Legacy Bridge LLC purchased a new position in Piedmont Office Realty Trust during the first quarter valued at approximately $28,000. Personal Wealth Partners purchased a new position in Piedmont Office Realty Trust during the second quarter valued at approximately $36,000. Finally, Manchester Financial Inc. purchased a new position in Piedmont Office Realty Trust during the second quarter valued at approximately $43,000. 86.27% of the stock is currently owned by institutional investors.
About Piedmont Office Realty Trust
Piedmont Office Realty Trust, Inc (NYSE: PDM) is an owner, manager, developer, and operator of high-quality, Class A office properties in select sub-markets located primarily within eight major U.S. office markets. Its geographically-diversified, almost $5 billion portfolio is currently comprised of approximately 17 million square feet.
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