Principal Financial Group Inc. Has $6.65 Million Stake in Piedmont Office Realty Trust, Inc. (NYSE:PDM)

Principal Financial Group Inc. boosted its stake in shares of Piedmont Office Realty Trust, Inc. (NYSE:PDM) by 99.5% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 311,167 shares of the real estate investment trust’s stock after buying an additional 155,159 shares during the period. Principal Financial Group Inc. owned about 0.21% of Piedmont Office Realty Trust worth $6,653,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in PDM. TLP Group LLC acquired a new stake in shares of Piedmont Office Realty Trust during the first quarter worth $177,000. Credit Agricole S A raised its stake in shares of Piedmont Office Realty Trust by 12.5% in the first quarter. Credit Agricole S A now owns 112,171 shares of the real estate investment trust’s stock worth $2,399,000 after buying an additional 12,461 shares in the last quarter. Rafferty Asset Management LLC bought a new position in shares of Piedmont Office Realty Trust during the first quarter worth about $561,000. Kempen Capital Management N.V. increased its position in shares of Piedmont Office Realty Trust by 35.7% in the first quarter. Kempen Capital Management N.V. now owns 113,351 shares of the real estate investment trust’s stock worth $2,423,000 after buying an additional 29,800 shares during the last quarter. Finally, Asset Management One Co. Ltd. increased its position in shares of Piedmont Office Realty Trust by 7.1% in the first quarter. Asset Management One Co. Ltd. now owns 425,015 shares of the real estate investment trust’s stock worth $9,079,000 after buying an additional 27,995 shares during the last quarter. Hedge funds and other institutional investors own 86.68% of the company’s stock.

Piedmont Office Realty Trust, Inc. (PDM) traded down 0.97% during trading on Tuesday, reaching $20.46. The company had a trading volume of 767,773 shares. Piedmont Office Realty Trust, Inc. has a 12 month low of $18.61 and a 12 month high of $23.08. The firm’s 50 day moving average is $20.92 and its 200-day moving average is $21.53. The company has a market capitalization of $2.98 billion, a P/E ratio of 61.81 and a beta of 0.60.

Piedmont Office Realty Trust (NYSE:PDM) last announced its quarterly earnings data on Wednesday, August 2nd. The real estate investment trust reported $0.46 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.44 by $0.02. Piedmont Office Realty Trust had a return on equity of 2.67% and a net margin of 9.71%. The business had revenue of $148.70 million during the quarter, compared to analyst estimates of $147.66 million. During the same period last year, the company earned $0.40 earnings per share. Piedmont Office Realty Trust’s quarterly revenue was up 9.9% compared to the same quarter last year. On average, equities analysts expect 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 authorized a stock buyback plan on Wednesday, May 3rd that authorizes the company to repurchase $250.00 million in shares. This repurchase authorization authorizes the real estate investment trust to reacquire up to 8.1% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board believes its shares are undervalued.

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Friday, August 25th will be given a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a yield of 4.11%. The ex-dividend date of this dividend is Wednesday, August 23rd. Piedmont Office Realty Trust’s payout ratio is 221.06%.

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PDM has been the subject of a number of analyst reports. Zacks Investment Research downgraded Piedmont Office Realty Trust from a “buy” rating to a “hold” rating in a report on Friday, May 5th. ValuEngine downgraded Piedmont Office Realty Trust from a “buy” rating to a “hold” rating in a research note on Thursday, June 29th. Finally, BidaskClub downgraded Piedmont Office Realty Trust from a “hold” rating to a “sell” rating in a research note on Saturday, June 24th. One research analyst has rated the stock with a sell rating, three have given a hold rating and one has assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $22.50.

In other Piedmont Office Realty Trust news, CAO Laura P. Moon sold 7,800 shares of the stock in a transaction on Wednesday, May 24th. The shares were 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 of the company’s stock, valued at $532,776.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.76% of the company’s stock.

About Piedmont Office Realty Trust

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.

Institutional Ownership by Quarter for Piedmont Office Realty Trust (NYSE:PDM)

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