Thrivent Financial For Lutherans Reduces Stake in Piedmont Office Realty Trust, Inc. (NYSE:PDM)

Thrivent Financial For Lutherans cut its stake in shares of Piedmont Office Realty Trust, Inc. (NYSE:PDM) by 0.3% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 35,044 shares of the real estate investment trust’s stock after selling 100 shares during the period. Thrivent Financial For Lutherans’ holdings in Piedmont Office Realty Trust were worth $749,000 as of its most recent filing with the SEC.

Several other large investors also recently added to or reduced their stakes in PDM. Metropolitan Life Insurance Co. NY raised its stake in Piedmont Office Realty Trust by 1.8% in the fourth quarter. Metropolitan Life Insurance Co. NY now owns 12,109 shares of the real estate investment trust’s stock valued at $253,000 after buying an additional 211 shares in the last quarter. Utah Retirement Systems raised its stake in Piedmont Office Realty Trust by 0.7% in the first quarter. Utah Retirement Systems now owns 41,360 shares of the real estate investment trust’s stock valued at $884,000 after buying an additional 300 shares in the last quarter. Raymond James Financial Services Advisors Inc. raised its stake in Piedmont Office Realty Trust by 2.3% in the first quarter. Raymond James Financial Services Advisors Inc. now owns 17,680 shares of the real estate investment trust’s stock valued at $378,000 after buying an additional 396 shares in the last quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. raised its stake in Piedmont Office Realty Trust by 6.3% in the first quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 23,141 shares of the real estate investment trust’s stock valued at $495,000 after buying an additional 1,380 shares in the last quarter. Finally, SG Americas Securities LLC raised its stake in Piedmont Office Realty Trust by 31.5% in the first quarter. SG Americas Securities LLC now owns 7,696 shares of the real estate investment trust’s stock valued at $165,000 after buying an additional 1,843 shares in the last quarter. Institutional investors own 86.89% of the company’s stock.

Shares of Piedmont Office Realty Trust, Inc. (PDM) traded down 1.11% on Friday, hitting $20.54. The stock had a trading volume of 591,858 shares. The company has a 50 day moving average of $21.10 and a 200-day moving average of $21.56. Piedmont Office Realty Trust, Inc. has a 12-month low of $18.61 and a 12-month high of $23.08. The firm has a market capitalization of $2.99 billion, a P/E ratio of 28.57 and a beta of 0.60.

Piedmont Office Realty Trust (NYSE:PDM) last announced its quarterly earnings data on Wednesday, May 3rd. The real estate investment trust reported $0.10 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.44 by $0.34. The firm had revenue of $148.50 million during the quarter, compared to the consensus estimate of $145.35 million. Piedmont Office Realty Trust had a net margin of 19.89% and a return on equity of 5.26%. The business’s revenue was up 7.6% compared to the same quarter last year. During the same period last year, the business earned $0.41 earnings per share. Equities analysts predict that Piedmont Office Realty Trust, Inc. will post $0.40 EPS for the current fiscal year.

Piedmont Office Realty Trust announced that its board has authorized a share repurchase program on Wednesday, May 3rd that authorizes the company to buyback $250.00 million in outstanding shares. This buyback authorization authorizes the real estate investment trust to buy up to 8.1% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s board believes its stock is undervalued.

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Several research firms have recently weighed in on PDM. BidaskClub upgraded Piedmont Office Realty Trust from a “sell” rating to a “hold” rating in a research note on Tuesday, June 13th. Zacks Investment Research raised Piedmont Office Realty Trust from a “hold” rating to a “buy” rating and set a $24.00 target price on the stock in a report on Saturday, May 6th. Finally, ValuEngine downgraded Piedmont Office Realty Trust from a “buy” rating to a “hold” rating in a report on Thursday, June 29th. One equities research analyst has rated the stock with a sell rating and four have issued a hold rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $22.50.

In related news, CAO Laura P. Moon sold 7,800 shares of Piedmont Office Realty Trust stock in a transaction that occurred on Wednesday, May 24th. The shares were sold at an average price of $21.64, for a total value 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company 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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