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 lifted their price objective on shares of Piedmont Office Realty Trust from $22.00 to $23.00 and gave the stock a neutral rating in a report on Monday, August 8th. One analyst has rated the stock with a sell rating, five have issued a hold rating and one has issued a buy rating to the stock. The stock currently has an average rating of Hold and an average target price of $20.67.
Shares of Piedmont Office Realty Trust (NYSE:PDM) opened at 20.71 on Friday. The stock’s 50 day moving average is $21.36 and its 200 day moving average is $20.87. The firm has a market capitalization of $3.01 billion, a price-to-earnings ratio of 14.16 and a beta of 0.56. Piedmont Office Realty Trust has a 12 month low of $16.93 and a 12 month high of $22.28.
Piedmont Office Realty Trust (NYSE:PDM) last posted its quarterly earnings data on Wednesday, August 3rd. The real estate investment trust reported $0.40 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.40. The firm had revenue of $135.30 million for the quarter, compared to the consensus estimate of $138.87 million. Piedmont Office Realty Trust had a net margin of 38.14% and a return on equity of 9.87%. The business’s revenue for the quarter was down 7.8% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.39 EPS. Equities research analysts forecast that Piedmont Office Realty Trust will post $1.64 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Friday, September 16th. Stockholders of record on Friday, August 26th were paid a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a dividend yield of 4.06%. The ex-dividend date of this dividend was Wednesday, August 24th. Piedmont Office Realty Trust’s payout ratio is 57.93%.
Several large investors have recently added to or reduced their stakes in PDM. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Piedmont Office Realty Trust by 2.1% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,038 shares of the real estate investment trust’s stock worth $152,000 after buying an additional 148 shares during the last quarter. BlackRock Japan Co. Ltd boosted its stake in Piedmont Office Realty Trust by 0.8% in the first quarter. BlackRock Japan Co. Ltd now owns 7,692 shares of the real estate investment trust’s stock worth $156,000 after buying an additional 58 shares during the last quarter. Wolverine Trading LLC acquired a new stake in Piedmont Office Realty Trust during the second quarter worth approximately $198,000. BB&T Securities LLC acquired a new stake in Piedmont Office Realty Trust during the second quarter worth approximately $201,000. Finally, Invictus RG acquired a new stake in Piedmont Office Realty Trust during the second quarter worth approximately $202,000. Institutional investors own 83.34% of the company’s stock.
Piedmont Office Realty Trust Company Profile
Piedmont Office Realty Trust, Inc (Piedmont) is an integrated self-managed real estate investment trust specializing in the acquisition, ownership, management, development and disposition of primarily Class A office buildings located in the United States office markets. The Company operates through its real estate assets segment.
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