Piedmont Office Realty Trust Inc. (PDM) Lifted to Buy at Zacks Investment Research
Piedmont Office Realty Trust Inc. (NYSE:PDM) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Thursday. The firm currently has a $23.00 price target on the real estate investment trust’s stock. Zacks Investment Research’s price objective points to a potential upside of 10.36% from the stock’s current price.
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 Piedmont Office Realty Trust from $22.00 to $23.00 and gave the company a “neutral” rating in a report on Monday, August 8th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and two have issued a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $20.67.
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Shares of Piedmont Office Realty Trust (NYSE:PDM) traded down 0.67% during trading on Thursday, hitting $20.84. The stock had a trading volume of 704,431 shares. The stock’s 50 day moving average is $21.39 and its 200 day moving average is $20.85. Piedmont Office Realty Trust has a 52 week low of $16.93 and a 52 week high of $22.28. The stock has a market capitalization of $3.03 billion, a price-to-earnings ratio of 14.24 and a beta of 0.56.
Piedmont Office Realty Trust (NYSE:PDM) last issued its quarterly earnings results on Wednesday, August 3rd. The real estate investment trust reported $0.40 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.40. Piedmont Office Realty Trust had a return on equity of 9.87% and a net margin of 38.14%. The firm had revenue of $135.30 million for the quarter, compared to analyst estimates of $138.87 million. During the same period in the previous year, the company posted $0.39 earnings per share. The company’s quarterly revenue was down 7.8% compared to the same quarter last year. On average, equities research analysts expect 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 issued a $0.21 dividend. This represents a $0.84 annualized dividend and a dividend yield of 4.03%. The ex-dividend date was Wednesday, August 24th. Piedmont Office Realty Trust’s payout ratio is currently 57.93%.
Hedge funds and other institutional investors have recently made changes to their positions in the company. State Street Corp increased its position in shares of Piedmont Office Realty Trust by 16.5% in the first quarter. State Street Corp now owns 4,313,627 shares of the real estate investment trust’s stock valued at $87,606,000 after buying an additional 609,455 shares during the last quarter. Prudential PLC acquired a new position in shares of Piedmont Office Realty Trust during the first quarter valued at approximately $211,000. NN Investment Partners Holdings N.V. acquired a new position in shares of Piedmont Office Realty Trust during the first quarter valued at approximately $745,000. BlackRock Group LTD increased its position in shares of Piedmont Office Realty Trust by 0.8% in the first quarter. BlackRock Group LTD now owns 1,022,379 shares of the real estate investment trust’s stock valued at $20,764,000 after buying an additional 7,871 shares during the last quarter. Finally, Aperio Group LLC increased its position in shares of Piedmont Office Realty Trust by 38.8% in the first quarter. Aperio Group LLC now owns 21,773 shares of the real estate investment trust’s stock valued at $442,000 after buying an additional 6,081 shares during the last quarter. 83.34% of the stock is currently owned by institutional investors and hedge funds.
About Piedmont Office Realty Trust
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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