Piedmont Office Realty Trust Inc. (PDM) Rating Lowered to Hold at Zacks Investment Research
Piedmont Office Realty Trust Inc. (NYSE:PDM) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Friday.
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 target 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 equities research analyst has rated the stock with a sell rating, five have issued a hold rating and one has assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $20.67.
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Shares of Piedmont Office Realty Trust (NYSE:PDM) opened at 20.84 on Friday. The firm has a market cap of $3.03 billion, a PE ratio of 14.24 and a beta of 0.56. The firm’s 50-day moving average price is $21.39 and its 200-day moving average price is $20.85. Piedmont Office Realty Trust has a one year low of $16.93 and a one year high of $22.28.
Piedmont Office Realty Trust (NYSE:PDM) last issued its earnings results 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. Piedmont Office Realty Trust had a net margin of 38.14% and a return on equity of 9.87%. The firm had revenue of $135.30 million for the quarter, compared to analysts’ expectations of $138.87 million. During the same quarter last year, the company posted $0.39 earnings per share. Piedmont Office Realty Trust’s revenue was down 7.8% on a year-over-year basis. Equities research analysts expect that Piedmont Office Realty Trust will post $1.64 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Friday, September 16th. Investors of record on Friday, August 26th were issued a dividend of $0.21 per share. The ex-dividend date of this dividend was Wednesday, August 24th. This represents a $0.84 annualized dividend and a yield of 4.03%. Piedmont Office Realty Trust’s payout ratio is 57.93%.
A number of large investors have recently made changes to their positions in the company. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of 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 valued at $152,000 after buying an additional 148 shares during the last quarter. BlackRock Japan Co. Ltd boosted its stake in shares of 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 valued at $156,000 after buying an additional 58 shares during the last quarter. Wolverine Trading LLC purchased a new stake in shares of Piedmont Office Realty Trust during the second quarter valued at approximately $198,000. BB&T Securities LLC purchased a new stake in shares of Piedmont Office Realty Trust during the second quarter valued at approximately $201,000. Finally, Invictus RG purchased a new stake in shares of Piedmont Office Realty Trust during the second quarter valued at approximately $202,000. 83.34% of the stock is currently owned by hedge funds and other institutional investors.
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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