Piedmont Office Realty Trust, Inc. (PDM) Downgraded by ValuEngine to “Hold”
Piedmont Office Realty Trust, Inc. (NYSE:PDM) was downgraded by analysts at ValuEngine from a “buy” rating to a “hold” rating in a research note issued on Thursday.
PDM has been the topic of several other reports. BidaskClub raised Piedmont Office Realty Trust from a “sell” rating to a “hold” rating in a report on Tuesday, June 13th. Zacks Investment Research lowered Piedmont Office Realty Trust from a “buy” rating to a “hold” rating in a report on Friday, May 5th. One analyst has rated the stock with a sell rating, three have given a hold rating and one has assigned a buy rating to the stock. Piedmont Office Realty Trust has an average rating of “Hold” and a consensus price target of $22.50.
Shares of Piedmont Office Realty Trust (NYSE PDM) traded down 1.18% on Thursday, hitting $20.94. The company’s stock had a trading volume of 1,037,963 shares. Piedmont Office Realty Trust has a 52 week low of $18.61 and a 52 week high of $23.08. The stock’s 50-day moving average price is $21.34 and its 200-day moving average price is $21.52. The firm has a market cap of $3.04 billion, a price-to-earnings ratio of 29.12 and a beta of 0.61.
Piedmont Office Realty Trust (NYSE:PDM) last issued its quarterly earnings data on Wednesday, May 3rd. The real estate investment trust reported $0.10 EPS for the quarter, missing analysts’ consensus estimates of $0.44 by $0.34. Piedmont Office Realty Trust had a net margin of 19.89% and a return on equity of 5.26%. The firm had revenue of $148.50 million during the quarter, compared to analyst estimates of $145.35 million. During the same period in the prior year, the company earned $0.41 earnings per share. The business’s quarterly revenue was up 7.6% compared to the same quarter last year. Equities analysts expect that Piedmont Office Realty Trust will post $0.24 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 16th. Investors of record on Friday, May 26th were given a dividend of $0.21 per share. The ex-dividend date was Wednesday, May 24th. This represents a $0.84 annualized dividend and a dividend yield of 4.01%. Piedmont Office Realty Trust’s dividend payout ratio is currently 109.09%.
In related news, CAO Laura P. Moon sold 7,800 shares of the company’s stock in a transaction on Wednesday, May 24th. The stock was sold at an average price of $21.64, for a total transaction of $168,792.00. Following the completion of the sale, the chief accounting officer now directly owns 24,620 shares in the company, valued at approximately $532,776.80. The sale was disclosed in a filing with the SEC, which is available through this link. 0.76% of the stock is owned by corporate insiders.
Several hedge funds have recently made changes to their positions in the company. James Investment Research Inc. acquired a new stake in shares of Piedmont Office Realty Trust during the first quarter valued at $141,000. Advisory Services Network LLC acquired a new stake in shares of Piedmont Office Realty Trust during the first quarter valued at $141,000. Cornerstone Capital Management Holdings LLC. acquired a new stake in shares of Piedmont Office Realty Trust during the first quarter valued at $164,000. SG Americas Securities LLC increased its stake in shares of 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. Finally, TLP Group LLC acquired a new stake in shares of Piedmont Office Realty Trust during the first quarter valued at $177,000. Institutional investors and hedge funds own 86.79% 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.
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