FY2017 EPS Estimates for Piedmont Office Realty Trust, Inc. Lifted by SunTrust Banks (NYSE:PDM)
Piedmont Office Realty Trust, Inc. (NYSE:PDM) – Analysts at SunTrust Banks upped their FY2017 earnings estimates for shares of Piedmont Office Realty Trust in a research note issued on Monday. SunTrust Banks analyst M. Lewis now forecasts that the real estate investment trust will post earnings of $1.75 per share for the year, up from their previous forecast of $1.73. SunTrust Banks also issued estimates for Piedmont Office Realty Trust’s Q3 2018 earnings at $0.42 EPS, Q4 2018 earnings at $0.42 EPS and FY2018 earnings at $1.70 EPS.
Piedmont Office Realty Trust (NYSE:PDM) last issued its quarterly earnings results on Wednesday, August 2nd. The real estate investment trust reported $0.46 EPS for the quarter, beating the consensus estimate of $0.44 by $0.02. Piedmont Office Realty Trust had a return on equity of 2.67% and a net margin of 9.71%. The firm had revenue of $148.70 million during the quarter, compared to analysts’ expectations of $147.66 million. During the same period in the prior year, the firm posted $0.40 earnings per share. The business’s quarterly revenue was up 9.9% compared to the same quarter last year.
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A number of other brokerages have also commented on PDM. Zacks Investment Research raised Piedmont Office Realty Trust from a “hold” rating to a “buy” rating and set a $24.00 price objective for the company in a report on Saturday, May 6th. BidaskClub upgraded Piedmont Office Realty Trust from a “sell” rating to a “hold” rating in a research note on Tuesday, June 13th. Finally, ValuEngine downgraded Piedmont Office Realty Trust from a “buy” rating to a “hold” rating in a research note on Thursday, June 29th. One investment 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. The stock has a consensus rating of “Hold” and an average target price of $22.50.
Piedmont Office Realty Trust (NYSE:PDM) opened at 20.66 on Tuesday. The company’s 50-day moving average price is $20.98 and its 200 day moving average price is $21.55. The firm has a market capitalization of $3.01 billion, a PE ratio of 62.42 and a beta of 0.60. Piedmont Office Realty Trust has a 12 month low of $18.61 and a 12 month high of $23.08.
A number of institutional investors have recently bought and sold shares of PDM. James Investment Research Inc. purchased a new position in Piedmont Office Realty Trust during the first quarter valued at approximately $141,000. Advisory Services Network LLC purchased a new position in Piedmont Office Realty Trust during the first quarter valued at approximately $141,000. Cornerstone Capital Management Holdings LLC. purchased a new position in Piedmont Office Realty Trust during the first quarter valued at approximately $164,000. SG Americas Securities LLC increased its position 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 during the last quarter. Finally, Blue Sky Asset Management LLC purchased a new position in Piedmont Office Realty Trust during the second quarter valued at approximately $173,000. Institutional investors and hedge funds own 86.68% of the company’s stock.
In other news, CAO Laura P. Moon sold 7,800 shares of the business’s stock in a transaction that occurred on Wednesday, May 24th. The stock was sold at an average price of $21.64, for a total value of $168,792.00. Following the transaction, the chief accounting officer now owns 24,620 shares in the company, valued at approximately $532,776.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.76% of the stock is owned by insiders.
Piedmont Office Realty Trust declared that its board has approved a stock repurchase plan on Wednesday, May 3rd that permits the company to repurchase $250.00 million in outstanding shares. This repurchase authorization permits the real estate investment trust to buy up to 8.1% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s management believes its shares are undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Friday, August 25th will be paid a $0.21 dividend. The ex-dividend date is Wednesday, August 23rd. This represents a $0.84 dividend on an annualized basis and a dividend yield of 4.07%. Piedmont Office Realty Trust’s payout ratio is presently 221.06%.
Piedmont Office Realty Trust Company Profile
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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