Q3 2017 Earnings Forecast for Piedmont Office Realty Trust, Inc. Issued By SunTrust Banks (PDM)
Piedmont Office Realty Trust, Inc. (NYSE:PDM) – Analysts at SunTrust Banks lifted their Q3 2017 earnings per share estimates for shares of Piedmont Office Realty Trust in a note issued to investors on Monday. SunTrust Banks analyst M. Lewis now forecasts that the real estate investment trust will post earnings of $0.42 per share for the quarter, up from their previous estimate of $0.41.
Piedmont Office Realty Trust (NYSE:PDM) last issued its earnings results on Wednesday, August 2nd. The real estate investment trust reported $0.46 EPS for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $147.66 million. During the same quarter in the prior year, the business earned $0.40 earnings per share. The company’s revenue was up 9.9% compared to the same quarter last year. ILLEGAL ACTIVITY NOTICE: This piece of content was reported by American Banking News and is the sole property of of American Banking News. If you are viewing this piece of content on another site, it was copied illegally and reposted in violation of United States and international copyright law. The correct version of this piece of content can be read at https://www.americanbankingnews.com/2017/08/09/q3-2017-earnings-forecast-for-piedmont-office-realty-trust-inc-issued-by-suntrust-banks-pdm.html.
Several other equities analysts have also recently issued reports on the company. Zacks Investment Research upgraded Piedmont Office Realty Trust from a “hold” rating to a “buy” rating and set a $24.00 price target on the stock in a research report on Saturday, May 6th. BidaskClub cut Piedmont Office Realty Trust from a “hold” rating to a “sell” rating in a research report on Saturday, June 24th. Finally, ValuEngine cut Piedmont Office Realty Trust from a “buy” rating to a “hold” rating in a research report on Thursday, June 29th.
Shares of Piedmont Office Realty Trust (PDM) opened at 20.46 on Wednesday. The stock has a 50 day moving average price of $20.92 and a 200-day moving average price of $21.53. Piedmont Office Realty Trust has a 52 week low of $18.61 and a 52 week high of $23.08. The stock has a market cap of $2.98 billion, a P/E ratio of 61.81 and a beta of 0.60.
Piedmont Office Realty Trust announced that its Board of Directors has authorized a share buyback plan on Wednesday, May 3rd that allows the company to repurchase $250.00 million in outstanding shares. This repurchase authorization allows the real estate investment trust to reacquire up to 8.1% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s management believes its shares are undervalued.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Investors of record on Friday, August 25th will be given a $0.21 dividend. This represents a $0.84 annualized dividend and a yield of 4.11%. The ex-dividend date is Wednesday, August 23rd. Piedmont Office Realty Trust’s dividend payout ratio (DPR) is presently 221.06%.
In related news, CAO Laura P. Moon sold 7,800 shares of the business’s stock in a transaction dated 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 legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.76% of the company’s stock.
A number of large investors have recently made changes to their positions in PDM. Advisory Services Network LLC acquired a new stake in shares of Piedmont Office Realty Trust during the first quarter worth $141,000. James Investment Research Inc. acquired a new stake in shares of Piedmont Office Realty Trust during the first quarter worth $141,000. Cornerstone Capital Management Holdings LLC. acquired a new stake in shares of Piedmont Office Realty Trust during the first quarter worth $164,000. SG Americas Securities LLC raised 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 worth $165,000 after buying an additional 1,843 shares in the last quarter. Finally, Blue Sky Asset Management LLC acquired a new stake in shares of Piedmont Office Realty Trust during the second quarter worth $173,000. 86.68% of the stock is currently owned by institutional investors.
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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