Piedmont Office Realty Trust, Inc. (PDM) Stock Rating Upgraded by Robert W. Baird
Piedmont Office Realty Trust, Inc. (NYSE:PDM) was upgraded by Robert W. Baird from a “neutral” rating to an “outperform” rating in a research note issued on Monday. The firm currently has a $24.00 price target on the real estate investment trust’s stock, up from their prior price target of $23.00. Robert W. Baird’s target price indicates a potential upside of 19.76% from the stock’s current price.
PDM has been the subject of several other reports. BidaskClub cut Piedmont Office Realty Trust from a “hold” rating to a “sell” rating in a research report on Saturday, June 24th. Zacks Investment Research upgraded Piedmont Office Realty Trust from a “hold” rating to a “buy” rating and set a $24.00 target price for the company in a research report on Saturday, May 6th. Finally, ValuEngine cut Piedmont Office Realty Trust from a “buy” rating to a “hold” rating in a research report on Thursday, June 29th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and two have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $22.83.
Piedmont Office Realty Trust (NYSE:PDM) opened at 20.04 on Monday. The company has a market capitalization of $2.92 billion, a PE ratio of 52.05 and a beta of 0.60. The company has a 50 day moving average price of $20.49 and a 200-day moving average price of $21.39. Piedmont Office Realty Trust has a 12-month low of $18.61 and a 12-month high of $23.08.
Piedmont Office Realty Trust (NYSE:PDM) last posted its earnings results on Wednesday, August 2nd. The real estate investment trust reported $0.46 EPS for the quarter, topping the Thomson Reuters’ 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 business had revenue of $148.70 million during the quarter, compared to analysts’ expectations of $147.66 million. During the same period in the previous year, the business earned $0.40 earnings per share. The firm’s revenue was up 9.9% on a year-over-year basis. On average, analysts anticipate that Piedmont Office Realty Trust will post $0.50 EPS for the current year.
Piedmont Office Realty Trust declared that its board has approved a stock buyback program on Wednesday, May 3rd that allows the company to buyback $250.00 million in shares. This buyback authorization allows the real estate investment trust to purchase up to 8.1% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its shares are undervalued.
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A number of institutional investors have recently bought and sold shares of the company. Advisory Services Network LLC acquired a new position in Piedmont Office Realty Trust during the first quarter valued at approximately $141,000. James Investment Research Inc. purchased a new position in Piedmont Office Realty Trust during the first quarter worth about $141,000. Cornerstone Capital Management Holdings LLC. purchased a new position in Piedmont Office Realty Trust during the first quarter worth about $164,000. SG Americas Securities LLC boosted 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 worth $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 worth about $173,000. Institutional investors and hedge funds own 82.75% of the company’s stock.
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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