Piedmont Office Realty Trust (PDM) Upgraded to Hold at Zacks Investment Research

Piedmont Office Realty Trust (NYSE:PDM) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued on Thursday.

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. “

PDM has been the subject of several other reports. ValuEngine upgraded Piedmont Office Realty Trust from a “hold” rating to a “buy” rating in a report on Friday, December 1st. Stifel Nicolaus restated a “hold” rating and set a $20.00 target price on shares of Piedmont Office Realty Trust in a report on Friday, November 3rd. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and two have given a buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $22.33.

Piedmont Office Realty Trust (NYSE PDM) traded up $0.17 on Thursday, hitting $19.54. The stock had a trading volume of 1,160,421 shares, compared to its average volume of 973,095. Piedmont Office Realty Trust has a 1 year low of $18.91 and a 1 year high of $23.08. The company has a debt-to-equity ratio of 0.78, a current ratio of 2.15 and a quick ratio of 2.15. The stock has a market cap of $2,821.03, a PE ratio of 14.58, a P/E/G ratio of 2.93 and a beta of 0.63.

Piedmont Office Realty Trust (NYSE:PDM) last posted its quarterly earnings data on Wednesday, November 1st. The real estate investment trust reported $0.42 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.42. The firm had revenue of $137.59 million during the quarter, compared to analysts’ expectations of $140.39 million. Piedmont Office Realty Trust had a return on equity of 4.06% and a net margin of 33.72%. During the same period in the prior year, the business earned $0.41 EPS. research analysts expect that Piedmont Office Realty Trust will post 1.75 EPS for the current fiscal year.

Hedge funds have recently modified their holdings of the stock. Bank of New York Mellon Corp boosted its holdings in Piedmont Office Realty Trust by 2.7% during the 3rd quarter. Bank of New York Mellon Corp now owns 1,045,080 shares of the real estate investment trust’s stock valued at $21,069,000 after acquiring an additional 27,722 shares during the period. Dimensional Fund Advisors LP lifted its holdings in Piedmont Office Realty Trust by 3.8% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,265,264 shares of the real estate investment trust’s stock worth $47,751,000 after buying an additional 83,447 shares during the period. Fox Run Management L.L.C. purchased a new stake in Piedmont Office Realty Trust in the 3rd quarter worth approximately $730,000. Prudential Financial Inc. lifted its holdings in Piedmont Office Realty Trust by 321.4% in the 3rd quarter. Prudential Financial Inc. now owns 1,914,228 shares of the real estate investment trust’s stock worth $38,591,000 after buying an additional 1,459,995 shares during the period. Finally, Koch Industries Inc. purchased a new stake in Piedmont Office Realty Trust in the 2nd quarter worth approximately $485,000. Institutional investors own 83.34% of the company’s stock.

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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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