Zacks Investment Research upgraded shares of Piedmont Office Realty Trust (NYSE:PDM) from a sell rating to a hold rating in a research report released 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. “
Several other brokerages also recently commented on PDM. ValuEngine upgraded shares of Piedmont Office Realty Trust from a hold rating to a buy rating in a report on Monday, October 2nd. Stifel Nicolaus restated a hold rating and set a $21.00 target price on shares of Piedmont Office Realty Trust in a report on Thursday, September 21st. One analyst has rated the stock with a sell rating, two have given a hold rating and two have issued a buy rating to the company’s stock. Piedmont Office Realty Trust currently has a consensus rating of Hold and a consensus target price of $22.33.
Piedmont Office Realty Trust (NYSE:PDM) traded up $0.17 during trading on Thursday, reaching $19.54. 1,160,421 shares of the company traded hands, compared to its average volume of 973,095. Piedmont Office Realty Trust has a twelve month low of $18.91 and a twelve month high of $23.08. The company has a market cap of $2,821.03, a price-to-earnings ratio of 11.04, a price-to-earnings-growth ratio of 2.93 and a beta of 0.63. The company has a quick ratio of 2.15, a current ratio of 2.15 and a debt-to-equity ratio of 0.78.
Piedmont Office Realty Trust (NYSE:PDM) last announced its earnings results on Wednesday, November 1st. The real estate investment trust reported $0.42 EPS for the quarter, hitting the consensus estimate of $0.42. The firm had revenue of $137.59 million for the quarter, compared to the consensus estimate of $140.39 million. Piedmont Office Realty Trust had a net margin of 33.72% and a return on equity of 4.06%. During the same period last year, the company posted $0.41 EPS. research analysts anticipate that Piedmont Office Realty Trust will post 1.75 EPS for the current fiscal year.
The business also recently announced a None dividend, which was paid on Tuesday, January 9th. Shareholders of record on Tuesday, December 26th were issued a dividend of $0.50 per share. This is an increase from Piedmont Office Realty Trust’s previous None dividend of $0.21. This represents a yield of 4.16%. The ex-dividend date was Friday, December 22nd. Piedmont Office Realty Trust’s dividend payout ratio (DPR) is 62.69%.
A number of hedge funds have recently made changes to their positions in PDM. SG Americas Securities LLC raised its holdings in Piedmont Office Realty Trust by 4.7% during the 2nd quarter. SG Americas Securities LLC now owns 8,060 shares of the real estate investment trust’s stock worth $170,000 after buying an additional 364 shares during the period. Swiss National Bank raised its holdings in Piedmont Office Realty Trust by 1.6% during the 2nd quarter. Swiss National Bank now owns 243,300 shares of the real estate investment trust’s stock worth $5,129,000 after buying an additional 3,800 shares during the period. JPMorgan Chase & Co. raised its holdings in Piedmont Office Realty Trust by 13.4% during the 2nd quarter. JPMorgan Chase & Co. now owns 599,153 shares of the real estate investment trust’s stock worth $12,631,000 after buying an additional 70,632 shares during the period. Wells Fargo & Company MN raised its holdings in Piedmont Office Realty Trust by 8.8% during the 2nd quarter. Wells Fargo & Company MN now owns 542,367 shares of the real estate investment trust’s stock worth $11,433,000 after buying an additional 43,869 shares during the period. Finally, Teachers Advisors LLC raised its holdings in Piedmont Office Realty Trust by 29.6% during the 2nd quarter. Teachers Advisors LLC now owns 242,708 shares of the real estate investment trust’s stock worth $5,116,000 after buying an additional 55,367 shares during the period. Hedge funds and other 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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