Wall Street analysts expect Piedmont Office Realty Trust, Inc. (NYSE:PDM) to report $131.16 million in sales for the current quarter, according to Zacks Investment Research. Three analysts have issued estimates for Piedmont Office Realty Trust’s earnings. The lowest sales estimate is $123.67 million and the highest is $137.71 million. Piedmont Office Realty Trust posted sales of $148.46 million in the same quarter last year, which would indicate a negative year over year growth rate of 11.7%. The firm is expected to report its next earnings results on Wednesday, May 2nd.
According to Zacks, analysts expect that Piedmont Office Realty Trust will report full year sales of $131.16 million for the current year, with estimates ranging from $498.98 million to $549.13 million. For the next year, analysts forecast that the firm will report sales of $537.43 million per share, with estimates ranging from $514.45 million to $555.83 million. Zacks’ sales calculations are an average based on a survey of sell-side research firms that cover Piedmont Office Realty Trust.
A number of brokerages have weighed in on PDM. ValuEngine lowered shares of Piedmont Office Realty Trust from a “buy” rating to a “hold” rating in a research report on Thursday, February 8th. Stifel Nicolaus reiterated a “hold” rating on shares of Piedmont Office Realty Trust in a research report on Friday, February 9th. SunTrust Banks set a $21.00 price target on shares of Piedmont Office Realty Trust and gave the stock a “hold” rating in a report on Monday, January 22nd. Robert W. Baird set a $22.00 price target on shares of Piedmont Office Realty Trust and gave the stock a “buy” rating in a report on Thursday, February 8th. Finally, Zacks Investment Research downgraded shares of Piedmont Office Realty Trust from a “buy” rating to a “hold” rating in a report on Tuesday, October 31st. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating to the company. Piedmont Office Realty Trust presently has an average rating of “Hold” and a consensus target price of $21.50.
Shares of Piedmont Office Realty Trust (NYSE PDM) traded up $0.15 during trading hours on Friday, reaching $18.63. 1,235,500 shares of the company’s stock were exchanged, compared to its average volume of 1,448,900. 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 company has a market capitalization of $2,652.15, a price-to-earnings ratio of 20.25, a PEG ratio of 2.79 and a beta of 0.55. Piedmont Office Realty Trust has a 12-month low of $17.45 and a 12-month high of $23.08.
The company also recently declared a quarterly dividend, which will be paid on Friday, March 16th. Stockholders of record on Friday, February 23rd will be issued a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a dividend yield of 4.51%. The ex-dividend date of this dividend is Thursday, February 22nd. Piedmont Office Realty Trust’s payout ratio is 91.30%.
In other news, insider Christopher Brent Smith purchased 2,800 shares of the stock in a transaction dated Monday, February 12th. The shares were purchased at an average cost of $17.80 per share, with a total value of $49,840.00. Following the completion of the acquisition, the insider now owns 53,027 shares in the company, valued at approximately $943,880.60. The transaction was disclosed in a document filed with the SEC, which is available at this link. Corporate insiders own 0.76% of the company’s stock.
Several institutional investors have recently made changes to their positions in PDM. BlackRock Inc. raised its stake in Piedmont Office Realty Trust by 5.8% in the fourth quarter. BlackRock Inc. now owns 10,515,155 shares of the real estate investment trust’s stock valued at $206,202,000 after purchasing an additional 578,086 shares in the last quarter. American Century Companies Inc. raised its stake in Piedmont Office Realty Trust by 25.5% in the fourth quarter. American Century Companies Inc. now owns 6,507,443 shares of the real estate investment trust’s stock valued at $127,611,000 after purchasing an additional 1,320,393 shares in the last quarter. Renaissance Technologies LLC raised its stake in Piedmont Office Realty Trust by 25.2% in the fourth quarter. Renaissance Technologies LLC now owns 3,411,200 shares of the real estate investment trust’s stock valued at $66,894,000 after purchasing an additional 686,300 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in Piedmont Office Realty Trust by 1.8% in the third quarter. Dimensional Fund Advisors LP now owns 2,306,576 shares of the real estate investment trust’s stock valued at $46,501,000 after purchasing an additional 41,312 shares in the last quarter. Finally, Systematic Financial Management LP raised its stake in Piedmont Office Realty Trust by 8.6% in the fourth quarter. Systematic Financial Management LP now owns 2,082,618 shares of the real estate investment trust’s stock valued at $40,840,000 after purchasing an additional 165,319 shares in the last quarter. 83.53% of the stock is currently owned by hedge funds and other institutional investors.
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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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