Wall Street analysts expect that Piedmont Office Realty Trust, Inc. (NYSE:PDM) will post sales of $128.04 million for the current quarter, according to Zacks Investment Research. Four analysts have provided estimates for Piedmont Office Realty Trust’s earnings, with the highest sales estimate coming in at $129.53 million and the lowest estimate coming in at $125.29 million. Piedmont Office Realty Trust posted sales of $137.59 million during the same quarter last year, which would indicate a negative year-over-year growth rate of 6.9%. The company is expected to issue its next earnings report on Wednesday, November 7th.
According to Zacks, analysts expect that Piedmont Office Realty Trust will report full-year sales of $512.74 million for the current fiscal year, with estimates ranging from $502.59 million to $517.69 million. For the next year, analysts anticipate that the business will post sales of $510.12 million per share, with estimates ranging from $486.00 million to $535.73 million. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research analysts that follow Piedmont Office Realty Trust.
Piedmont Office Realty Trust (NYSE:PDM) last issued its quarterly earnings results on Wednesday, August 1st. The real estate investment trust reported $0.09 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.01). The company had revenue of $129.17 million during the quarter, compared to the consensus estimate of $125.15 million. Piedmont Office Realty Trust had a return on equity of 2.81% and a net margin of 30.50%. During the same quarter in the prior year, the business earned $0.46 earnings per share.
Several analysts have recently weighed in on PDM shares. ValuEngine upgraded Piedmont Office Realty Trust from a “sell” rating to a “hold” rating in a research report on Thursday, July 5th. DA Davidson upgraded Piedmont Office Realty Trust from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $20.00 to $23.00 in a research report on Friday, June 29th. One analyst has rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the company. Piedmont Office Realty Trust presently has an average rating of “Hold” and a consensus price target of $21.60.
PDM traded up $0.18 during trading on Monday, reaching $19.55. The company had a trading volume of 376,800 shares, compared to its average volume of 1,244,774. The company has a market cap of $2.50 billion, a PE ratio of 11.16, a P/E/G ratio of 2.86 and a beta of 0.59. Piedmont Office Realty Trust has a 52 week low of $16.69 and a 52 week high of $20.57. The company has a quick ratio of 2.07, a current ratio of 2.07 and a debt-to-equity ratio of 0.99.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 21st. Stockholders of record on Friday, August 31st will be given a dividend of $0.21 per share. The ex-dividend date of this dividend is Thursday, August 30th. This represents a $0.84 annualized dividend and a dividend yield of 4.30%. Piedmont Office Realty Trust’s dividend payout ratio (DPR) is 48.00%.
Several institutional investors have recently made changes to their positions in PDM. Centaurus Financial Inc. purchased a new position in shares of Piedmont Office Realty Trust during the first quarter valued at $104,000. Point72 Hong Kong Ltd purchased a new position in shares of Piedmont Office Realty Trust during the second quarter valued at $110,000. Assetmark Inc. increased its stake in shares of Piedmont Office Realty Trust by 2,017.2% during the first quarter. Assetmark Inc. now owns 6,521 shares of the real estate investment trust’s stock valued at $115,000 after buying an additional 6,213 shares during the period. Clearwater Capital Advisors LLC purchased a new position in shares of Piedmont Office Realty Trust during the first quarter valued at $134,000. Finally, NumerixS Investment Technologies Inc increased its stake in shares of Piedmont Office Realty Trust by 151.9% during the second quarter. NumerixS Investment Technologies Inc now owns 6,800 shares of the real estate investment trust’s stock valued at $134,000 after buying an additional 4,100 shares during the period. Hedge funds and other institutional investors own 86.53% of the company’s stock.
Piedmont Office Realty Trust Company Profile
Piedmont Office Realty Trust, Inc (NYSE: PDM) is an owner, manager, developer, and operator of high-quality, Class A office properties in select sub-markets located primarily within eight major U.S. office markets. Its geographically-diversified, almost $5 billion portfolio is currently comprised of approximately 17 million square feet.
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