Piedmont Office Realty Trust (NYSE:PDM) Updates FY24 Earnings Guidance

Piedmont Office Realty Trust (NYSE:PDM) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided EPS guidance of $1.46-1.56 for the period, compared to the consensus EPS estimate of $1.52. Piedmont Office Realty Trust also updated its FY 2024 guidance to 1.460-1.560 EPS.

Analyst Upgrades and Downgrades

Separately, StockNews.com lowered shares of Piedmont Office Realty Trust from a hold rating to a sell rating in a report on Thursday, February 22nd.

Piedmont Office Realty Trust Stock Down 0.6 %

Shares of NYSE PDM traded down $0.05 during midday trading on Tuesday, hitting $6.90. The stock had a trading volume of 1,541,001 shares, compared to its average volume of 883,977. The business’s 50 day moving average is $6.51 and its 200-day moving average is $6.50. Piedmont Office Realty Trust has a 52 week low of $4.91 and a 52 week high of $8.05. The company has a quick ratio of 1.49, a current ratio of 1.49 and a debt-to-equity ratio of 1.19. The company has a market cap of $854.22 million, a P/E ratio of -17.22 and a beta of 1.15.

Piedmont Office Realty Trust (NYSE:PDM) last announced its quarterly earnings results on Wednesday, February 7th. The real estate investment trust reported ($0.23) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.42 by ($0.65). Piedmont Office Realty Trust had a negative net margin of 8.38% and a negative return on equity of 2.72%. The business had revenue of $145.33 million for the quarter, compared to the consensus estimate of $146.37 million. As a group, analysts predict that Piedmont Office Realty Trust will post 1.51 EPS for the current year.

Piedmont Office Realty Trust Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, June 14th. Stockholders of record on Friday, May 24th will be paid a $0.125 dividend. The ex-dividend date of this dividend is Thursday, May 23rd. This represents a $0.50 dividend on an annualized basis and a dividend yield of 7.25%. Piedmont Office Realty Trust’s dividend payout ratio is presently -125.00%.

About Piedmont Office Realty Trust

Piedmont Office Realty Trust, Inc (also referred to herein as "Piedmont" or the "Company") (NYSE: PDM) is an owner, manager, developer, redeveloper and operator of high-quality, Class A office properties located primarily in major U.S. Sunbelt markets. The Company is a fully-integrated, self-managed real estate investment trust ("REIT") with local management offices in each of its markets and is investment-grade rated by Standard & Poor's and Moody's.