Piedmont Office Realty Trust Inc. (PDM) Rating Increased to Buy at Zacks Investment Research
Piedmont Office Realty Trust Inc. (NYSE:PDM) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Thursday. The firm presently has a $23.00 price target on the real estate investment trust’s stock. Zacks Investment Research’s price target indicates a potential upside of 10.36% from the stock’s current price.
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. “
Separately, DA Davidson raised their price objective on shares of Piedmont Office Realty Trust from $22.00 to $23.00 and gave the stock a “neutral” rating in a report on Monday, August 8th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and one has given a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $20.67.
Piedmont Office Realty Trust (NYSE:PDM) opened at 20.84 on Thursday. The company’s 50-day moving average is $21.39 and its 200 day moving average is $20.85. The stock has a market capitalization of $3.03 billion, a PE ratio of 14.24 and a beta of 0.56. Piedmont Office Realty Trust has a 12-month low of $16.93 and a 12-month high of $22.28.
Piedmont Office Realty Trust (NYSE:PDM) last announced its quarterly earnings data on Wednesday, August 3rd. The real estate investment trust reported $0.40 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.40. The company earned $135.30 million during the quarter, compared to analyst estimates of $138.87 million. Piedmont Office Realty Trust had a net margin of 38.14% and a return on equity of 9.87%. The firm’s revenue for the quarter was down 7.8% compared to the same quarter last year. During the same period last year, the business earned $0.39 EPS. On average, analysts predict that Piedmont Office Realty Trust will post $1.64 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Friday, September 16th. Stockholders of record on Friday, August 26th were issued a $0.21 dividend. This represents a $0.84 annualized dividend and a dividend yield of 4.03%. The ex-dividend date was Wednesday, August 24th. Piedmont Office Realty Trust’s dividend payout ratio (DPR) is presently 57.93%.
A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. State Street Corp raised its position in Piedmont Office Realty Trust by 16.5% in the first quarter. State Street Corp now owns 4,313,627 shares of the real estate investment trust’s stock worth $87,606,000 after buying an additional 609,455 shares during the last quarter. Prudential PLC purchased a new position in Piedmont Office Realty Trust during the first quarter worth about $211,000. NN Investment Partners Holdings N.V. purchased a new position in Piedmont Office Realty Trust during the first quarter worth about $745,000. BlackRock Group LTD raised its position in Piedmont Office Realty Trust by 0.8% in the first quarter. BlackRock Group LTD now owns 1,022,379 shares of the real estate investment trust’s stock worth $20,764,000 after buying an additional 7,871 shares during the last quarter. Finally, Aperio Group LLC raised its position in Piedmont Office Realty Trust by 38.8% in the first quarter. Aperio Group LLC now owns 21,773 shares of the real estate investment trust’s stock worth $442,000 after buying an additional 6,081 shares during the last quarter. 83.34% of the stock is owned by hedge funds and other institutional investors.
About Piedmont Office Realty Trust
Piedmont Office Realty Trust, Inc (Piedmont) is an integrated self-managed real estate investment trust specializing in the acquisition, ownership, management, development and disposition of primarily Class A office buildings located in the United States office markets. The Company operates through its real estate assets segment.
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