Piedmont Office Realty Trust, Inc. (NYSE:PDM) – Equities research analysts at SunTrust Banks raised their Q3 2017 earnings per share (EPS) estimates for shares of Piedmont Office Realty Trust in a report released on Monday. SunTrust Banks analyst M. Lewis now expects that the real estate investment trust will post earnings of $0.42 per share for the quarter, up from their previous forecast of $0.41.

PDM has been the subject of several other research reports. Zacks Investment Research downgraded shares of Piedmont Office Realty Trust from a “buy” rating to a “hold” rating in a research note on Friday, May 5th. ValuEngine downgraded shares of Piedmont Office Realty Trust from a “buy” rating to a “hold” rating in a research note on Thursday, June 29th. Finally, BidaskClub downgraded shares of Piedmont Office Realty Trust from a “hold” rating to a “sell” rating in a research note on Saturday, June 24th.

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Piedmont Office Realty Trust (NYSE:PDM) opened at 20.46 on Wednesday. The company has a 50-day moving average of $20.92 and a 200-day moving average of $21.53. Piedmont Office Realty Trust has a 1-year low of $18.61 and a 1-year high of $23.08. The firm has a market cap of $2.98 billion, a price-to-earnings ratio of 61.81 and a beta of 0.60.

Piedmont Office Realty Trust (NYSE:PDM) last posted its quarterly earnings data on Wednesday, August 2nd. The real estate investment trust reported $0.46 EPS for the quarter, topping analysts’ consensus estimates of $0.44 by $0.02. Piedmont Office Realty Trust had a net margin of 9.71% and a return on equity of 2.67%. The firm had revenue of $148.70 million during the quarter, compared to analyst estimates of $147.66 million. During the same quarter last year, the business posted $0.40 EPS. The company’s revenue was up 9.9% on a year-over-year basis.

Piedmont Office Realty Trust declared that its Board of Directors has approved a stock buyback program on Wednesday, May 3rd that allows the company to buyback $250.00 million in shares. This buyback authorization allows the real estate investment trust to reacquire up to 8.1% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its stock is undervalued.

The business also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Friday, August 25th will be issued a $0.21 dividend. This represents a $0.84 annualized dividend and a dividend yield of 4.11%. The ex-dividend date of this dividend is Wednesday, August 23rd. Piedmont Office Realty Trust’s dividend payout ratio (DPR) is presently 221.06%.

In other news, CAO Laura P. Moon sold 7,800 shares of the company’s stock in a transaction that occurred on Wednesday, May 24th. The shares were sold at an average price of $21.64, for a total value of $168,792.00. Following the completion of the transaction, the chief accounting officer now owns 24,620 shares in the company, valued at $532,776.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.76% of the stock is owned by corporate insiders.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. LSV Asset Management boosted its position in Piedmont Office Realty Trust by 3.8% in the first quarter. LSV Asset Management now owns 6,705,681 shares of the real estate investment trust’s stock valued at $143,367,000 after buying an additional 246,000 shares during the period. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. boosted its position in Piedmont Office Realty Trust by 6.3% in the first quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 23,141 shares of the real estate investment trust’s stock valued at $495,000 after buying an additional 1,380 shares during the period. Advisory Services Network LLC bought a new position in Piedmont Office Realty Trust during the first quarter valued at $141,000. Wells Fargo & Company MN boosted its position in Piedmont Office Realty Trust by 1.0% in the first quarter. Wells Fargo & Company MN now owns 498,498 shares of the real estate investment trust’s stock valued at $10,657,000 after buying an additional 4,905 shares during the period. Finally, Russell Investments Group Ltd. boosted its position in Piedmont Office Realty Trust by 10.7% in the first quarter. Russell Investments Group Ltd. now owns 177,449 shares of the real estate investment trust’s stock valued at $3,795,000 after buying an additional 17,150 shares during the period. Institutional investors own 86.68% of the company’s stock.

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.

Earnings History and Estimates for Piedmont Office Realty Trust (NYSE:PDM)

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