Zacks Investment Research Lowers Piedmont Office Realty Trust, Inc. (PDM) to Sell
Zacks Investment Research cut shares of Piedmont Office Realty Trust, Inc. (NYSE:PDM) from a hold rating to a sell rating in a report released on Tuesday morning.
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. “
Several other equities analysts have also weighed in on the stock. Stifel Nicolaus reaffirmed a hold rating and set a $21.00 target price on shares of Piedmont Office Realty Trust in a report on Thursday, September 21st. Robert W. Baird raised shares of Piedmont Office Realty Trust from a neutral rating to an outperform rating and lifted their target price for the company from $23.00 to $24.00 in a report on Monday, August 28th. BidaskClub lowered shares of Piedmont Office Realty Trust from a sell rating to a strong sell rating in a report on Thursday, July 27th. Finally, ValuEngine lowered shares of Piedmont Office Realty Trust from a buy rating to a hold rating in a report on Wednesday, September 13th. Two equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and two have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of Hold and a consensus price target of $22.33.
Shares of Piedmont Office Realty Trust (NYSE PDM) traded up $0.18 during midday trading on Tuesday, reaching $20.19. 790,400 shares of the company’s stock traded hands, compared to its average volume of 707,714. The company has a debt-to-equity ratio of 0.78, a quick ratio of 2.15 and a current ratio of 2.15. Piedmont Office Realty Trust has a twelve month low of $18.61 and a twelve month high of $23.08. The firm has a market cap of $2,888.88, a PE ratio of 11.31, a price-to-earnings-growth ratio of 2.87 and a beta of 0.62.
Piedmont Office Realty Trust (NYSE:PDM) last announced its quarterly earnings data on Wednesday, November 1st. The real estate investment trust reported $0.42 EPS for the quarter, meeting the consensus estimate of $0.42. Piedmont Office Realty Trust had a net margin of 33.72% and a return on equity of 4.06%. The business had revenue of $137.59 million during the quarter, compared to analysts’ expectations of $140.39 million. During the same period in the previous year, the business posted $0.41 EPS. sell-side analysts forecast that Piedmont Office Realty Trust will post 1.75 earnings per share for the current fiscal year.
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The business also recently declared a quarterly dividend, which will be paid on Thursday, January 4th. Investors of record on Friday, November 24th will be issued a $0.21 dividend. This represents a $0.84 annualized dividend and a yield of 4.16%. The ex-dividend date of this dividend is Wednesday, November 22nd. Piedmont Office Realty Trust’s payout ratio is presently 62.69%.
Hedge funds and other institutional investors have recently modified their holdings of the stock. SG Americas Securities LLC increased its holdings in Piedmont Office Realty Trust by 4.7% in the 2nd quarter. SG Americas Securities LLC now owns 8,060 shares of the real estate investment trust’s stock worth $170,000 after acquiring an additional 364 shares in the last quarter. Blue Sky Asset Management LLC purchased a new stake in Piedmont Office Realty Trust in the 2nd quarter worth $173,000. PNC Financial Services Group Inc. increased its holdings in Piedmont Office Realty Trust by 19.4% in the 2nd quarter. PNC Financial Services Group Inc. now owns 8,654 shares of the real estate investment trust’s stock worth $182,000 after acquiring an additional 1,404 shares in the last quarter. Financial Counselors Inc. increased its holdings in Piedmont Office Realty Trust by 0.5% in the 2nd quarter. Financial Counselors Inc. now owns 10,454 shares of the real estate investment trust’s stock worth $220,000 after acquiring an additional 47 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in Piedmont Office Realty Trust by 6.9% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 11,401 shares of the real estate investment trust’s stock worth $240,000 after acquiring an additional 737 shares in the last quarter. 82.51% of the stock is owned by institutional investors.
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.
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