Zacks Investment Research upgraded shares of Piedmont Office Realty Trust (NYSE:PDM) from a hold rating to a buy rating in a research note released on Wednesday morning, Zacks.com reports. The firm currently has $25.00 price objective on the real estate investment trust’s stock.
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. “
A number of other analysts have also weighed in on PDM. DA Davidson lowered shares of Piedmont Office Realty Trust from a buy rating to a neutral rating in a report on Tuesday, July 23rd. ValuEngine lowered shares of Piedmont Office Realty Trust from a hold rating to a sell rating in a report on Wednesday, October 2nd. Finally, Robert W. Baird set a $25.00 target price on shares of Piedmont Office Realty Trust and gave the stock a hold rating in a report on Wednesday, August 21st. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the stock. Piedmont Office Realty Trust has a consensus rating of Hold and a consensus target price of $23.33.
Piedmont Office Realty Trust (NYSE:PDM) last posted its earnings results on Wednesday, October 30th. The real estate investment trust reported $0.07 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.45 by ($0.38). The firm had revenue of $135.46 million for the quarter, compared to analysts’ expectations of $127.16 million. Piedmont Office Realty Trust had a return on equity of 6.58% and a net margin of 20.92%. The business’s revenue for the quarter was up 4.4% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.45 earnings per share. As a group, analysts expect that Piedmont Office Realty Trust will post 1.78 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, January 3rd. Stockholders of record on Friday, November 29th will be issued a dividend of $0.21 per share. The ex-dividend date is Wednesday, November 27th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 3.84%. Piedmont Office Realty Trust’s dividend payout ratio is currently 48.55%.
Institutional investors have recently bought and sold shares of the company. Foundry Partners LLC boosted its holdings in shares of Piedmont Office Realty Trust by 11.3% during the second quarter. Foundry Partners LLC now owns 362,552 shares of the real estate investment trust’s stock worth $7,226,000 after purchasing an additional 36,937 shares during the period. Redhawk Wealth Advisors Inc. purchased a new stake in Piedmont Office Realty Trust in the second quarter worth about $70,000. Prime Capital Investment Advisors LLC purchased a new stake in Piedmont Office Realty Trust in the second quarter worth about $27,000. Envestnet Asset Management Inc. lifted its holdings in Piedmont Office Realty Trust by 26.1% in the third quarter. Envestnet Asset Management Inc. now owns 55,557 shares of the real estate investment trust’s stock worth $1,160,000 after buying an additional 11,490 shares during the period. Finally, Susquehanna International Group LLP purchased a new stake in Piedmont Office Realty Trust in the second quarter worth about $1,556,000. Institutional investors own 86.36% 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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