Zacks Investment Research cut shares of Piedmont Office Realty Trust, Inc. (NYSE:PDM) from a hold rating to a sell rating in a report published on Tuesday, November 7th.
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. “
PDM has been the subject of several other research reports. BidaskClub lowered shares of Piedmont Office Realty Trust from a sell rating to a strong sell rating in a research note on Wednesday, August 9th. ValuEngine upgraded shares of Piedmont Office Realty Trust from a hold rating to a buy rating in a research note on Monday, August 7th. Robert W. Baird upgraded shares of Piedmont Office Realty Trust from a neutral rating to an outperform rating and boosted their price objective for the stock from $23.00 to $24.00 in a research note on Monday, August 28th. Finally, Stifel Nicolaus reiterated a hold rating and set a $21.00 price objective on shares of Piedmont Office Realty Trust in a research note on Thursday, September 21st. Two analysts have rated the stock with a sell rating, one has given a hold rating and two have assigned a buy rating to the company’s stock. The company currently has an average rating of Hold and a consensus price target of $22.33.
Piedmont Office Realty Trust (NYSE:PDM) last posted its quarterly earnings data on Wednesday, November 1st. The real estate investment trust reported $0.42 EPS for the quarter, hitting the consensus estimate of $0.42. The firm had revenue of $137.59 million during the quarter, compared to analyst estimates of $140.39 million. Piedmont Office Realty Trust had a net margin of 33.72% and a return on equity of 4.06%. During the same quarter in the previous year, the business posted $0.41 EPS. sell-side analysts expect that Piedmont Office Realty Trust will post 1.75 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, January 4th. Shareholders of record on Friday, November 24th will be given a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a yield of 4.22%. The ex-dividend date is Wednesday, November 22nd. Piedmont Office Realty Trust’s dividend payout ratio is presently 62.69%.
A number of large investors have recently added to or reduced their stakes in PDM. BlackRock Inc. grew its position in Piedmont Office Realty Trust by 3,921.0% during the 1st quarter. BlackRock Inc. now owns 9,609,860 shares of the real estate investment trust’s stock worth $205,459,000 after purchasing an additional 9,370,868 shares during the last quarter. Prudential Financial Inc. grew its position in Piedmont Office Realty Trust by 321.4% during the 3rd quarter. Prudential Financial Inc. now owns 1,914,228 shares of the real estate investment trust’s stock worth $38,591,000 after purchasing an additional 1,459,995 shares during the last quarter. Koch Industries Inc. purchased a new stake in Piedmont Office Realty Trust during the 2nd quarter worth approximately $485,000. WBI Investments Inc. purchased a new stake in Piedmont Office Realty Trust during the 2nd quarter worth approximately $7,498,000. Finally, Systematic Financial Management LP grew its position in Piedmont Office Realty Trust by 23.4% during the 2nd quarter. Systematic Financial Management LP now owns 1,841,357 shares of the real estate investment trust’s stock worth $38,816,000 after purchasing an additional 349,340 shares during the last quarter. 83.95% of the stock is currently owned by institutional investors.
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About Piedmont Office Realty Trust
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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