Piedmont Office Realty Trust, Inc. (PDM) Downgraded to “Hold” at Zacks Investment Research
Zacks Investment Research downgraded shares of Piedmont Office Realty Trust, Inc. (NYSE:PDM) from a buy rating to a hold rating in a research report report published on Tuesday.
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 recently weighed in on the stock. ValuEngine raised shares of Piedmont Office Realty Trust from a hold rating to a buy rating in a report on Monday, August 7th. Stifel Nicolaus reaffirmed a hold rating and issued a $21.00 price objective 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 increased their price objective for the stock from $23.00 to $24.00 in a report on Monday, August 28th. Finally, BidaskClub raised shares of Piedmont Office Realty Trust from a strong sell rating to a sell rating in a report on Thursday, August 3rd. One research analyst has rated the stock with a sell rating, two have given a hold rating and two have assigned a buy rating to the stock. The company currently has an average rating of Hold and a consensus price target of $22.33.
Shares of Piedmont Office Realty Trust (NYSE:PDM) opened at $19.73 on Tuesday. The firm has a market capitalization of $2.87 billion, a price-to-earnings ratio of 11.24, a price-to-earnings-growth ratio of 2.83 and a beta of 0.62. The company has a current ratio of 2.15, a quick ratio of 1.99 and a debt-to-equity ratio of 0.78.
Piedmont Office Realty Trust (NYSE:PDM) last issued its earnings results on Wednesday, November 1st. The real estate investment trust reported $0.42 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.42. The company had revenue of $137.59 million for the quarter, compared to analysts’ expectations 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 period in the prior year, the company earned $0.41 earnings per share. research analysts anticipate 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. Investors of record on Friday, November 24th will be given a $0.21 dividend. The ex-dividend date is Wednesday, November 22nd. This represents a $0.84 dividend on an annualized basis and a yield of 4.26%. Piedmont Office Realty Trust’s dividend payout ratio is presently 62.69%.
A number of institutional investors and hedge funds have recently made changes to their positions in the stock. BNP Paribas Arbitrage SA grew its position in Piedmont Office Realty Trust by 10.6% in the 3rd quarter. BNP Paribas Arbitrage SA now owns 53,511 shares of the real estate investment trust’s stock valued at $1,079,000 after buying an additional 5,149 shares in the last quarter. Breton Hill Capital Ltd. grew its position in Piedmont Office Realty Trust by 12.5% in the 3rd quarter. Breton Hill Capital Ltd. now owns 51,408 shares of the real estate investment trust’s stock valued at $1,036,000 after buying an additional 5,713 shares in the last quarter. Prudential Financial Inc. grew its position in Piedmont Office Realty Trust by 321.4% in the 3rd quarter. Prudential Financial Inc. now owns 1,914,228 shares of the real estate investment trust’s stock valued at $38,591,000 after buying an additional 1,459,995 shares in the last quarter. Chicago Equity Partners LLC grew its position in Piedmont Office Realty Trust by 304.8% in the 3rd quarter. Chicago Equity Partners LLC now owns 53,840 shares of the real estate investment trust’s stock valued at $1,085,000 after buying an additional 40,540 shares in the last quarter. Finally, Csenge Advisory Group bought a new position in Piedmont Office Realty Trust in the 3rd quarter valued at about $1,662,000. Hedge funds and other institutional investors own 82.68% of the company’s stock.
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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