Piedmont Office Realty Trust (NYSE:PDM) Releases FY24 Earnings Guidance

Piedmont Office Realty Trust (NYSE:PDM) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided EPS guidance of $1.46-1.56 for the period, compared to the consensus EPS estimate of $1.52. Piedmont Office Realty Trust also updated its FY 2024 guidance to 1.460-1.560 EPS.

Wall Street Analyst Weigh In

Separately, StockNews.com downgraded shares of Piedmont Office Realty Trust from a hold rating to a sell rating in a report on Thursday, February 22nd.

Piedmont Office Realty Trust Stock Performance

Shares of PDM stock traded down $0.05 during trading hours on Tuesday, reaching $6.90. 1,541,001 shares of the company’s stock were exchanged, compared to its average volume of 883,977. The company has a debt-to-equity ratio of 1.19, a current ratio of 1.49 and a quick ratio of 1.49. The company’s 50 day moving average is $6.51 and its two-hundred day moving average is $6.50. The company has a market cap of $854.22 million, a P/E ratio of -17.22 and a beta of 1.15. Piedmont Office Realty Trust has a 1 year low of $4.91 and a 1 year high of $8.05.

Piedmont Office Realty Trust (NYSE:PDM) last released its earnings results on Wednesday, February 7th. The real estate investment trust reported ($0.23) EPS for the quarter, missing analysts’ consensus estimates of $0.42 by ($0.65). The business had revenue of $145.33 million during the quarter, compared to analyst estimates of $146.37 million. Piedmont Office Realty Trust had a negative net margin of 8.38% and a negative return on equity of 2.72%. Equities research analysts anticipate that Piedmont Office Realty Trust will post 1.51 EPS for the current fiscal year.

Piedmont Office Realty Trust Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 14th. Stockholders of record on Friday, May 24th will be given a dividend of $0.125 per share. The ex-dividend date is Thursday, May 23rd. This represents a $0.50 dividend on an annualized basis and a dividend yield of 7.25%. Piedmont Office Realty Trust’s payout ratio is -125.00%.

About Piedmont Office Realty Trust

Piedmont Office Realty Trust, Inc (also referred to herein as "Piedmont" or the "Company") (NYSE: PDM) is an owner, manager, developer, redeveloper and operator of high-quality, Class A office properties located primarily in major U.S. Sunbelt markets. The Company is a fully-integrated, self-managed real estate investment trust ("REIT") with local management offices in each of its markets and is investment-grade rated by Standard & Poor's and Moody's.