Piedmont Office Realty Trust (PDM) Stock Rating Upgraded by Zacks Investment Research
Piedmont Office Realty Trust (NYSE:PDM) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors on Thursday.
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 research analysts have also recently commented on PDM. ValuEngine upgraded shares of Piedmont Office Realty Trust from a “hold” rating to a “buy” rating in a report on Monday, October 2nd. Stifel Nicolaus restated a “hold” rating and set a $21.00 price target on shares of Piedmont Office Realty Trust in a report on Thursday, September 21st. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and two have given a buy rating to the company. Piedmont Office Realty Trust currently has an average rating of “Hold” and an average target price of $22.33.
Piedmont Office Realty Trust (NYSE:PDM) last announced its earnings results on Wednesday, November 1st. The real estate investment trust reported $0.42 EPS for the quarter, hitting 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 company had revenue of $137.59 million during the quarter, compared to analysts’ expectations of $140.39 million. During the same period last year, the company posted $0.41 earnings per share. sell-side analysts forecast that Piedmont Office Realty Trust will post 1.75 EPS for the current year.
Several large investors have recently added to or reduced their stakes in PDM. Prudential Financial Inc. raised its position in shares of Piedmont Office Realty Trust by 321.4% in the third quarter. Prudential Financial Inc. now owns 1,914,228 shares of the real estate investment trust’s stock valued at $38,591,000 after purchasing an additional 1,459,995 shares during the period. Koch Industries Inc. bought a new position in shares of Piedmont Office Realty Trust in the second quarter valued at approximately $485,000. Northern Trust Corp raised its position in shares of Piedmont Office Realty Trust by 14.1% in the second quarter. Northern Trust Corp now owns 2,291,801 shares of the real estate investment trust’s stock valued at $48,311,000 after purchasing an additional 283,654 shares during the period. Numeric Investors LLC raised its position in shares of Piedmont Office Realty Trust by 369.7% in the second quarter. Numeric Investors LLC now owns 335,800 shares of the real estate investment trust’s stock valued at $7,079,000 after purchasing an additional 264,300 shares during the period. Finally, Bank of Montreal Can raised its position in shares of Piedmont Office Realty Trust by 181.4% in the fourth quarter. Bank of Montreal Can now owns 355,913 shares of the real estate investment trust’s stock valued at $6,979,000 after purchasing an additional 229,422 shares during the period. 83.34% of the stock is currently 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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