Piedmont Office Realty Trust (PDM) Upgraded to “Buy” at ValuEngine
ValuEngine upgraded shares of Piedmont Office Realty Trust (NYSE:PDM) from a hold rating to a buy rating in a report released on Friday morning.
A number of other brokerages have also commented on PDM. BidaskClub upgraded Piedmont Office Realty Trust from a strong sell rating to a sell rating in a research report on Thursday, August 3rd. Zacks Investment Research upgraded Piedmont Office Realty Trust from a hold rating to a buy rating and set a $23.00 price target for the company in a report on Wednesday, October 11th. Stifel Nicolaus reiterated a hold rating and set a $21.00 price target on shares of Piedmont Office Realty Trust in a report on Thursday, September 21st. Finally, Robert W. Baird upgraded Piedmont Office Realty Trust from a neutral rating to an outperform rating and lifted their price target for the company from $23.00 to $24.00 in a report on Monday, August 28th. Two equities research analysts have rated the stock with a sell rating, one has given a hold rating and two have issued a buy rating to the company. The stock presently has an average rating of Hold and a consensus price target of $22.33.
Shares of Piedmont Office Realty Trust (PDM) traded down $0.02 during midday trading on Friday, reaching $20.02. The company’s stock had a trading volume of 720,400 shares, compared to its average volume of 708,230. Piedmont Office Realty Trust has a 12-month low of $19.10 and a 12-month high of $23.08. The firm has a market cap of $2,893.21, a price-to-earnings ratio of 11.32, a PEG ratio of 2.87 and a beta of 0.63. The company has a debt-to-equity ratio of 0.78, a current ratio of 2.15 and a quick ratio of 2.15.
Piedmont Office Realty Trust (NYSE:PDM) last announced its quarterly earnings data on Wednesday, November 1st. The real estate investment trust reported $0.42 EPS for the quarter, hitting the Zacks’ consensus estimate of $0.42. Piedmont Office Realty Trust had a return on equity of 4.06% and a net margin of 33.72%. The firm had revenue of $137.59 million during the quarter, compared to analyst estimates of $140.39 million. During the same period last year, the company posted $0.41 EPS. equities research analysts forecast that Piedmont Office Realty Trust will post 1.75 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, January 4th. Stockholders of record on Friday, November 24th will be issued a dividend of $0.21 per share. The ex-dividend date is Wednesday, November 22nd. This represents a $0.84 annualized dividend and a dividend yield of 4.20%. Piedmont Office Realty Trust’s dividend payout ratio is 62.69%.
Institutional investors have recently made changes to their positions in the company. Point72 Asset Management L.P. acquired a new stake in shares of Piedmont Office Realty Trust during the 3rd quarter valued at about $135,000. Wealthcare Advisory Partners LLC bought a new position in shares of Piedmont Office Realty Trust in the 3rd quarter valued at approximately $144,000. SG Americas Securities LLC raised its stake in shares of Piedmont Office Realty Trust by 4.7% in the 2nd quarter. SG Americas Securities LLC now owns 8,060 shares of the real estate investment trust’s stock valued at $170,000 after acquiring an additional 364 shares in the last quarter. Blue Sky Asset Management LLC bought a new position in shares of Piedmont Office Realty Trust in the 2nd quarter valued at approximately $173,000. Finally, PNC Financial Services Group Inc. raised its stake in shares of Piedmont Office Realty Trust by 19.4% in the 2nd quarter. PNC Financial Services Group Inc. now owns 8,654 shares of the real estate investment trust’s stock valued at $182,000 after acquiring an additional 1,404 shares in the last quarter. Institutional investors and hedge funds own 83.35% of the company’s stock.
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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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