Piedmont Office Realty Trust, Inc. (PDM) To Go Ex-Dividend on May 24th
Piedmont Office Realty Trust, Inc. (NYSE:PDM) announced a quarterly dividend on Thursday, May 4th. Investors of record on Friday, May 26th will be paid a dividend of 0.21 per share by the real estate investment trust on Friday, June 16th. This represents a $0.84 annualized dividend and a yield of 3.93%. The ex-dividend date of this dividend is Wednesday, May 24th.
Piedmont Office Realty Trust has decreased its dividend by an average of 7.7% annually over the last three years and has increased its dividend annually for the last 3 consecutive years. Piedmont Office Realty Trust has a dividend payout ratio of 48.0% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Piedmont Office Realty Trust to earn $0.25 per share next year, which means the company may not be able to cover its $0.84 annual dividend with an expected future payout ratio of 336.0%.
Shares of Piedmont Office Realty Trust (NYSE:PDM) opened at 21.38 on Friday. The company has a 50-day moving average of $21.83 and a 200 day moving average of $21.14. Piedmont Office Realty Trust has a 52 week low of $18.61 and a 52 week high of $23.08. The firm has a market capitalization of $3.11 billion, a P/E ratio of 29.74 and a beta of 0.56.
Piedmont Office Realty Trust (NYSE:PDM) last released its quarterly earnings results on Wednesday, May 3rd. The real estate investment trust reported $0.10 earnings per share for the quarter, missing the consensus estimate of $0.44 by $0.34. Piedmont Office Realty Trust had a return on equity of 4.95% and a net margin of 19.41%. The firm had revenue of $148.50 million for the quarter, compared to analysts’ expectations of $145.35 million. During the same quarter last year, the firm posted $0.41 earnings per share. The firm’s revenue for the quarter was up 7.6% compared to the same quarter last year. Equities research analysts anticipate that Piedmont Office Realty Trust will post $0.24 earnings per share for the current year.
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Several research analysts recently weighed in on PDM shares. Zacks Investment Research upgraded shares of Piedmont Office Realty Trust from a “hold” rating to a “buy” rating and set a $24.00 price target on the stock in a report on Tuesday, January 24th. Stifel Nicolaus upgraded shares of Piedmont Office Realty Trust from a “sell” rating to a “hold” rating and boosted their price target for the stock from $18.00 to $20.50 in a report on Monday, January 23rd. They noted that the move was a valuation call.
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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