Brokerages Expect Piedmont Office Realty Trust, Inc. (PDM) Will Post Quarterly Sales of $136.89 Million
Wall Street analysts forecast that Piedmont Office Realty Trust, Inc. (NYSE:PDM) will post sales of $136.89 million for the current quarter, Zacks reports. Five analysts have made estimates for Piedmont Office Realty Trust’s earnings, with the lowest sales estimate coming in at $131.75 million and the highest estimate coming in at $139.50 million. Piedmont Office Realty Trust reported sales of $143.91 million in the same quarter last year, which would suggest a negative year over year growth rate of 4.9%. The firm is expected to issue its next earnings report on Wednesday, February 14th.
On average, analysts expect that Piedmont Office Realty Trust will report full-year sales of $136.89 million for the current year, with estimates ranging from $566.76 million to $576.76 million. For the next financial year, analysts forecast that the firm will report sales of $544.21 million per share, with estimates ranging from $525.70 million to $566.42 million. Zacks’ sales averages are an average based on a survey of sell-side research analysts that follow Piedmont Office Realty Trust.
Piedmont Office Realty Trust (NYSE:PDM) last posted its quarterly earnings data on Wednesday, November 1st. The real estate investment trust reported $0.42 EPS for the quarter, hitting the consensus estimate of $0.42. The firm had revenue of $137.59 million during the quarter, compared to analyst estimates 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 quarter in the previous year, the business posted $0.41 EPS.
PDM has been the topic of several recent research reports. Zacks Investment Research downgraded shares of Piedmont Office Realty Trust from a “hold” rating to a “sell” rating in a report on Tuesday, November 7th. ValuEngine upgraded shares of Piedmont Office Realty Trust from a “hold” rating to a “buy” rating in a research report on Monday, August 7th. BidaskClub upgraded shares of Piedmont Office Realty Trust from a “strong sell” rating to a “sell” rating in a research report on Thursday, August 3rd. Stifel Nicolaus restated a “hold” rating and set a $21.00 price objective on shares of Piedmont Office Realty Trust in a research report on Thursday, September 21st. Finally, Robert W. Baird upgraded shares of Piedmont Office Realty Trust from a “neutral” rating to an “outperform” rating and upped their price objective for the stock from $23.00 to $24.00 in a research report on Monday, August 28th. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating and two have issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $22.33.
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Piedmont Office Realty Trust (NYSE:PDM) opened at $20.05 on Wednesday. The stock has a market cap of $2,900.43, a P/E ratio of 11.35, a price-to-earnings-growth ratio of 2.88 and a beta of 0.62. The company has a debt-to-equity ratio of 0.78, a quick ratio of 2.15 and a current ratio of 2.15. Piedmont Office Realty Trust has a 52 week low of $18.87 and a 52 week high of $23.08.
The business also recently announced a quarterly dividend, which will be paid on Thursday, January 4th. Shareholders of record on Friday, November 24th will be paid a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a yield of 4.19%. The ex-dividend date is Wednesday, November 22nd. Piedmont Office Realty Trust’s dividend payout ratio (DPR) is presently 62.69%.
Several hedge funds and other institutional investors have recently bought and sold shares of PDM. Dimensional Fund Advisors LP lifted its stake in Piedmont Office Realty Trust by 3.8% in the second quarter. Dimensional Fund Advisors LP now owns 2,265,264 shares of the real estate investment trust’s stock worth $47,751,000 after acquiring an additional 83,447 shares during the last quarter. LSV Asset Management raised its holdings in Piedmont Office Realty Trust by 1.4% during the second quarter. LSV Asset Management now owns 6,801,281 shares of the real estate investment trust’s stock worth $143,370,000 after purchasing an additional 95,600 shares in the last quarter. Fox Run Management L.L.C. acquired a new stake in Piedmont Office Realty Trust during the third quarter worth approximately $730,000. Koch Industries Inc. acquired a new stake in Piedmont Office Realty Trust during the second quarter worth approximately $485,000. Finally, American Century Companies Inc. raised its holdings in Piedmont Office Realty Trust by 1.0% during the second quarter. American Century Companies Inc. now owns 5,265,600 shares of the real estate investment trust’s stock worth $110,999,000 after purchasing an additional 54,084 shares in the last quarter. 83.95% of the stock is owned by institutional investors and hedge funds.
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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