Zacks Investment Research cut shares of Piedmont Office Realty Trust (NYSE:PDM) from a hold rating to a sell rating in a research report report published 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 brokerages have also 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 issued a $21.00 price objective on shares of Piedmont Office Realty Trust in a report on Thursday, September 21st. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating and two have given a buy rating to the company’s stock. The company currently has an average rating of Hold and a consensus target price of $22.33.

Piedmont Office Realty Trust (NYSE PDM) traded down $0.46 during midday trading on Thursday, hitting $19.05. The company had a trading volume of 1,873,100 shares, compared to its average volume of 1,188,467. The company has a quick ratio of 2.15, a current ratio of 2.15 and a debt-to-equity ratio of 0.78. The company has a market capitalization of $2,816.70, a PE ratio of 14.22, a PEG ratio of 2.92 and a beta of 0.63. Piedmont Office Realty Trust has a 12 month low of $19.04 and a 12 month high of $23.08.

Piedmont Office Realty Trust (NYSE:PDM) last posted its earnings results on Wednesday, November 1st. The real estate investment trust reported $0.42 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.42. The company had revenue of $137.59 million for the quarter, compared to analysts’ expectations of $140.39 million. Piedmont Office Realty Trust had a return on equity of 4.06% and a net margin of 33.72%. During the same period last year, the firm earned $0.41 earnings per share. equities analysts anticipate that Piedmont Office Realty Trust will post 1.75 EPS for the current year.

The business also recently disclosed a None dividend, which will be paid on Tuesday, January 9th. Shareholders of record on Tuesday, December 26th will be issued a $0.50 dividend. The ex-dividend date is Friday, December 22nd. This is a positive change from Piedmont Office Realty Trust’s previous None dividend of $0.21. This represents a yield of 4.16%. Piedmont Office Realty Trust’s dividend payout ratio (DPR) is 62.69%.

A number of institutional investors and hedge funds have recently modified their holdings of PDM. BlackRock Inc. lifted its holdings in shares of Piedmont Office Realty Trust by 1.0% during the second quarter. BlackRock Inc. now owns 9,707,520 shares of the real estate investment trust’s stock valued at $204,634,000 after purchasing an additional 97,660 shares during the last quarter. LSV Asset Management lifted its holdings in shares of 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 valued at $143,370,000 after purchasing an additional 95,600 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Piedmont Office Realty Trust by 1.8% during the third quarter. Dimensional Fund Advisors LP now owns 2,306,576 shares of the real estate investment trust’s stock valued at $46,501,000 after purchasing an additional 41,312 shares during the last quarter. Northern Trust Corp lifted its holdings in shares of Piedmont Office Realty Trust by 14.1% during 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 last quarter. Finally, Renaissance Technologies LLC lifted its holdings in shares of Piedmont Office Realty Trust by 9.7% during the second quarter. Renaissance Technologies LLC now owns 2,087,500 shares of the real estate investment trust’s stock valued at $44,005,000 after purchasing an additional 184,176 shares during the last quarter. Institutional investors and hedge funds own 83.35% of the company’s stock.

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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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