Piedmont Office Realty Trust (PDM) Raised to Hold at Zacks Investment Research
Zacks Investment Research upgraded shares of Piedmont Office Realty Trust (NYSE:PDM) from a sell rating to a hold rating in a report issued 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. “
A number of other equities research analysts have also recently issued reports on PDM. Stifel Nicolaus reissued a hold rating and issued a $21.00 price target on shares of Piedmont Office Realty Trust in a research note on Thursday, September 21st. ValuEngine raised shares of Piedmont Office Realty Trust from a hold rating to a buy rating in a research note on Monday, October 2nd. One equities 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 stock. The company currently has an average rating of Hold and a consensus target price of $22.33.
Piedmont Office Realty Trust (NYSE:PDM) last released its quarterly earnings results on Wednesday, November 1st. The real estate investment trust reported $0.42 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.42. Piedmont Office Realty Trust had a net margin of 33.72% and a return on equity of 4.06%. The firm had revenue of $137.59 million for the quarter, compared to analysts’ expectations of $140.39 million. During the same quarter last year, the company earned $0.41 EPS. sell-side analysts predict that Piedmont Office Realty Trust will post 1.75 EPS for the current fiscal year.
The business also recently declared a None dividend, which was paid on Tuesday, January 9th. Investors of record on Tuesday, December 26th were paid a $0.50 dividend. The ex-dividend date was Friday, December 22nd. This represents a yield of 4.16%. This is a boost from Piedmont Office Realty Trust’s previous None dividend of $0.21. Piedmont Office Realty Trust’s dividend payout ratio (DPR) is currently 62.69%.
Institutional investors have recently added to or reduced their stakes in the stock. Point72 Asset Management L.P. acquired a new stake in Piedmont Office Realty Trust during the 3rd quarter worth $135,000. Wealthcare Advisory Partners LLC acquired a new stake in Piedmont Office Realty Trust during the 3rd quarter worth $144,000. SG Americas Securities LLC boosted its stake in Piedmont Office Realty Trust by 4.7% during the 2nd quarter. SG Americas Securities LLC now owns 8,060 shares of the real estate investment trust’s stock worth $170,000 after purchasing an additional 364 shares during the last quarter. PNC Financial Services Group Inc. boosted its stake in Piedmont Office Realty Trust by 19.4% during the 2nd quarter. PNC Financial Services Group Inc. now owns 8,654 shares of the real estate investment trust’s stock worth $182,000 after purchasing an additional 1,404 shares during the last quarter. Finally, Allianz Asset Management GmbH acquired a new stake in Piedmont Office Realty Trust during the 3rd quarter worth $205,000. 83.34% of the stock is currently owned by hedge funds and other institutional investors.
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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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