Piedmont Office Realty Trust (NYSE:PDM) Raised to “Hold” at Zacks Investment Research
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 recently commented on PDM. DA Davidson cut shares of Piedmont Office Realty Trust from a buy rating to a neutral rating in a research report on Tuesday, July 23rd. Robert W. Baird set a $25.00 price target on shares of Piedmont Office Realty Trust and gave the company a hold rating in a research report on Wednesday, August 21st. Five equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. The stock currently has a consensus rating of Hold and an average target price of $23.00.
Piedmont Office Realty Trust (NYSE:PDM) last posted its earnings results on Wednesday, July 31st. The real estate investment trust reported $0.06 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.44 by ($0.38). Piedmont Office Realty Trust had a net margin of 22.60% and a return on equity of 6.98%. The company had revenue of $130.67 million during the quarter, compared to analyst estimates of $128.06 million. As a group, analysts forecast that Piedmont Office Realty Trust will post 1.77 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 20th. Shareholders of record on Friday, August 30th will be given a $0.21 dividend. The ex-dividend date of this dividend is Thursday, August 29th. This represents a $0.84 annualized dividend and a yield of 4.08%. Piedmont Office Realty Trust’s dividend payout ratio is presently 48.55%.
A number of hedge funds have recently modified their holdings of PDM. Quadrant Capital Group LLC purchased a new position in Piedmont Office Realty Trust in the 1st quarter valued at approximately $25,000. Prime Capital Investment Advisors LLC acquired a new stake in Piedmont Office Realty Trust during the 2nd quarter worth $27,000. Personal Wealth Partners acquired a new stake in Piedmont Office Realty Trust during the 2nd quarter worth $36,000. Manchester Financial Inc. acquired a new stake in Piedmont Office Realty Trust during the 2nd quarter worth $43,000. Finally, Neo Ivy Capital Management acquired a new stake in Piedmont Office Realty Trust during the 2nd quarter worth $53,000. 85.94% of the stock is owned by institutional investors.
Piedmont Office Realty Trust Company Profile
Piedmont Office Realty Trust, Inc (NYSE: PDM) is an owner, manager, developer, and operator of high-quality, Class A office properties in select sub-markets located primarily within eight major U.S. office markets. Its geographically-diversified, almost $5 billion portfolio is currently comprised of approximately 17 million square feet.
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