Analysts Expect Piedmont Office Realty Trust (PDM) to Announce $0.42 EPS

Brokerages expect that Piedmont Office Realty Trust (NYSE:PDM) will announce earnings of $0.42 per share for the current quarter, Zacks Investment Research reports. Four analysts have provided estimates for Piedmont Office Realty Trust’s earnings. The highest EPS estimate is $0.43 and the lowest is $0.40. Piedmont Office Realty Trust reported earnings per share of $0.46 in the same quarter last year, which suggests a negative year-over-year growth rate of 8.7%. The firm is expected to announce its next quarterly earnings results on Wednesday, August 1st.

According to Zacks, analysts expect that Piedmont Office Realty Trust will report full-year earnings of $1.70 per share for the current year, with EPS estimates ranging from $1.66 to $1.72. For the next year, analysts anticipate that the firm will report earnings of $1.76 per share, with EPS estimates ranging from $1.68 to $1.81. Zacks’ EPS calculations are a mean average based on a survey of sell-side research firms that follow Piedmont Office Realty Trust.

Piedmont Office Realty Trust (NYSE:PDM) last posted its earnings results on Tuesday, May 1st. The real estate investment trust reported $0.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.41 by $0.02. The company had revenue of $129.90 million during the quarter, compared to the consensus estimate of $131.38 million. Piedmont Office Realty Trust had a net margin of 31.73% and a return on equity of 3.33%. The firm’s quarterly revenue was down 12.5% on a year-over-year basis. During the same period in the previous year, the firm posted $0.45 earnings per share.

A number of research firms recently issued reports on PDM. ValuEngine downgraded shares of Piedmont Office Realty Trust from a “hold” rating to a “sell” rating in a research report on Monday. Stifel Nicolaus downgraded shares of Piedmont Office Realty Trust from a “hold” rating to a “sell” rating in a research report on Tuesday, March 13th. SunTrust Banks set a $20.00 target price on shares of Piedmont Office Realty Trust and gave the company a “hold” rating in a research report on Tuesday, March 6th. Robert W. Baird set a $22.00 target price on shares of Piedmont Office Realty Trust and gave the company a “buy” rating in a research report on Thursday, February 8th. Finally, Zacks Investment Research upgraded shares of Piedmont Office Realty Trust from a “sell” rating to a “hold” rating in a research report on Thursday, January 18th. Three research analysts have rated the stock with a sell rating, two have given a hold rating and one has issued a buy rating to the company. Piedmont Office Realty Trust presently has an average rating of “Hold” and a consensus price target of $21.25.

NYSE PDM traded down $0.17 on Thursday, reaching $17.84. 909,400 shares of the company’s stock traded hands, compared to its average volume of 1,410,118. The company has a market capitalization of $2.34 billion, a PE ratio of 10.19, a P/E/G ratio of 2.66 and a beta of 0.60. Piedmont Office Realty Trust has a fifty-two week low of $18.14 and a fifty-two week high of $18.35. The company has a debt-to-equity ratio of 0.94, a current ratio of 2.28 and a quick ratio of 2.28.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 15th. Shareholders of record on Wednesday, May 23rd will be given a $0.21 dividend. The ex-dividend date of this dividend is Tuesday, May 22nd. This represents a $0.84 dividend on an annualized basis and a dividend yield of 4.71%. Piedmont Office Realty Trust’s dividend payout ratio (DPR) is currently 48.00%.

In related news, Director Jeffrey L. Swope bought 5,700 shares of the business’s stock in a transaction dated Tuesday, March 13th. The stock was acquired at an average price of $17.57 per share, with a total value of $100,149.00. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Kelly Hefner Barrett bought 10,000 shares of the business’s stock in a transaction dated Friday, May 4th. The shares were bought at an average cost of $18.65 per share, with a total value of $186,500.00. Following the purchase, the director now directly owns 16,446 shares of the company’s stock, valued at $306,717.90. The disclosure for this purchase can be found here. Corporate insiders own 0.76% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in the company. Piermont Capital Management Inc. increased its stake in shares of Piedmont Office Realty Trust by 2.2% during the first quarter. Piermont Capital Management Inc. now owns 133,671 shares of the real estate investment trust’s stock worth $2,351,000 after purchasing an additional 2,850 shares in the last quarter. Cornercap Investment Counsel Inc. increased its stake in shares of Piedmont Office Realty Trust by 8.5% during the first quarter. Cornercap Investment Counsel Inc. now owns 40,580 shares of the real estate investment trust’s stock worth $714,000 after purchasing an additional 3,190 shares in the last quarter. The Manufacturers Life Insurance Company increased its stake in shares of Piedmont Office Realty Trust by 38.9% during the fourth quarter. The Manufacturers Life Insurance Company now owns 12,011 shares of the real estate investment trust’s stock worth $236,000 after purchasing an additional 3,366 shares in the last quarter. BNP Paribas Arbitrage SA increased its stake in shares of Piedmont Office Realty Trust by 13.5% during the first quarter. BNP Paribas Arbitrage SA now owns 30,819 shares of the real estate investment trust’s stock worth $542,000 after purchasing an additional 3,674 shares in the last quarter. Finally, Swiss National Bank increased its stake in shares of Piedmont Office Realty Trust by 1.9% during the fourth quarter. Swiss National Bank now owns 247,900 shares of the real estate investment trust’s stock worth $4,861,000 after purchasing an additional 4,600 shares in the last quarter. 92.63% of the stock is owned by institutional investors and hedge funds.

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 submarkets 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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Earnings History and Estimates for Piedmont Office Realty Trust (NYSE:PDM)

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