Zacks Investment Research cut shares of Piedmont Office Realty Trust (NYSE:PDM) from a buy rating to a hold rating in a research note issued to investors on Friday morning.
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. “
Other analysts have also recently issued reports about the company. ValuEngine cut Piedmont Office Realty Trust from a hold rating to a sell rating in a report on Wednesday, September 19th. TheStreet cut Piedmont Office Realty Trust from a b- rating to a c+ rating in a report on Monday, October 8th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating to the company’s stock. The company has a consensus rating of Hold and an average price target of $21.50.
Piedmont Office Realty Trust (NYSE:PDM) last announced its earnings results on Tuesday, October 30th. The real estate investment trust reported $0.13 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.09 by $0.04. The business had revenue of $129.71 million for the quarter, compared to analyst estimates of $127.24 million. Piedmont Office Realty Trust had a return on equity of 2.95% and a net margin of 10.13%. During the same quarter last year, the firm earned $0.42 EPS. Research analysts anticipate that Piedmont Office Realty Trust will post 1.71 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 3rd. Stockholders of record on Friday, November 30th will be paid a $0.21 dividend. This represents a $0.84 annualized dividend and a dividend yield of 4.53%. The ex-dividend date is Thursday, November 29th. Piedmont Office Realty Trust’s dividend payout ratio (DPR) is presently 48.00%.
In other Piedmont Office Realty Trust news, Director Dale H. Taysom bought 2,000 shares of Piedmont Office Realty Trust stock in a transaction dated Friday, November 2nd. The stock was bought at an average cost of $17.85 per share, with a total value of $35,700.00. Following the completion of the acquisition, the director now directly owns 16,808 shares in the company, valued at approximately $300,022.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.76% of the company’s stock.
Several institutional investors have recently bought and sold shares of the company. Point72 Hong Kong Ltd purchased a new stake in shares of Piedmont Office Realty Trust in the second quarter worth $110,000. NumerixS Investment Technologies Inc increased its holdings in shares of Piedmont Office Realty Trust by 151.9% in the second quarter. NumerixS Investment Technologies Inc now owns 6,800 shares of the real estate investment trust’s stock worth $134,000 after buying an additional 4,100 shares during the period. First Hawaiian Bank purchased a new position in shares of Piedmont Office Realty Trust in the third quarter worth about $161,000. Caxton Associates LP purchased a new position in shares of Piedmont Office Realty Trust in the third quarter worth about $195,000. Finally, Titus Wealth Management bought a new stake in shares of Piedmont Office Realty Trust in the second quarter worth about $215,000. 88.19% of the stock is owned by hedge funds and other 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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