Piedmont Office Realty Trust (PDM) Lifted to Buy at SunTrust Banks

SunTrust Banks upgraded shares of Piedmont Office Realty Trust (NYSE:PDM) from a hold rating to a buy rating in a research report released on Friday morning, Marketbeat reports.

A number of other research firms have also recently issued reports on PDM. ValuEngine cut Piedmont Office Realty Trust from a hold rating to a sell rating in a research report on Wednesday, September 19th. Zacks Investment Research cut Piedmont Office Realty Trust from a buy rating to a hold rating in a report on Saturday, November 17th. Finally, TheStreet cut Piedmont Office Realty Trust from a b- rating to a c+ rating in a report on Monday, October 8th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating to the company’s stock. Piedmont Office Realty Trust presently has a consensus rating of Hold and an average target price of $21.50.

PDM opened at $18.84 on Friday. Piedmont Office Realty Trust has a 12-month low of $16.69 and a 12-month high of $20.57. The company has a market capitalization of $2.38 billion, a PE ratio of 10.77, a price-to-earnings-growth ratio of 1.36 and a beta of 0.64. The company has a quick ratio of 1.75, a current ratio of 1.75 and a debt-to-equity ratio of 0.99.

Piedmont Office Realty Trust (NYSE:PDM) last released its quarterly earnings data 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. Piedmont Office Realty Trust had a return on equity of 2.95% and a net margin of 10.13%. The company had revenue of $129.71 million during the quarter, compared to analysts’ expectations of $127.24 million. During the same period last year, the firm posted $0.42 earnings per share. As a group, equities research analysts anticipate that Piedmont Office Realty Trust will post 1.71 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Thursday, January 3rd. Investors of record on Friday, November 30th will be issued a dividend of $0.21 per share. The ex-dividend date of this dividend is Thursday, November 29th. This represents a $0.84 annualized dividend and a yield of 4.46%. Piedmont Office Realty Trust’s payout ratio is currently 48.00%.

In other news, Director Dale H. Taysom purchased 2,000 shares of the company’s stock in a transaction that occurred on Friday, November 2nd. The stock was acquired at an average cost of $17.85 per share, with a total value of $35,700.00. Following the acquisition, the director now owns 16,808 shares in the company, valued at approximately $300,022.80. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.91% of the company’s stock.

A number of large investors have recently added to or reduced their stakes in PDM. Point72 Hong Kong Ltd acquired a new stake in Piedmont Office Realty Trust during the 2nd quarter worth approximately $110,000. NumerixS Investment Technologies Inc lifted its holdings in Piedmont Office Realty Trust by 151.9% during the 2nd quarter. NumerixS Investment Technologies Inc now owns 6,800 shares of the real estate investment trust’s stock worth $134,000 after purchasing an additional 4,100 shares during the last quarter. First Hawaiian Bank acquired a new stake in Piedmont Office Realty Trust during the 3rd quarter worth approximately $161,000. Caxton Associates LP acquired a new stake in Piedmont Office Realty Trust during the 3rd quarter worth approximately $195,000. Finally, Titus Wealth Management acquired a new stake in Piedmont Office Realty Trust during the 2nd quarter worth approximately $215,000. 85.76% 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 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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