Wall Street brokerages expect Piedmont Office Realty Trust, Inc. (NYSE:PDM) to report sales of $147.49 million for the current quarter, Zacks reports. Five analysts have provided estimates for Piedmont Office Realty Trust’s earnings, with estimates ranging from $144.90 million to $148.71 million. Piedmont Office Realty Trust posted sales of $135.31 million in the same quarter last year, which would indicate a positive year-over-year growth rate of 9%. The firm is scheduled to issue its next quarterly earnings results on Wednesday, August 2nd.
On average, analysts expect that Piedmont Office Realty Trust will report full-year sales of $147.49 million for the current year, with estimates ranging from $576.59 million to $599.40 million. For the next financial year, analysts expect that the company will post sales of $597.09 million per share, with estimates ranging from $568.48 million to $621.83 million. Zacks’ sales averages are an average based on a survey of research firms that cover Piedmont Office Realty Trust.
Piedmont Office Realty Trust (NYSE:PDM) last issued its quarterly earnings data on Wednesday, May 3rd. The real estate investment trust reported $0.10 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.44 by $0.34. Piedmont Office Realty Trust had a net margin of 19.89% and a return on equity of 5.26%. The business had revenue of $148.50 million for the quarter, compared to the consensus estimate of $145.35 million. During the same period in the previous year, the firm earned $0.41 EPS. The company’s revenue was up 7.6% on a year-over-year basis.
A number of analysts have recently weighed in on PDM shares. Zacks Investment Research upgraded shares of Piedmont Office Realty Trust from a “hold” rating to a “buy” rating and set a $24.00 price objective on the stock in a research note on Wednesday. BidaskClub upgraded shares of Piedmont Office Realty Trust from a “sell” rating to a “hold” rating in a research report on Tuesday, June 13th. Finally, ValuEngine lowered shares of Piedmont Office Realty Trust from a “buy” rating to a “hold” rating in a research report on Thursday, June 29th. One research analyst has rated the stock with a sell rating, three have given a hold rating and one has given a buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $22.50.
Shares of Piedmont Office Realty Trust (NYSE PDM) traded down 0.751% during midday trading on Friday, hitting $20.495. 132,594 shares of the stock were exchanged. The stock has a market cap of $2.98 billion, a price-to-earnings ratio of 28.505 and a beta of 0.60. Piedmont Office Realty Trust has a 12 month low of $18.61 and a 12 month high of $23.08. The firm’s 50-day moving average is $21.34 and its 200-day moving average is $21.52.
The company also recently declared a quarterly dividend, which was paid on Friday, June 16th. Investors of record on Friday, May 26th were given a dividend of $0.21 per share. The ex-dividend date of this dividend was Wednesday, May 24th. This represents a $0.84 annualized dividend and a yield of 4.07%. Piedmont Office Realty Trust’s dividend payout ratio is presently 109.09%.
In related news, CAO Laura P. Moon sold 7,800 shares of the firm’s stock in a transaction on Wednesday, May 24th. The shares were sold at an average price of $21.64, for a total transaction of $168,792.00. Following the sale, the chief accounting officer now owns 24,620 shares in the company, valued at $532,776.80. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 0.76% of the stock is currently owned by company insiders.
Hedge funds have recently added to or reduced their stakes in the stock. James Investment Research Inc. purchased a new stake in Piedmont Office Realty Trust during the first quarter valued at approximately $141,000. Advisory Services Network LLC bought a new stake in shares of Piedmont Office Realty Trust during the first quarter valued at about $141,000. Cornerstone Capital Management Holdings LLC. bought a new stake in shares of Piedmont Office Realty Trust during the first quarter valued at about $164,000. SG Americas Securities LLC raised its stake in shares of Piedmont Office Realty Trust by 31.5% in the first quarter. SG Americas Securities LLC now owns 7,696 shares of the real estate investment trust’s stock valued at $165,000 after buying an additional 1,843 shares during the period. Finally, TLP Group LLC bought a new stake in shares of Piedmont Office Realty Trust during the first quarter valued at about $177,000. Institutional investors own 86.79% of the company’s stock.
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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