Wall Street brokerages expect Piedmont Office Realty Trust, Inc. (NYSE:PDM) to post $0.43 earnings per share (EPS) for the current quarter, Zacks reports. Four analysts have issued estimates for Piedmont Office Realty Trust’s earnings, with the lowest EPS estimate coming in at $0.43 and the highest estimate coming in at $0.44. Piedmont Office Realty Trust posted earnings per share of $0.42 in the same quarter last year, which would indicate a positive year over year growth rate of 2.4%. The business is expected to issue its next earnings results on Wednesday, November 7th.
According to Zacks, analysts expect that Piedmont Office Realty Trust will report full year earnings of $1.70 per share for the current fiscal year, with EPS estimates ranging from $1.69 to $1.71. For the next financial year, analysts forecast that the business will report earnings of $1.77 per share, with EPS estimates ranging from $1.71 to $1.81. Zacks Investment Research’s EPS calculations are an average based on a survey of sell-side research analysts that cover Piedmont Office Realty Trust.
Piedmont Office Realty Trust (NYSE:PDM) last released its quarterly earnings results on Wednesday, August 1st. The real estate investment trust reported $0.09 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.10 by ($0.01). Piedmont Office Realty Trust had a return on equity of 2.81% and a net margin of 30.50%. The firm had revenue of $129.17 million for the quarter, compared to the consensus estimate of $125.15 million. During the same quarter in the previous year, the business posted $0.46 EPS.
Several research analysts have issued reports on PDM shares. ValuEngine upgraded shares of Piedmont Office Realty Trust from a “sell” rating to a “hold” rating in a report on Friday, June 1st. DA Davidson upgraded shares of Piedmont Office Realty Trust from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $20.00 to $23.00 in a research note on Friday, June 29th. Two research analysts have rated the stock with a sell rating, two have given a hold rating and two have assigned a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $21.60.
Piedmont Office Realty Trust stock traded down $0.01 during mid-day trading on Tuesday, hitting $18.90. 509,700 shares of the stock were exchanged, compared to its average volume of 1,228,199. The company has a debt-to-equity ratio of 0.99, a quick ratio of 2.07 and a current ratio of 2.07. Piedmont Office Realty Trust has a 12 month low of $16.69 and a 12 month high of $20.57. The firm has a market cap of $2.47 billion, a price-to-earnings ratio of 10.80, a PEG ratio of 2.83 and a beta of 0.59.
The business also recently disclosed a quarterly dividend, which was paid on Friday, September 21st. Stockholders of record on Friday, August 31st were paid a $0.21 dividend. The ex-dividend date was Thursday, August 30th. This represents a $0.84 annualized dividend and a dividend yield of 4.44%. Piedmont Office Realty Trust’s dividend payout ratio is currently 48.00%.
A number of hedge funds have recently made changes to their positions in the business. BlackRock Inc. increased its stake in Piedmont Office Realty Trust by 25.5% during the 2nd quarter. BlackRock Inc. now owns 13,293,804 shares of the real estate investment trust’s stock valued at $264,945,000 after purchasing an additional 2,702,702 shares in the last quarter. LSV Asset Management increased its stake in Piedmont Office Realty Trust by 6.9% during the 2nd quarter. LSV Asset Management now owns 7,262,925 shares of the real estate investment trust’s stock valued at $144,750,000 after purchasing an additional 469,444 shares in the last quarter. Cbre Clarion Securities LLC bought a new stake in Piedmont Office Realty Trust during the 2nd quarter valued at $98,513,000. Northern Trust Corp increased its stake in Piedmont Office Realty Trust by 64.5% during the 1st quarter. Northern Trust Corp now owns 3,830,185 shares of the real estate investment trust’s stock valued at $67,373,000 after purchasing an additional 1,501,242 shares in the last quarter. Finally, Brookfield Asset Management Inc. bought a new stake in Piedmont Office Realty Trust during the 1st quarter valued at $65,610,000. Institutional investors and hedge funds own 86.52% of the company’s stock.
About Piedmont Office Realty Trust
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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