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. “
Several other research firms also recently commented on PDM. DA Davidson downgraded shares of Piedmont Office Realty Trust from a buy rating to a neutral rating in a report on Tuesday, July 23rd. Robert W. Baird set a $25.00 price target on shares of Piedmont Office Realty Trust and gave the stock a hold rating in a report on Wednesday, August 21st. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and one has given a buy rating to the company. The stock has an average rating of Hold and a consensus price target of $23.00.
Piedmont Office Realty Trust (NYSE:PDM) last released its quarterly earnings data on Wednesday, July 31st. The real estate investment trust reported $0.06 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.44 by ($0.38). The business had revenue of $130.67 million for the quarter, compared to analysts’ expectations of $128.06 million. Piedmont Office Realty Trust had a net margin of 22.60% and a return on equity of 6.98%. As a group, equities research analysts anticipate that Piedmont Office Realty Trust will post 1.77 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Friday, September 20th. Stockholders of record on Friday, August 30th were issued a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a dividend yield of 4.07%. The ex-dividend date of this dividend was Thursday, August 29th. Piedmont Office Realty Trust’s payout ratio is 48.55%.
Several institutional investors have recently made changes to their positions in PDM. Rothschild & Co. Asset Management US Inc. purchased a new stake in Piedmont Office Realty Trust in the second quarter valued at approximately $35,464,000. Nuveen Asset Management LLC grew its position in Piedmont Office Realty Trust by 312.3% during the second quarter. Nuveen Asset Management LLC now owns 1,296,065 shares of the real estate investment trust’s stock valued at $25,831,000 after acquiring an additional 981,685 shares during the last quarter. AJO LP grew its position in Piedmont Office Realty Trust by 1,921.3% during the first quarter. AJO LP now owns 526,338 shares of the real estate investment trust’s stock valued at $10,974,000 after acquiring an additional 500,298 shares during the last quarter. Robeco Institutional Asset Management B.V. grew its position in Piedmont Office Realty Trust by 39.8% during the second quarter. Robeco Institutional Asset Management B.V. now owns 1,095,592 shares of the real estate investment trust’s stock valued at $21,836,000 after acquiring an additional 311,892 shares during the last quarter. Finally, Great Lakes Advisors LLC bought a new position in Piedmont Office Realty Trust during the second quarter valued at approximately $5,166,000. 85.98% of the stock is currently owned by hedge funds and other institutional investors.
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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