Piedmont Office Realty Trust (NYSE:PDM) Stock Rating Lowered by Zacks Investment Research

Zacks Investment Research downgraded shares of Piedmont Office Realty Trust (NYSE:PDM) from a hold rating to a sell rating in a report published on Tuesday morning, Zacks.com reports.

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. “

PDM has been the topic of a number of other research reports. DA Davidson cut 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 target price on Piedmont Office Realty Trust and gave the company a hold rating in a report on Wednesday, August 21st. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and one has given a buy rating to the company’s stock. Piedmont Office Realty Trust has an average rating of Hold and an average price target of $23.00.

Shares of PDM traded up $0.12 on Tuesday, reaching $20.69. The stock had a trading volume of 619,661 shares, compared to its average volume of 726,085. The firm has a market capitalization of $2.60 billion, a PE ratio of 11.96 and a beta of 0.69. The company has a quick ratio of 1.96, a current ratio of 1.96 and a debt-to-equity ratio of 0.98. The firm has a 50-day moving average of $20.24 and a 200 day moving average of $20.43. Piedmont Office Realty Trust has a twelve month low of $16.43 and a twelve month high of $21.40.

Piedmont Office Realty Trust (NYSE:PDM) last released its quarterly earnings results on Wednesday, July 31st. The real estate investment trust reported $0.06 earnings per share for the quarter, missing analysts’ consensus estimates of $0.44 by ($0.38). The firm had revenue of $130.67 million during the quarter, compared to analyst estimates of $128.06 million. Piedmont Office Realty Trust had a return on equity of 6.98% and a net margin of 22.60%. On average, sell-side analysts anticipate that Piedmont Office Realty Trust will post 1.77 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Friday, September 20th. Shareholders of record on Friday, August 30th were issued a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a yield of 4.06%. The ex-dividend date was Thursday, August 29th. Piedmont Office Realty Trust’s dividend payout ratio (DPR) is presently 48.55%.

A number of large investors have recently made changes to their positions in the business. LSV Asset Management grew its holdings in Piedmont Office Realty Trust by 2.6% during the 2nd quarter. LSV Asset Management now owns 7,317,842 shares of the real estate investment trust’s stock valued at $145,844,000 after buying an additional 187,952 shares during the last quarter. Northern Trust Corp grew its holdings in Piedmont Office Realty Trust by 7.9% during the 2nd quarter. Northern Trust Corp now owns 3,085,293 shares of the real estate investment trust’s stock valued at $61,490,000 after buying an additional 225,067 shares during the last quarter. Charles Schwab Investment Management Inc. grew its holdings in Piedmont Office Realty Trust by 0.6% during the 2nd quarter. Charles Schwab Investment Management Inc. now owns 2,624,724 shares of the real estate investment trust’s stock valued at $52,311,000 after buying an additional 15,302 shares during the last quarter. Rothschild & Co. Asset Management US Inc. acquired a new stake in Piedmont Office Realty Trust during the 2nd quarter valued at $35,464,000. Finally, Geode Capital Management LLC grew its holdings in Piedmont Office Realty Trust by 10.1% during the 4th quarter. Geode Capital Management LLC now owns 1,767,919 shares of the real estate investment trust’s stock valued at $30,125,000 after buying an additional 162,893 shares during the last quarter. Hedge funds and other institutional investors own 85.98% 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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