Piedmont Office Realty Trust (NYSE:PDM) Downgraded by Zacks Investment Research to “Sell”

Zacks Investment Research downgraded shares of Piedmont Office Realty Trust (NYSE:PDM) from a hold rating to a sell rating in a research note released on Wednesday 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. “

Other analysts have also recently issued research reports about the company. Robert W. Baird set a $25.00 price target on Piedmont Office Realty Trust and gave the company a hold rating in a report on Wednesday, August 21st. ValuEngine cut Piedmont Office Realty Trust from a hold rating to a sell rating in a report on Wednesday, October 2nd. Finally, DA Davidson cut Piedmont Office Realty Trust from a buy rating to a neutral rating in a report on Tuesday, July 23rd. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and one has assigned a buy rating to the company’s stock. The company presently has a consensus rating of Hold and a consensus price target of $23.00.



Shares of NYSE:PDM traded down $0.01 on Wednesday, hitting $20.44. The company’s stock had a trading volume of 857 shares, compared to its average volume of 565,656. The company has a 50-day simple moving average of $20.30 and a 200 day simple moving average of $20.43. Piedmont Office Realty Trust has a 1 year low of $16.43 and a 1 year high of $21.40. The company has a market capitalization of $2.58 billion, a PE ratio of 11.82 and a beta of 0.69. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.96 and a quick ratio of 1.96.

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 the consensus estimate of $0.44 by ($0.38). Piedmont Office Realty Trust had a net margin of 22.60% and a return on equity of 6.98%. The business had revenue of $130.67 million during the quarter, compared to analysts’ expectations of $128.06 million. On average, equities research analysts expect that Piedmont Office Realty Trust will post 1.77 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 20th. Investors of record on Friday, August 30th were issued a dividend of $0.21 per share. The ex-dividend date was Thursday, August 29th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 4.11%. Piedmont Office Realty Trust’s dividend payout ratio is 48.55%.

Several hedge funds and other institutional investors have recently made changes to their positions in PDM. Rothschild & Co. Asset Management US Inc. purchased a new position in shares of Piedmont Office Realty Trust during the 2nd quarter valued at about $35,464,000. Nuveen Asset Management LLC raised its holdings in shares of Piedmont Office Realty Trust by 312.3% during the 2nd 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 buying an additional 981,685 shares in the last quarter. Robeco Institutional Asset Management B.V. raised its holdings in shares of Piedmont Office Realty Trust by 39.8% during the 2nd 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 buying an additional 311,892 shares in the last quarter. Great Lakes Advisors LLC purchased a new position in shares of Piedmont Office Realty Trust during the 2nd quarter valued at about $5,166,000. Finally, Chartwell Investment Partners LLC raised its holdings in shares of Piedmont Office Realty Trust by 90.7% during the 2nd quarter. Chartwell Investment Partners LLC now owns 479,645 shares of the real estate investment trust’s stock valued at $9,559,000 after buying an additional 228,115 shares in the last quarter. 85.96% of the stock is currently owned by 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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