Piedmont Office Realty Trust, Inc. (NYSE:PDM) declared a quarterly dividend on Wednesday, July 29th, Zacks reports. Investors of record on Friday, August 28th will be given a dividend of 0.21 per share by the real estate investment trust on Friday, September 18th. This represents a $0.84 dividend on an annualized basis and a yield of 5.37%. The ex-dividend date is Thursday, August 27th.
Piedmont Office Realty Trust has a payout ratio of 227.0% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities analysts expect Piedmont Office Realty Trust to earn $1.96 per share next year, which means the company should continue to be able to cover its $0.84 annual dividend with an expected future payout ratio of 42.9%.
PDM traded down $0.61 on Friday, reaching $15.65. 98,159 shares of the company’s stock were exchanged, compared to its average volume of 731,238. The stock has a market cap of $1.97 billion, a PE ratio of 5.51 and a beta of 0.74. Piedmont Office Realty Trust has a twelve month low of $12.85 and a twelve month high of $24.78. The stock’s fifty day moving average price is $16.31 and its 200-day moving average price is $18.58. The company has a debt-to-equity ratio of 1.08, a current ratio of 1.77 and a quick ratio of 1.77.
PDM has been the topic of several recent analyst reports. SunTrust Banks decreased their target price on shares of Piedmont Office Realty Trust from $21.00 to $19.00 and set a “buy” rating on the stock in a report on Monday, May 18th. ValuEngine lowered shares of Piedmont Office Realty Trust from a “hold” rating to a “sell” rating in a report on Tuesday, April 21st. Stifel Nicolaus decreased their target price on shares of Piedmont Office Realty Trust from $24.00 to $18.00 and set a “hold” rating on the stock in a report on Friday, April 3rd. Zacks Investment Research upgraded shares of Piedmont Office Realty Trust from a “hold” rating to a “buy” rating and set a $18.00 target price on the stock in a report on Thursday, July 16th. Finally, Robert W. Baird boosted their target price on shares of Piedmont Office Realty Trust from $18.00 to $22.00 and gave the company an “outperform” rating in a report on Wednesday, May 6th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and three have assigned a buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $19.25.
In related news, Director Glenn Gary Cohen acquired 5,000 shares of the firm’s stock in a transaction dated Monday, May 4th. The shares were purchased at an average cost of $16.07 per share, for a total transaction of $80,350.00. Following the acquisition, the director now owns 5,000 shares in the company, valued at approximately $80,350. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Dale H. Taysom acquired 2,000 shares of the firm’s stock in a transaction dated Wednesday, May 13th. The stock was bought at an average price of $14.14 per share, for a total transaction of $28,280.00. Following the completion of the acquisition, the director now owns 23,137 shares in the company, valued at approximately $327,157.18. The disclosure for this purchase can be found here. Corporate insiders own 0.71% of the company’s stock.
Piedmont Office Realty Trust Company Profile
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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