Brokerages expect Piedmont Office Realty Trust, Inc. (NYSE:PDM) to post $126.84 million in sales for the current fiscal quarter, according to Zacks Investment Research. Four analysts have made estimates for Piedmont Office Realty Trust’s earnings, with the lowest sales estimate coming in at $124.72 million and the highest estimate coming in at $128.79 million. Piedmont Office Realty Trust reported sales of $137.59 million during the same quarter last year, which would suggest a negative year-over-year growth rate of 7.8%. The business is scheduled to announce its next quarterly earnings report on Wednesday, November 7th.
According to Zacks, analysts expect that Piedmont Office Realty Trust will report full year sales of $509.74 million for the current year, with estimates ranging from $502.59 million to $517.69 million. For the next year, analysts anticipate that the business will post sales of $507.02 million per share, with estimates ranging from $486.00 million to $535.73 million. Zacks’ sales calculations are a mean average based on a survey of sell-side research firms that that provide coverage for Piedmont Office Realty Trust.
Piedmont Office Realty Trust (NYSE:PDM) last posted its quarterly earnings data on Wednesday, August 1st. The real estate investment trust reported $0.09 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.10 by ($0.01). The company had revenue of $129.17 million for the quarter, compared to analysts’ expectations of $125.15 million. Piedmont Office Realty Trust had a return on equity of 2.81% and a net margin of 30.50%. During the same period in the previous year, the business posted $0.46 EPS.
A number of equities analysts recently weighed in on the stock. ValuEngine cut shares of Piedmont Office Realty Trust from a “hold” rating to a “sell” rating in a research report on Wednesday, May 2nd. DA Davidson raised shares of Piedmont Office Realty Trust from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $20.00 to $23.00 in a research report on Friday, June 29th. One analyst has rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and an average price target of $21.60.
Hedge funds have recently modified their holdings of the business. Xact Kapitalforvaltning AB acquired a new stake in shares of Piedmont Office Realty Trust in the 4th quarter valued at $265,000. SG Americas Securities LLC raised its stake in Piedmont Office Realty Trust by 264.1% during the 1st quarter. SG Americas Securities LLC now owns 58,720 shares of the real estate investment trust’s stock worth $1,033,000 after acquiring an additional 42,592 shares in the last quarter. Mackay Shields LLC acquired a new stake in Piedmont Office Realty Trust during the 1st quarter worth $3,390,000. Virginia Retirement Systems ET AL raised its stake in Piedmont Office Realty Trust by 67.4% during the 1st quarter. Virginia Retirement Systems ET AL now owns 84,700 shares of the real estate investment trust’s stock worth $1,490,000 after acquiring an additional 34,100 shares in the last quarter. Finally, Swiss National Bank raised its stake in Piedmont Office Realty Trust by 2.1% during the 1st quarter. Swiss National Bank now owns 253,100 shares of the real estate investment trust’s stock worth $4,452,000 after acquiring an additional 5,200 shares in the last quarter. 86.93% of the stock is owned by institutional investors.
Shares of Piedmont Office Realty Trust traded down $0.23, reaching $19.75, during mid-day trading on Tuesday, MarketBeat reports. 569,115 shares of the company were exchanged, compared to its average volume of 800,111. The company has a debt-to-equity ratio of 0.99, a quick ratio of 2.07 and a current ratio of 2.07. The stock has a market capitalization of $2.56 billion, a P/E ratio of 11.29, a PEG ratio of 2.94 and a beta of 0.61. Piedmont Office Realty Trust has a 1 year low of $16.69 and a 1 year high of $20.57.
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 21st. Shareholders of record on Friday, August 31st will be given a $0.21 dividend. The ex-dividend date of this dividend is Thursday, August 30th. This represents a $0.84 annualized dividend and a yield of 4.25%. Piedmont Office Realty Trust’s dividend payout ratio is presently 48.00%.
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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