Zacks: Analysts Expect Piedmont Office Realty Trust, Inc. (NYSE:PDM) Will Post Earnings of $0.47 Per Share

Analysts forecast that Piedmont Office Realty Trust, Inc. (NYSE:PDM) will report earnings of $0.47 per share for the current fiscal quarter, according to Zacks Investment Research. Three analysts have issued estimates for Piedmont Office Realty Trust’s earnings, with estimates ranging from $0.46 to $0.48. Piedmont Office Realty Trust posted earnings of $0.43 per share in the same quarter last year, which would suggest a positive year over year growth rate of 9.3%. The business is scheduled to issue its next earnings report on Wednesday, July 29th.

On average, analysts expect that Piedmont Office Realty Trust will report full-year earnings of $1.91 per share for the current financial year, with EPS estimates ranging from $1.85 to $1.95. For the next fiscal year, analysts forecast that the business will report earnings of $1.94 per share, with EPS estimates ranging from $1.86 to $1.98. Zacks’ EPS calculations are a mean average based on a survey of research firms that follow Piedmont Office Realty Trust.

Piedmont Office Realty Trust (NYSE:PDM) last released its quarterly earnings results on Wednesday, April 29th. The real estate investment trust reported $0.07 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.09 by ($0.02). The firm had revenue of $137.20 million for the quarter, compared to analyst estimates of $121.05 million. Piedmont Office Realty Trust had a return on equity of 10.75% and a net margin of 34.94%. The business’s revenue for the quarter was up 3.2% on a year-over-year basis. During the same period in the previous year, the business posted $0.45 earnings per share.

Several analysts recently weighed in on PDM shares. ValuEngine cut Piedmont Office Realty Trust from a “hold” rating to a “sell” rating in a report on Tuesday, April 21st. Stifel Nicolaus dropped their price target on Piedmont Office Realty Trust from $24.00 to $18.00 and set a “hold” rating for the company in a report on Friday, April 3rd. Robert W. Baird raised their price objective on Piedmont Office Realty Trust from $18.00 to $22.00 and gave the stock an “outperform” rating in a research note on Wednesday, May 6th. SunTrust Banks lowered their price objective on Piedmont Office Realty Trust from $21.00 to $19.00 and set a “buy” rating on the stock in a research note on Monday, May 18th. Finally, Zacks Investment Research lowered Piedmont Office Realty Trust from a “buy” rating to a “hold” rating in a research note on Wednesday, June 10th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $20.00.

NYSE:PDM traded up $0.54 during mid-day trading on Tuesday, hitting $16.60. 499,500 shares of the stock were exchanged, compared to its average volume of 1,064,541. The stock has a market capitalization of $2.02 billion, a price-to-earnings ratio of 11.14 and a beta of 0.73. The firm’s 50-day simple moving average is $16.41 and its 200 day simple moving average is $19.49. The company has a debt-to-equity ratio of 1.08, a quick ratio of 1.77 and a current ratio of 1.77. Piedmont Office Realty Trust has a fifty-two week low of $12.85 and a fifty-two week high of $24.78.

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 19th. Shareholders of record on Friday, May 29th were paid a dividend of $0.21 per share. The ex-dividend date of this dividend was Thursday, May 28th. This represents a $0.84 dividend on an annualized basis and a yield of 5.06%. Piedmont Office Realty Trust’s dividend payout ratio (DPR) is presently 46.93%.

In other Piedmont Office Realty Trust news, Director Glenn Gary Cohen purchased 5,000 shares of the firm’s stock in a transaction dated Monday, May 4th. The shares were bought at an average price of $16.07 per share, for a total transaction of $80,350.00. Following the purchase, the director now owns 5,000 shares in the company, valued at approximately $80,350. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Dale H. Taysom purchased 2,000 shares of the firm’s stock in a transaction dated Wednesday, May 13th. The stock was acquired at an average price of $14.14 per share, for a total transaction of $28,280.00. Following the purchase, 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. 0.71% of the stock is owned by company insiders.

Several institutional investors and hedge funds have recently modified their holdings of PDM. Norges Bank bought a new position in shares of Piedmont Office Realty Trust in the 4th quarter valued at $35,082,000. Fuller & Thaler Asset Management Inc. bought a new stake in Piedmont Office Realty Trust during the 1st quarter worth $16,733,000. Wellington Management Group LLP grew its position in Piedmont Office Realty Trust by 1,609.3% during the 1st quarter. Wellington Management Group LLP now owns 807,505 shares of the real estate investment trust’s stock worth $14,260,000 after acquiring an additional 760,263 shares during the last quarter. Nuveen Asset Management LLC grew its position in Piedmont Office Realty Trust by 36.5% during the 1st quarter. Nuveen Asset Management LLC now owns 1,729,431 shares of the real estate investment trust’s stock worth $30,542,000 after acquiring an additional 462,752 shares during the last quarter. Finally, Hillcrest Asset Management LLC bought a new stake in Piedmont Office Realty Trust during the 1st quarter worth $8,163,000. Institutional investors own 84.56% 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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Earnings History and Estimates for Piedmont Office Realty Trust (NYSE:PDM)

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