Piedmont Office Realty Trust, Inc. (PDM) Expected to Announce Earnings of $0.43 Per Share

Wall Street analysts expect that Piedmont Office Realty Trust, Inc. (NYSE:PDM) will announce earnings per share of $0.43 for the current fiscal quarter, Zacks reports. Four analysts have provided estimates for Piedmont Office Realty Trust’s earnings, with the highest EPS estimate coming in at $0.45 and the lowest estimate coming in at $0.42. Piedmont Office Realty Trust reported earnings of $0.41 per share during the same quarter last year, which indicates a positive year over year growth rate of 4.9%. The firm is expected to issue its next quarterly earnings results on Wednesday, August 7th.

On average, analysts expect that Piedmont Office Realty Trust will report full year earnings of $1.78 per share for the current fiscal year, with EPS estimates ranging from $1.75 to $1.80. For the next financial year, analysts forecast that the business will report earnings of $1.84 per share, with EPS estimates ranging from $1.83 to $1.86. Zacks’ earnings per share averages are an 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 announced its quarterly earnings data on Wednesday, May 1st. The real estate investment trust reported $0.40 earnings per share for the quarter, missing analysts’ consensus estimates of $0.45 by ($0.05). The firm had revenue of $132.90 million during the quarter, compared to analysts’ expectations of $120.78 million. Piedmont Office Realty Trust had a net margin of 23.19% and a return on equity of 7.10%. The company’s revenue for the quarter was up 2.3% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.43 EPS.

PDM has been the topic of several analyst reports. Zacks Investment Research lowered Piedmont Office Realty Trust from a “hold” rating to a “sell” rating in a report on Wednesday, May 8th. Stifel Nicolaus upgraded Piedmont Office Realty Trust from a “sell” rating to a “hold” rating and lifted their price target for the stock from $16.00 to $20.00 in a report on Thursday, February 7th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $22.33.

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Norges Bank acquired a new position in Piedmont Office Realty Trust in the 4th quarter valued at about $25,879,000. JPMorgan Chase & Co. grew its position in shares of Piedmont Office Realty Trust by 40.1% during the third quarter. JPMorgan Chase & Co. now owns 2,916,158 shares of the real estate investment trust’s stock worth $55,203,000 after buying an additional 834,192 shares in the last quarter. Prudential Financial Inc. grew its position in shares of Piedmont Office Realty Trust by 596.6% during the fourth quarter. Prudential Financial Inc. now owns 860,880 shares of the real estate investment trust’s stock worth $14,669,000 after buying an additional 737,295 shares in the last quarter. Robeco Institutional Asset Management B.V. grew its position in shares of Piedmont Office Realty Trust by 905.8% during the fourth quarter. Robeco Institutional Asset Management B.V. now owns 773,060 shares of the real estate investment trust’s stock worth $13,170,000 after buying an additional 696,196 shares in the last quarter. Finally, AJO LP grew its position in shares of Piedmont Office Realty Trust by 1,921.3% during the first quarter. AJO LP now owns 526,338 shares of the real estate investment trust’s stock worth $10,974,000 after buying an additional 500,298 shares in the last quarter. Institutional investors and hedge funds own 84.47% of the company’s stock.

PDM stock traded down $0.03 during midday trading on Friday, reaching $20.63. The stock had a trading volume of 19,556 shares, compared to its average volume of 767,276. The company has a debt-to-equity ratio of 0.91, a quick ratio of 2.28 and a current ratio of 2.28. The firm has a market capitalization of $2.59 billion, a P/E ratio of 11.91, a PEG ratio of 1.91 and a beta of 0.74. Piedmont Office Realty Trust has a 52-week low of $16.43 and a 52-week high of $21.40.

The business also recently declared a quarterly dividend, which will be paid on Friday, June 21st. Stockholders of record on Friday, May 31st will be issued a dividend of $0.21 per share. The ex-dividend date is Thursday, May 30th. This represents a $0.84 annualized dividend and a dividend yield of 4.07%. Piedmont Office Realty Trust’s dividend payout ratio is presently 48.55%.

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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Earnings History and Estimates for Piedmont Office Realty Trust (NYSE:PDM)

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