Zacks Investment Research cut shares of Piedmont Office Realty Trust Inc. (NYSE:PDM) from a buy rating to a hold rating in a research note released on Wednesday.
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. “
Separately, DA Davidson increased their price objective on Piedmont Office Realty Trust from $22.00 to $23.00 and gave the stock a neutral rating in a research report on Monday, August 8th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and one has issued a buy rating to the company. The stock currently has an average rating of Hold and a consensus target price of $21.00.
Piedmont Office Realty Trust (NYSE:PDM) opened at 20.18 on Wednesday. The firm has a market cap of $2.93 billion, a P/E ratio of 13.79 and a beta of 0.56. The company’s 50-day moving average is $21.09 and its 200 day moving average is $20.93. Piedmont Office Realty Trust has a 12 month low of $16.93 and a 12 month high of $22.28.
Piedmont Office Realty Trust (NYSE:PDM) last posted its quarterly earnings data on Wednesday, August 3rd. The real estate investment trust reported $0.40 earnings per share for the quarter, hitting the consensus estimate of $0.40. The firm had revenue of $135.30 million for the quarter, compared to analysts’ expectations of $138.87 million. Piedmont Office Realty Trust had a return on equity of 9.87% and a net margin of 38.14%. The company’s quarterly revenue was down 7.8% compared to the same quarter last year. During the same quarter last year, the business earned $0.39 EPS. Equities research analysts expect that Piedmont Office Realty Trust will post $1.64 EPS for the current fiscal year.
Several hedge funds and other institutional investors have recently modified their holdings of PDM. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Piedmont Office Realty Trust by 2.1% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,038 shares of the real estate investment trust’s stock worth $152,000 after buying an additional 148 shares during the last quarter. Creative Planning boosted its position in shares of Piedmont Office Realty Trust by 367.1% in the third quarter. Creative Planning now owns 7,581 shares of the real estate investment trust’s stock worth $165,000 after buying an additional 5,958 shares during the last quarter. BlackRock Japan Co. Ltd boosted its position in Piedmont Office Realty Trust by 0.8% in the first quarter. BlackRock Japan Co. Ltd now owns 7,692 shares of the real estate investment trust’s stock worth $156,000 after buying an additional 58 shares in the last quarter. Wolverine Trading LLC acquired a new position in Piedmont Office Realty Trust during the second quarter worth about $198,000. Finally, BB&T Securities LLC acquired a new position in Piedmont Office Realty Trust during the second quarter worth about $201,000. Institutional investors own 83.15% of the company’s stock.
About Piedmont Office Realty Trust
Piedmont Office Realty Trust, Inc (Piedmont) is an integrated self-managed real estate investment trust specializing in the acquisition, ownership, management, development and disposition of primarily Class A office buildings located in the United States office markets. The Company operates through its real estate assets segment.