Todays Report: The Piedmont Office Realty Trust Inc. (PDM) Downgraded by Zacks Investment Research to “Hold”

The Piedmont Office Realty Trust Inc. (PDM) Downgraded by Zacks Investment Research to “Hold”

Piedmont Office Realty Trust Inc. (NYSE:PDM) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Friday.

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 lifted their target price on Piedmont Office Realty Trust from $22.00 to $23.00 and gave the company a “neutral” rating in a research report on Monday, August 8th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and one has issued a buy rating to the company. Piedmont Office Realty Trust has an average rating of “Hold” and an average price target of $20.67.

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Shares of Piedmont Office Realty Trust (NYSE:PDM) traded down 0.67% on Friday, hitting $20.84. The company had a trading volume of 704,431 shares. The company has a market capitalization of $3.03 billion, a P/E ratio of 14.24 and a beta of 0.56. Piedmont Office Realty Trust has a 12-month low of $16.93 and a 12-month high of $22.28. The firm has a 50-day moving average price of $21.39 and a 200 day moving average price of $20.85.

Piedmont Office Realty Trust (NYSE:PDM) last announced its earnings results on Wednesday, August 3rd. The real estate investment trust reported $0.40 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.40. Piedmont Office Realty Trust had a return on equity of 9.87% and a net margin of 38.14%. The business had revenue of $135.30 million for the quarter, compared to analyst estimates of $138.87 million. During the same quarter last year, the firm earned $0.39 EPS. Piedmont Office Realty Trust’s revenue for the quarter was down 7.8% compared to the same quarter last year. Equities analysts expect that Piedmont Office Realty Trust will post $1.64 EPS for the current year.

The firm also recently announced a quarterly dividend, which was paid on Friday, September 16th. Stockholders of record on Friday, August 26th were paid a dividend of $0.21 per share. The ex-dividend date of this dividend was Wednesday, August 24th. This represents a $0.84 annualized dividend and a dividend yield of 4.03%. Piedmont Office Realty Trust’s dividend payout ratio is currently 57.93%.

Hedge funds and other institutional investors have recently modified their holdings of the company. State Street Corp increased its position in shares of Piedmont Office Realty Trust by 16.5% in the first quarter. State Street Corp now owns 4,313,627 shares of the real estate investment trust’s stock valued at $87,606,000 after buying an additional 609,455 shares in the last quarter. Kempen Capital Management N.V. increased its position in shares of Piedmont Office Realty Trust by 21.6% in the first quarter. Kempen Capital Management N.V. now owns 86,807 shares of the real estate investment trust’s stock valued at $1,763,000 after buying an additional 15,412 shares in the last quarter. Landscape Capital Management L.L.C. increased its position in shares of Piedmont Office Realty Trust by 26.1% in the first quarter. Landscape Capital Management L.L.C. now owns 89,497 shares of the real estate investment trust’s stock valued at $1,818,000 after buying an additional 18,497 shares in the last quarter. NN Investment Partners Holdings N.V. acquired a new position in shares of Piedmont Office Realty Trust during the first quarter valued at approximately $745,000. Finally, JPMorgan Chase & Co. increased its position in shares of Piedmont Office Realty Trust by 95.2% in the first quarter. JPMorgan Chase & Co. now owns 1,034,489 shares of the real estate investment trust’s stock valued at $21,011,000 after buying an additional 504,435 shares in the last quarter. Institutional investors own 83.34% of the company’s stock.

Piedmont Office Realty Trust Company Profile

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.

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