Piedmont Office Realty Trust, Inc. (PDM) Upgraded at BidaskClub

Piedmont Office Realty Trust, Inc. (NYSE:PDM) was upgraded by stock analysts at BidaskClub from a “sell” rating to a “hold” rating in a research report issued on Tuesday, June 13th.

Separately, Zacks Investment Research downgraded shares of Piedmont Office Realty Trust from a “buy” rating to a “hold” rating in a report on Friday, May 5th.

Piedmont Office Realty Trust (NYSE:PDM) traded down 0.19% on Tuesday, hitting $21.42. 549,237 shares of the stock traded hands. Piedmont Office Realty Trust has a 52 week low of $18.61 and a 52 week high of $23.08. The stock has a market cap of $3.11 billion, a price-to-earnings ratio of 29.79 and a beta of 0.61. The firm’s 50 day moving average is $21.43 and its 200 day moving average is $21.48.

Piedmont Office Realty Trust (NYSE:PDM) last issued its quarterly earnings results on Wednesday, May 3rd. The real estate investment trust reported $0.10 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.44 by $0.34. The company had revenue of $148.50 million during the quarter, compared to analysts’ expectations of $145.35 million. Piedmont Office Realty Trust had a return on equity of 5.26% and a net margin of 19.89%. Piedmont Office Realty Trust’s quarterly revenue was up 7.6% compared to the same quarter last year. During the same period last year, the firm posted $0.41 earnings per share. Equities analysts anticipate that Piedmont Office Realty Trust will post $0.24 earnings per share for the current year.

The business also recently declared a quarterly dividend, which was paid on Friday, June 16th. Stockholders of record on Friday, May 26th were given a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a dividend yield of 3.92%. The ex-dividend date was Wednesday, May 24th. Piedmont Office Realty Trust’s dividend payout ratio is presently 109.09%.

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In other news, CAO Laura P. Moon sold 7,800 shares of the company’s stock in a transaction dated Wednesday, May 24th. The stock was sold at an average price of $21.64, for a total transaction of $168,792.00. Following the sale, the chief accounting officer now directly owns 24,620 shares in the company, valued at $532,776.80. The sale was disclosed in a document filed with the SEC, which is available at this link. Corporate insiders own 0.76% of the company’s stock.

Large investors have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its stake in shares of Piedmont Office Realty Trust by 2.3% in the first quarter. Vanguard Group Inc. now owns 23,021,266 shares of the real estate investment trust’s stock valued at $492,194,000 after buying an additional 511,212 shares in the last quarter. FMR LLC boosted its stake in shares of Piedmont Office Realty Trust by 1.3% in the fourth quarter. FMR LLC now owns 16,010,734 shares of the real estate investment trust’s stock valued at $334,785,000 after buying an additional 203,079 shares in the last quarter. BlackRock Inc. boosted its position in Piedmont Office Realty Trust by 3,921.0% in the first quarter. BlackRock Inc. now owns 9,609,860 shares of the real estate investment trust’s stock valued at $205,459,000 after buying an additional 9,370,868 shares during the period. LSV Asset Management boosted its position in Piedmont Office Realty Trust by 3.8% in the first quarter. LSV Asset Management now owns 6,705,681 shares of the real estate investment trust’s stock valued at $143,367,000 after buying an additional 246,000 shares during the period. Finally, State Street Corp boosted its position in Piedmont Office Realty Trust by 4.5% in the first quarter. State Street Corp now owns 4,777,715 shares of the real estate investment trust’s stock valued at $102,146,000 after buying an additional 205,578 shares during the period. Hedge funds and other institutional investors own 86.79% of the company’s stock.

About Piedmont Office Realty Trust

Piedmont Office Realty Trust, Inc is an integrated self-managed real estate investment trust (REIT). The Company’s business consists primarily of owning, managing, operating, leasing, acquiring, developing, investing in, and disposing of office real estate assets. As of December 31, 2016, the Company owned and operated 65 in-service office properties, one redevelopment asset, two development assets and one office building through an unconsolidated joint venture.

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