Piedmont Office Realty Trust, Inc. (PDM) Cut to “Sell” at Zacks Investment Research

Piedmont Office Realty Trust, Inc. (NYSE:PDM) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued on Tuesday.

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. “

A number of other research analysts have also recently commented on the stock. Stifel Nicolaus restated a “hold” rating and issued a $20.00 price target on shares of Piedmont Office Realty Trust in a report on Friday. ValuEngine upgraded shares of Piedmont Office Realty Trust from a “hold” rating to a “buy” rating in a report on Monday, October 2nd. Robert W. Baird upgraded shares of Piedmont Office Realty Trust from a “neutral” rating to an “outperform” rating and increased their target price for the stock from $23.00 to $24.00 in a report on Monday, August 28th. Finally, BidaskClub cut shares of Piedmont Office Realty Trust from a “sell” rating to a “strong sell” rating in a report on Wednesday, August 9th. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating and two have assigned a buy rating to the company. Piedmont Office Realty Trust has a consensus rating of “Hold” and an average price target of $22.33.

Shares of Piedmont Office Realty Trust (NYSE PDM) opened at $19.90 on Tuesday. The company has a market cap of $2,848.46, a price-to-earnings ratio of 11.15, a price-to-earnings-growth ratio of 2.81 and a beta of 0.62. The company has a current ratio of 2.15, a quick ratio of 2.15 and a debt-to-equity ratio of 0.78.

Piedmont Office Realty Trust (NYSE:PDM) last announced its earnings results on Wednesday, November 1st. The real estate investment trust reported $0.42 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.42. Piedmont Office Realty Trust had a net margin of 33.72% and a return on equity of 4.06%. The business had revenue of $137.59 million for the quarter, compared to the consensus estimate of $140.39 million. During the same quarter in the prior year, the firm posted $0.41 earnings per share. analysts anticipate that Piedmont Office Realty Trust will post 1.75 earnings per share for the current fiscal year.

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Large investors have recently added to or reduced their stakes in the company. LSV Asset Management boosted its holdings in shares of Piedmont Office Realty Trust by 1.4% in the 2nd quarter. LSV Asset Management now owns 6,801,281 shares of the real estate investment trust’s stock valued at $143,370,000 after buying an additional 95,600 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Piedmont Office Realty Trust by 3.8% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,265,264 shares of the real estate investment trust’s stock valued at $47,751,000 after buying an additional 83,447 shares in the last quarter. American Century Companies Inc. boosted its holdings in shares of Piedmont Office Realty Trust by 1.0% in the 2nd quarter. American Century Companies Inc. now owns 5,265,600 shares of the real estate investment trust’s stock valued at $110,999,000 after buying an additional 54,084 shares in the last quarter. WBI Investments Inc. bought a new stake in shares of Piedmont Office Realty Trust in the 2nd quarter valued at about $7,498,000. Finally, Paragon Capital Management Ltd bought a new stake in shares of Piedmont Office Realty Trust in the 2nd quarter valued at about $246,000. Institutional investors and hedge funds own 82.51% of the company’s stock.

Piedmont Office Realty Trust Company Profile

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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