Zacks Investment Research downgraded shares of Piedmont Office Realty Trust, Inc. (NYSE:PDM) from a buy rating to a hold rating in a research report released on Saturday, July 8th.
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. “
PDM has been the subject of several other research reports. ValuEngine cut shares of Piedmont Office Realty Trust from a buy rating to a hold rating in a research report on Thursday, June 29th. BidaskClub cut shares of Piedmont Office Realty Trust from a hold rating to a sell rating in a research report on Saturday, June 24th. One equities research analyst has rated the stock with a sell rating and four have given a hold rating to the company’s stock. Piedmont Office Realty Trust has a consensus rating of Hold and an average price target of $22.50.
Shares of Piedmont Office Realty Trust (NYSE:PDM) opened at 20.88 on Friday. The stock’s 50 day moving average price is $21.34 and its 200 day moving average price is $21.52. Piedmont Office Realty Trust has a 1-year low of $18.61 and a 1-year high of $23.08. The company has a market capitalization of $3.04 billion, a price-to-earnings ratio of 29.04 and a beta of 0.60.
Piedmont Office Realty Trust (NYSE:PDM) last issued its earnings results on Wednesday, May 3rd. The real estate investment trust reported $0.10 EPS for the quarter, missing the consensus estimate of $0.44 by $0.34. The business had revenue of $148.50 million for the quarter, compared to the consensus estimate of $145.35 million. Piedmont Office Realty Trust had a net margin of 19.89% and a return on equity of 5.26%. The business’s revenue was up 7.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.41 EPS. Analysts expect that Piedmont Office Realty Trust will post $0.40 EPS for the current year.
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Piedmont Office Realty Trust declared that its Board of Directors has initiated a stock repurchase plan on Wednesday, May 3rd that permits the company to repurchase $250.00 million in shares. This repurchase authorization permits the real estate investment trust to buy up to 8.1% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s leadership believes its shares are undervalued.
In other news, CAO Laura P. Moon sold 7,800 shares of the business’s stock in a transaction on Wednesday, May 24th. The shares were sold at an average price of $21.64, for a total value of $168,792.00. Following the completion of the transaction, the chief accounting officer now owns 24,620 shares of the company’s stock, valued at approximately $532,776.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.76% of the stock is owned by insiders.
Institutional investors have recently made changes to their positions in the stock. James Investment Research Inc. purchased a new position in shares of Piedmont Office Realty Trust during the first quarter valued at about $141,000. Advisory Services Network LLC bought a new position in shares of Piedmont Office Realty Trust during the first quarter worth $141,000. Cornerstone Capital Management Holdings LLC. bought a new position in shares of Piedmont Office Realty Trust during the first quarter worth $164,000. SG Americas Securities LLC raised its position in shares of Piedmont Office Realty Trust by 31.5% in the first quarter. SG Americas Securities LLC now owns 7,696 shares of the real estate investment trust’s stock worth $165,000 after buying an additional 1,843 shares during the last quarter. Finally, TLP Group LLC bought a new position in shares of Piedmont Office Realty Trust during the first quarter worth $177,000. 86.89% of the stock is owned by institutional investors.
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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