Piedmont Office Realty Trust, Inc. (NYSE:PDM) Expected to Post Quarterly Sales of $139.98 Million

Equities research analysts predict that Piedmont Office Realty Trust, Inc. (NYSE:PDM) will post $139.98 million in sales for the current quarter, according to Zacks. Three analysts have provided estimates for Piedmont Office Realty Trust’s earnings, with the lowest sales estimate coming in at $136.40 million and the highest estimate coming in at $144.52 million. Piedmont Office Realty Trust reported sales of $130.67 million in the same quarter last year, which indicates a positive year over year growth rate of 7.1%. The company is scheduled to issue its next quarterly earnings results on Wednesday, July 29th.

On average, analysts expect that Piedmont Office Realty Trust will report full-year sales of $550.02 million for the current year, with estimates ranging from $543.92 million to $560.54 million. For the next financial year, analysts forecast that the business will report sales of $551.10 million, with estimates ranging from $539.31 million to $563.63 million. Zacks’ sales averages are an average based on a survey of research analysts that that provide coverage for Piedmont Office Realty Trust.

Piedmont Office Realty Trust (NYSE:PDM) last issued its quarterly earnings data on Wednesday, April 29th. The real estate investment trust reported $0.07 EPS for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.02). The company had revenue of $137.20 million for the quarter, compared to the consensus estimate of $121.05 million. Piedmont Office Realty Trust had a return on equity of 10.75% and a net margin of 34.94%. The business’s revenue for the quarter was up 3.2% on a year-over-year basis. During the same period in the prior year, the firm posted $0.45 earnings per share.

A number of analysts have commented on PDM shares. Zacks Investment Research lowered Piedmont Office Realty Trust from a “buy” rating to a “hold” rating in a report on Wednesday, June 10th. SunTrust Banks decreased their price objective on Piedmont Office Realty Trust from $21.00 to $19.00 and set a “buy” rating for the company in a report on Monday, May 18th. ValuEngine lowered Piedmont Office Realty Trust from a “hold” rating to a “sell” rating in a report on Tuesday, April 21st. Robert W. Baird upped their target price on Piedmont Office Realty Trust from $18.00 to $22.00 and gave the company an “outperform” rating in a report on Wednesday, May 6th. Finally, Stifel Nicolaus reduced their target price on Piedmont Office Realty Trust from $24.00 to $18.00 and set a “hold” rating for the company in a report on Friday, April 3rd. One research analyst has rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $20.00.

PDM traded up $0.54 during midday trading on Thursday, reaching $16.60. 499,500 shares of the company were exchanged, compared to its average volume of 1,064,541. The company has a debt-to-equity ratio of 1.08, a quick ratio of 1.77 and a current ratio of 1.77. The company’s fifty day moving average price is $16.41 and its 200 day moving average price is $19.49. The company has a market cap of $2.02 billion, a price-to-earnings ratio of 11.14 and a beta of 0.73. Piedmont Office Realty Trust has a one year low of $12.85 and a one year high of $24.78.

The firm also recently announced a quarterly dividend, which was paid on Friday, June 19th. Stockholders of record on Friday, May 29th were issued a $0.21 dividend. This represents a $0.84 annualized dividend and a dividend yield of 5.06%. The ex-dividend date of this dividend was Thursday, May 28th. Piedmont Office Realty Trust’s dividend payout ratio is presently 46.93%.

In other news, Director Dale H. Taysom acquired 2,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 13th. The shares were acquired at an average price of $14.14 per share, for a total transaction of $28,280.00. Following the completion of the purchase, the director now owns 23,137 shares in the company, valued at $327,157.18. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Glenn Gary Cohen acquired 5,000 shares of the company’s stock in a transaction that occurred on Monday, May 4th. The stock was purchased at an average price of $16.07 per share, for a total transaction of $80,350.00. Following the purchase, the director now owns 5,000 shares of the company’s stock, valued at approximately $80,350. The disclosure for this purchase can be found here. Corporate insiders own 0.71% of the company’s stock.

A number of institutional investors have recently bought and sold shares of PDM. Van ECK Associates Corp lifted its position in shares of Piedmont Office Realty Trust by 108.7% during the first quarter. Van ECK Associates Corp now owns 1,532 shares of the real estate investment trust’s stock worth $27,000 after acquiring an additional 798 shares in the last quarter. Northwestern Mutual Wealth Management Co. lifted its position in shares of Piedmont Office Realty Trust by 52.8% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 1,400 shares of the real estate investment trust’s stock worth $31,000 after acquiring an additional 484 shares in the last quarter. Verus Capital Partners LLC purchased a new stake in shares of Piedmont Office Realty Trust during the fourth quarter worth $34,000. Royal Fund Management LLC purchased a new stake in shares of Piedmont Office Realty Trust during the first quarter worth $46,000. Finally, FinTrust Capital Advisors LLC lifted its position in shares of Piedmont Office Realty Trust by 1,011.0% during the first quarter. FinTrust Capital Advisors LLC now owns 3,033 shares of the real estate investment trust’s stock worth $54,000 after acquiring an additional 2,760 shares in the last quarter. Institutional investors and hedge funds own 84.56% of the company’s stock.

About Piedmont Office Realty Trust

Piedmont Office Realty Trust, Inc (NYSE: PDM) is an owner, manager, developer, and operator of high-quality, Class A office properties in select sub-markets located primarily within eight major U.S. office markets. Its geographically-diversified, almost $5 billion portfolio is currently comprised of approximately 17 million square feet.

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Earnings History and Estimates for Piedmont Office Realty Trust (NYSE:PDM)

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