Piedmont Office Realty Trust (NYSE:PDM) Updates FY 2024 Earnings Guidance

Piedmont Office Realty Trust (NYSE:PDM) updated its FY 2024 earnings guidance on Tuesday. The company provided EPS guidance of 1.460-1.560 for the period, compared to the consensus EPS estimate of 1.520. The company issued revenue guidance of -. Piedmont Office Realty Trust also updated its FY24 guidance to $1.46-1.56 EPS.

Analysts Set New Price Targets

Separately, StockNews.com cut Piedmont Office Realty Trust from a hold rating to a sell rating in a research note on Thursday, February 22nd.

Piedmont Office Realty Trust Stock Down 0.6 %

Shares of Piedmont Office Realty Trust stock traded down $0.05 during trading hours on Tuesday, reaching $6.90. The company’s stock had a trading volume of 1,541,001 shares, compared to its average volume of 883,977. The company has a market capitalization of $854.22 million, a P/E ratio of -17.22 and a beta of 1.15. The stock’s fifty day simple moving average is $6.51 and its two-hundred day simple moving average is $6.50. Piedmont Office Realty Trust has a one year low of $4.91 and a one year high of $8.05. The company has a debt-to-equity ratio of 1.19, a quick ratio of 1.49 and a current ratio of 1.49.

Piedmont Office Realty Trust (NYSE:PDM) last issued its quarterly earnings data on Wednesday, February 7th. The real estate investment trust reported ($0.23) EPS for the quarter, missing the consensus estimate of $0.42 by ($0.65). The company had revenue of $145.33 million during the quarter, compared to analysts’ expectations of $146.37 million. Piedmont Office Realty Trust had a negative return on equity of 2.72% and a negative net margin of 8.38%. On average, research analysts forecast that Piedmont Office Realty Trust will post 1.51 earnings per share for the current year.

Piedmont Office Realty Trust Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, June 14th. Shareholders of record on Friday, May 24th will be given a dividend of $0.125 per share. The ex-dividend date is Thursday, May 23rd. This represents a $0.50 annualized dividend and a dividend yield of 7.25%. Piedmont Office Realty Trust’s dividend payout ratio is currently -125.00%.

About Piedmont Office Realty Trust

Piedmont Office Realty Trust, Inc (also referred to herein as "Piedmont" or the "Company") (NYSE: PDM) is an owner, manager, developer, redeveloper and operator of high-quality, Class A office properties located primarily in major U.S. Sunbelt markets. The Company is a fully-integrated, self-managed real estate investment trust ("REIT") with local management offices in each of its markets and is investment-grade rated by Standard & Poor's and Moody's.