Piedmont Office Realty Trust, Inc. (PDM) Expected to Announce Quarterly Sales of $140.39 Million

Analysts expect Piedmont Office Realty Trust, Inc. (NYSE:PDM) to post sales of $140.39 million for the current fiscal quarter, according to Zacks. Five analysts have issued estimates for Piedmont Office Realty Trust’s earnings. The lowest sales estimate is $136.33 million and the highest is $146.90 million. Piedmont Office Realty Trust posted sales of $138.49 million in the same quarter last year, which suggests a positive year-over-year growth rate of 1.4%. The firm is expected to issue its next quarterly earnings results on Tuesday, November 7th.

According to Zacks, analysts expect that Piedmont Office Realty Trust will report full year sales of $140.39 million for the current year, with estimates ranging from $568.21 million to $589.29 million. For the next financial year, analysts expect that the company will post sales of $553.89 million per share, with estimates ranging from $515.60 million to $576.18 million. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side analysts that follow Piedmont Office Realty Trust.

Piedmont Office Realty Trust (NYSE:PDM) last posted its quarterly earnings results on Wednesday, August 2nd. The real estate investment trust reported $0.46 EPS for the quarter, beating the Zacks’ consensus estimate of $0.44 by $0.02. Piedmont Office Realty Trust had a net margin of 9.71% and a return on equity of 2.67%. The firm had revenue of $148.70 million for the quarter, compared to analysts’ expectations of $147.66 million. During the same quarter in the prior year, the company posted $0.40 earnings per share. The business’s revenue for the quarter was up 9.9% on a year-over-year basis.

Several analysts have recently commented on PDM shares. BidaskClub downgraded shares of Piedmont Office Realty Trust from a “hold” rating to a “sell” rating in a report on Saturday, June 24th. ValuEngine downgraded shares of Piedmont Office Realty Trust from a “buy” rating to a “hold” rating in a report on Thursday, June 29th. Zacks Investment Research raised shares of Piedmont Office Realty Trust from a “hold” rating to a “buy” rating and set a $24.00 price objective on the stock in a report on Wednesday, July 5th. Robert W. Baird raised shares of Piedmont Office Realty Trust from a “neutral” rating to an “outperform” rating and upped their price objective for the company from $23.00 to $24.00 in a report on Monday, August 28th. Finally, Stifel Nicolaus reaffirmed a “hold” rating and issued a $21.00 price objective on shares of Piedmont Office Realty Trust in a report on Thursday, September 21st. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and three have assigned a buy rating to the company. The company has an average rating of “Hold” and a consensus price target of $22.67.

Shares of Piedmont Office Realty Trust (PDM) traded down 0.74% during midday trading on Friday, reaching $20.20. 829,588 shares of the company traded hands. The company has a market capitalization of $2.94 billion, a PE ratio of 52.47 and a beta of 0.60. Piedmont Office Realty Trust has a 1-year low of $18.61 and a 1-year high of $23.08. The company has a 50 day moving average price of $20.20 and a 200 day moving average price of $20.96.

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A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its holdings in Piedmont Office Realty Trust by 2.3% during the first quarter. Vanguard Group Inc. now owns 23,021,266 shares of the real estate investment trust’s stock worth $492,194,000 after buying an additional 511,212 shares in the last quarter. BlackRock Inc. boosted its holdings in Piedmont Office Realty Trust by 1.0% during the second quarter. BlackRock Inc. now owns 9,707,520 shares of the real estate investment trust’s stock worth $204,634,000 after buying an additional 97,660 shares in the last quarter. LSV Asset Management boosted its holdings in Piedmont Office Realty Trust by 1.4% during the second quarter. LSV Asset Management now owns 6,801,281 shares of the real estate investment trust’s stock worth $143,370,000 after buying an additional 95,600 shares in the last quarter. American Century Companies Inc. boosted its holdings in Piedmont Office Realty Trust by 1.0% during the second quarter. American Century Companies Inc. now owns 5,265,600 shares of the real estate investment trust’s stock worth $110,999,000 after buying an additional 54,084 shares in the last quarter. Finally, State Street Corp boosted its holdings in Piedmont Office Realty Trust by 4.5% during the first quarter. State Street Corp now owns 4,777,715 shares of the real estate investment trust’s stock worth $102,146,000 after buying an additional 205,578 shares in the last quarter. 82.75% of the stock is currently owned by hedge funds and other institutional investors.

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

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