Zacks: Brokerages Expect Piedmont Office Realty Trust (PDM) Will Post Quarterly Sales of $127.37 Million

Brokerages forecast that Piedmont Office Realty Trust (NYSE:PDM) will announce sales of $127.37 million for the current quarter, Zacks Investment Research reports. Four analysts have provided estimates for Piedmont Office Realty Trust’s earnings, with estimates ranging from $125.43 million to $129.00 million. Piedmont Office Realty Trust reported sales of $148.68 million in the same quarter last year, which indicates a negative year-over-year growth rate of 14.3%. The firm is scheduled to announce its next quarterly earnings report on Wednesday, August 1st.

According to Zacks, analysts expect that Piedmont Office Realty Trust will report full year sales of $514.79 million for the current financial year, with estimates ranging from $507.22 million to $521.02 million. For the next fiscal year, analysts forecast that the company will post sales of $525.84 million per share, with estimates ranging from $507.07 million to $552.51 million. Zacks’ sales averages are a mean average based on a survey of research analysts that cover Piedmont Office Realty Trust.

Piedmont Office Realty Trust (NYSE:PDM) last announced its quarterly earnings results on Tuesday, May 1st. The real estate investment trust reported $0.43 EPS for the quarter, beating analysts’ consensus estimates of $0.41 by $0.02. Piedmont Office Realty Trust had a return on equity of 3.33% and a net margin of 31.73%. The company had revenue of $129.90 million during the quarter, compared to analyst estimates of $131.38 million. During the same period in the prior year, the company earned $0.45 earnings per share. The firm’s revenue was down 12.5% on a year-over-year basis.

PDM has been the subject of a number of research reports. Robert W. Baird set a $22.00 price target on Piedmont Office Realty Trust and gave the company a “buy” rating in a research note on Thursday, February 8th. SunTrust Banks set a $20.00 price target on Piedmont Office Realty Trust and gave the company a “hold” rating in a research note on Tuesday, March 6th. Stifel Nicolaus reissued a “hold” rating on shares of Piedmont Office Realty Trust in a research note on Friday, February 9th. Finally, ValuEngine lowered Piedmont Office Realty Trust from a “buy” rating to a “hold” rating in a research note on Thursday, February 8th. Three equities research analysts have rated the stock with a sell rating, two have issued a hold rating and one has issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $21.25.

In related news, Director Kelly Hefner Barrett acquired 10,000 shares of the stock in a transaction dated Friday, May 4th. The stock was acquired at an average cost of $18.65 per share, with a total value of $186,500.00. Following the purchase, the director now directly owns 16,446 shares of the company’s stock, valued at $306,717.90. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Jeffrey L. Swope acquired 5,700 shares of the stock in a transaction dated Tuesday, March 13th. The stock was bought at an average cost of $17.57 per share, with a total value of $100,149.00. The disclosure for this purchase can be found here. 0.76% of the stock is owned by company insiders.

Large investors have recently bought and sold shares of the company. Brookfield Asset Management Inc. purchased a new stake in shares of Piedmont Office Realty Trust in the first quarter worth approximately $65,610,000. Northern Trust Corp raised its holdings in shares of Piedmont Office Realty Trust by 64.5% in the first quarter. Northern Trust Corp now owns 3,830,185 shares of the real estate investment trust’s stock worth $67,373,000 after buying an additional 1,501,242 shares during the period. American Century Companies Inc. raised its holdings in shares of Piedmont Office Realty Trust by 25.5% in the fourth quarter. American Century Companies Inc. now owns 6,507,443 shares of the real estate investment trust’s stock worth $127,611,000 after buying an additional 1,320,393 shares during the period. Renaissance Technologies LLC raised its holdings in shares of Piedmont Office Realty Trust by 25.2% in the fourth quarter. Renaissance Technologies LLC now owns 3,411,200 shares of the real estate investment trust’s stock worth $66,894,000 after buying an additional 686,300 shares during the period. Finally, BlackRock Inc. raised its holdings in shares of Piedmont Office Realty Trust by 5.8% in the fourth quarter. BlackRock Inc. now owns 10,515,155 shares of the real estate investment trust’s stock worth $206,202,000 after buying an additional 578,086 shares during the period. 92.63% of the stock is owned by institutional investors and hedge funds.

Piedmont Office Realty Trust stock traded up $0.09 during midday trading on Friday, reaching $17.93. 1,034,820 shares of the stock traded hands, compared to its average volume of 1,186,528. Piedmont Office Realty Trust has a 12 month low of $16.69 and a 12 month high of $21.80. The firm has a market cap of $2.29 billion, a PE ratio of 10.25, a PEG ratio of 2.60 and a beta of 0.60. The company has a current ratio of 2.28, a quick ratio of 2.28 and a debt-to-equity ratio of 0.94.

The company also recently declared a quarterly dividend, which will be paid on Friday, June 15th. Investors of record on Wednesday, May 23rd will be paid a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a yield of 4.68%. The ex-dividend date is Tuesday, May 22nd. Piedmont Office Realty Trust’s payout ratio is presently 48.00%.

Piedmont Office Realty Trust Company Profile

Piedmont Office Realty Trust, Inc (NYSE: PDM) is an owner, manager, developer, and operator of high-quality, Class A office properties in select submarkets 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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