Piedmont Office Realty Trust, Inc. (NYSE:PDM) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Wednesday. The firm presently has a $23.00 price target on the real estate investment trust’s stock. Zacks Investment Research‘s price objective would suggest a potential upside of 13.36% from the stock’s previous close.
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. “
A number of other equities research analysts also recently weighed in on PDM. BidaskClub raised Piedmont Office Realty Trust from a “sell” rating to a “hold” rating in a research report on Tuesday, June 13th. ValuEngine downgraded Piedmont Office Realty Trust from a “buy” rating to a “hold” rating in a research report on Thursday, June 29th. Robert W. Baird raised Piedmont Office Realty Trust from a “neutral” rating to an “outperform” rating and raised their price objective for the company from $23.00 to $24.00 in a research report on Monday, August 28th. Finally, Stifel Nicolaus reaffirmed a “hold” rating and set a $21.00 price objective on shares of Piedmont Office Realty Trust in a research report on Thursday, September 21st. One investment analyst has rated the stock with a sell rating, one has given a hold rating and three have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $22.67.
Piedmont Office Realty Trust (NYSE PDM) opened at 20.29 on Wednesday. The company has a market cap of $2.95 billion, a PE ratio of 52.70 and a beta of 0.60. Piedmont Office Realty Trust has a 52 week low of $18.61 and a 52 week high of $23.08. The company has a 50-day moving average of $20.17 and a 200-day moving average of $20.98.
Piedmont Office Realty Trust (NYSE:PDM) last issued its quarterly earnings data on Wednesday, August 2nd. The real estate investment trust reported $0.46 earnings per share for the quarter, beating analysts’ consensus estimates of $0.44 by $0.02. Piedmont Office Realty Trust had a return on equity of 2.67% and a net margin of 9.71%. The company had revenue of $148.70 million for the quarter, compared to the consensus estimate of $147.66 million. During the same quarter last year, the company earned $0.40 earnings per share. The firm’s revenue for the quarter was up 9.9% compared to the same quarter last year. On average, equities analysts expect that Piedmont Office Realty Trust will post $0.50 EPS for the current year.
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A number of hedge funds have recently modified their holdings of PDM. Cornerstone Capital Management Holdings LLC. acquired a new stake in Piedmont Office Realty Trust in the first quarter worth about $164,000. SG Americas Securities LLC boosted its holdings in 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 acquiring an additional 1,843 shares in the last quarter. Blue Sky Asset Management LLC acquired a new stake in Piedmont Office Realty Trust in the second quarter worth about $173,000. PNC Financial Services Group Inc. boosted its holdings in Piedmont Office Realty Trust by 19.4% in the second quarter. PNC Financial Services Group Inc. now owns 8,654 shares of the real estate investment trust’s stock worth $182,000 after acquiring an additional 1,404 shares in the last quarter. Finally, Financial Counselors Inc. boosted its holdings in Piedmont Office Realty Trust by 0.5% in the second quarter. Financial Counselors Inc. now owns 10,454 shares of the real estate investment trust’s stock worth $220,000 after acquiring an additional 47 shares in the last quarter. 82.75% of the stock is currently owned by 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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