Piedmont Office Realty Trust, Inc. (NYSE:PDM) announced a quarterly dividend on Wednesday, July 29th, Zacks reports. Stockholders of record on Friday, August 28th will be paid a dividend of 0.21 per share by the real estate investment trust on Friday, September 18th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 5.35%. The ex-dividend date of this dividend is Thursday, August 27th.
Piedmont Office Realty Trust has a dividend payout ratio of 227.0% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities analysts expect Piedmont Office Realty Trust to earn $1.96 per share next year, which means the company should continue to be able to cover its $0.84 annual dividend with an expected future payout ratio of 42.9%.
PDM traded down $0.57 during midday trading on Friday, reaching $15.69. The company’s stock had a trading volume of 13,708 shares, compared to its average volume of 731,238. Piedmont Office Realty Trust has a twelve month low of $12.85 and a twelve month high of $24.78. The stock has a market cap of $1.96 billion, a P/E ratio of 5.31 and a beta of 0.74. The company has a fifty day simple moving average of $16.31 and a 200 day simple moving average of $18.58. The company has a current ratio of 1.77, a quick ratio of 1.77 and a debt-to-equity ratio of 1.08.
Piedmont Office Realty Trust (NYSE:PDM) last released its earnings results on Wednesday, April 29th. The real estate investment trust reported $0.07 earnings per share for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.02). Piedmont Office Realty Trust had a return on equity of 21.13% and a net margin of 68.72%. The firm had revenue of $137.20 million for the quarter, compared to analyst estimates of $121.05 million. During the same period last year, the business earned $0.45 earnings per share. The firm’s quarterly revenue was up 3.2% compared to the same quarter last year. Sell-side analysts expect that Piedmont Office Realty Trust will post 1.93 earnings per share for the current year.
Several analysts have recently weighed in on PDM shares. SunTrust Banks dropped their price objective on shares of 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. Stifel Nicolaus reduced their target price on shares of Piedmont Office Realty Trust from $24.00 to $18.00 and set a “hold” rating on the stock in a research report on Friday, April 3rd. Robert W. Baird boosted their target price on Piedmont Office Realty Trust from $18.00 to $22.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 6th. ValuEngine lowered shares of Piedmont Office Realty Trust from a “hold” rating to a “sell” rating in a research note on Tuesday, April 21st. Finally, Zacks Investment Research raised shares of Piedmont Office Realty Trust from a “hold” rating to a “buy” rating and set a $18.00 price objective on the stock in a research note on Thursday, July 16th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and three have assigned a buy rating to the stock. Piedmont Office Realty Trust currently has an average rating of “Hold” and an average price target of $19.25.
In other Piedmont Office Realty Trust news, Director Glenn Gary Cohen acquired 5,000 shares of Piedmont Office Realty Trust stock in a transaction dated Monday, May 4th. The stock was bought at an average cost of $16.07 per share, for a total transaction of $80,350.00. Following the purchase, the director now directly owns 5,000 shares in the company, valued at approximately $80,350. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Dale H. Taysom bought 2,000 shares of the stock in a transaction that occurred on Wednesday, May 13th. The stock was bought at an average cost of $14.14 per share, for a total transaction of $28,280.00. Following the transaction, the director now owns 23,137 shares of the company’s stock, valued at approximately $327,157.18. The disclosure for this purchase can be found here. Corporate insiders own 0.71% 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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