Piedmont Office Realty Trust, Inc. (NYSE:PDM) declared a quarterly dividend on Wednesday, July 29th, Zacks reports. Shareholders of record on Friday, August 28th will be given a dividend of 0.21 per share by the real estate investment trust on Friday, September 18th. This represents a $0.84 annualized dividend and a dividend yield of 5.35%. The ex-dividend date is Thursday, August 27th.
Piedmont Office Realty Trust has a payout ratio of 227.0% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. 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 on Friday, reaching $15.69. The company had a trading volume of 16,048 shares, compared to its average volume of 731,238. 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 debt-to-equity ratio of 1.08, a quick ratio of 1.77 and a current ratio of 1.77. Piedmont Office Realty Trust has a fifty-two week low of $12.85 and a fifty-two week high of $24.78. The company’s fifty day moving average is $16.31 and its 200 day moving average is $18.58.
Piedmont Office Realty Trust (NYSE:PDM) last announced its earnings results on Wednesday, April 29th. The real estate investment trust reported $0.07 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.09 by ($0.02). The firm had revenue of $137.20 million for the quarter, compared to the consensus estimate of $121.05 million. Piedmont Office Realty Trust had a return on equity of 21.13% and a net margin of 68.72%. Piedmont Office Realty Trust’s revenue for the quarter was up 3.2% on a year-over-year basis. During the same quarter last year, the business posted $0.45 EPS. On average, sell-side analysts expect that Piedmont Office Realty Trust will post 1.93 EPS for the current year.
PDM has been the topic of a number of recent research reports. Robert W. Baird raised their price target on shares of 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. SunTrust Banks lowered their target price on shares of Piedmont Office Realty Trust from $21.00 to $19.00 and set a “buy” rating on the stock in a report on Monday, May 18th. ValuEngine cut Piedmont Office Realty Trust from a “hold” rating to a “sell” rating in a research note on Tuesday, April 21st. Stifel Nicolaus lowered their price objective on Piedmont Office Realty Trust from $24.00 to $18.00 and set a “hold” rating on the stock in a research note on Friday, April 3rd. Finally, Zacks Investment Research upgraded Piedmont Office Realty Trust from a “hold” rating to a “buy” rating and set a $18.00 price target on the stock in a research report on Thursday, July 16th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and three have issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $19.25.
In other Piedmont Office Realty Trust news, Director Dale H. Taysom purchased 2,000 shares of the stock in a transaction dated Wednesday, May 13th. The stock was bought at an average price of $14.14 per share, with a total value of $28,280.00. Following the acquisition, the director now owns 23,137 shares of the company’s stock, valued at $327,157.18. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Glenn Gary Cohen acquired 5,000 shares of the company’s stock in a transaction that occurred on Monday, May 4th. The shares were acquired at an average price of $16.07 per share, with a total value of $80,350.00. Following the completion of the transaction, the director now owns 5,000 shares in the company, valued at $80,350. The disclosure for this purchase can be found here. Company 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.
Read More: Margin
Receive News & Ratings for Piedmont Office Realty Trust Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Piedmont Office Realty Trust and related companies with MarketBeat.com's FREE daily email newsletter.