Piedmont Office Realty Trust (NYSE:PDM) Issues FY24 Earnings Guidance

Piedmont Office Realty Trust (NYSE:PDM) updated its FY24 earnings guidance on Tuesday. The company provided EPS guidance of $1.46-1.56 for the period, compared to the consensus EPS estimate of $1.52.

Analysts Set New Price Targets

Separately, StockNews.com cut shares of Piedmont Office Realty Trust from a hold rating to a sell rating in a research note on Thursday, February 22nd.

Piedmont Office Realty Trust Stock Performance

Shares of PDM traded down $0.05 during trading hours on Tuesday, reaching $6.89. 1,148,301 shares of the company traded hands, compared to its average volume of 883,640. Piedmont Office Realty Trust has a 1-year low of $4.91 and a 1-year high of $8.05. The company has a debt-to-equity ratio of 1.19, a quick ratio of 1.49 and a current ratio of 1.49. The stock has a market cap of $853.60 million, a P/E ratio of -17.36 and a beta of 1.15. The stock’s fifty day moving average is $6.51 and its 200 day moving average is $6.50.

Piedmont Office Realty Trust (NYSE:PDM) last announced its quarterly earnings results on Wednesday, February 7th. The real estate investment trust reported ($0.23) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.42 by ($0.65). Piedmont Office Realty Trust had a negative net margin of 8.38% and a negative return on equity of 2.72%. The business had revenue of $145.33 million during the quarter, compared to the consensus estimate of $146.37 million. Equities research analysts anticipate that Piedmont Office Realty Trust will post 1.51 earnings per share for the current fiscal year.

Piedmont Office Realty Trust Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 14th. Shareholders of record on Friday, May 24th will be paid a dividend of $0.125 per share. The ex-dividend date of this dividend is Thursday, May 23rd. This represents a $0.50 annualized dividend and a yield of 7.26%. Piedmont Office Realty Trust’s dividend payout ratio is currently -125.00%.

About Piedmont Office Realty Trust

Piedmont Office Realty Trust, Inc (also referred to herein as "Piedmont" or the "Company") (NYSE: PDM) is an owner, manager, developer, redeveloper and operator of high-quality, Class A office properties located primarily in major U.S. Sunbelt markets. The Company is a fully-integrated, self-managed real estate investment trust ("REIT") with local management offices in each of its markets and is investment-grade rated by Standard & Poor's and Moody's.