Piedmont Office Realty Trust (PDM) Rating Lowered to Sell at Zacks Investment Research

Piedmont Office Realty Trust (NYSE:PDM) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors on Thursday.

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. “

Several other brokerages have also recently issued reports on PDM. ValuEngine upgraded Piedmont Office Realty Trust from a “hold” rating to a “buy” rating in a research note on Monday, October 2nd. Stifel Nicolaus restated a “hold” rating and set a $21.00 price objective on shares of Piedmont Office Realty Trust in a research note on Thursday, September 21st. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating and two have given a buy rating to the company. Piedmont Office Realty Trust presently has a consensus rating of “Hold” and an average price target of $22.33.

Piedmont Office Realty Trust (NYSE PDM) opened at $19.51 on Thursday. Piedmont Office Realty Trust has a one year low of $19.10 and a one year high of $23.08. The stock has a market capitalization of $2,825.36, a price-to-earnings ratio of 14.56, a P/E/G ratio of 2.93 and a beta of 0.63. The company has a debt-to-equity ratio of 0.78, a quick ratio of 2.15 and a current ratio of 2.15.

Piedmont Office Realty Trust (NYSE:PDM) last announced its quarterly earnings data on Wednesday, November 1st. The real estate investment trust reported $0.42 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.42. Piedmont Office Realty Trust had a return on equity of 4.06% and a net margin of 33.72%. The firm had revenue of $137.59 million for the quarter, compared to analysts’ expectations of $140.39 million. During the same period last year, the business posted $0.41 earnings per share. analysts predict that Piedmont Office Realty Trust will post 1.75 EPS for the current fiscal year.

Hedge funds have recently bought and sold shares of the business. Point72 Asset Management L.P. bought a new stake in Piedmont Office Realty Trust in the third quarter valued at $135,000. Wealthcare Advisory Partners LLC bought a new stake in Piedmont Office Realty Trust in the third quarter valued at $144,000. SG Americas Securities LLC lifted its stake in Piedmont Office Realty Trust by 4.7% in the second quarter. SG Americas Securities LLC now owns 8,060 shares of the real estate investment trust’s stock valued at $170,000 after buying an additional 364 shares during the last quarter. PNC Financial Services Group Inc. lifted its stake 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 valued at $182,000 after buying an additional 1,404 shares during the last quarter. Finally, Allianz Asset Management GmbH bought a new stake in Piedmont Office Realty Trust in the third quarter valued at $205,000. Institutional investors own 83.35% of the company’s stock.

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About Piedmont Office Realty Trust

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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