Piedmont Office Realty Trust, Inc. (PDM) Expected to Post Quarterly Sales of $130.90 Million

Wall Street brokerages forecast that Piedmont Office Realty Trust, Inc. (NYSE:PDM) will announce $130.90 million in sales for the current quarter, Zacks reports. Four analysts have made estimates for Piedmont Office Realty Trust’s earnings, with estimates ranging from $124.57 million to $135.23 million. Piedmont Office Realty Trust posted sales of $129.90 million in the same quarter last year, which suggests a positive year over year growth rate of 0.8%. The firm is scheduled to announce its next quarterly earnings report after the market closes on Wednesday, May 1st.

On average, analysts expect that Piedmont Office Realty Trust will report full year sales of $518.33 million for the current financial year, with estimates ranging from $492.58 million to $536.61 million. For the next fiscal year, analysts forecast that the firm will report sales of $532.95 million, with estimates ranging from $500.69 million to $554.54 million. Zacks Investment Research’s sales calculations are a mean average based on a survey of research analysts that follow Piedmont Office Realty Trust.

Piedmont Office Realty Trust (NYSE:PDM) last posted its quarterly earnings results on Tuesday, February 5th. The real estate investment trust reported $0.35 EPS for the quarter, missing the consensus estimate of $0.44 by ($0.09). The company had revenue of $137.20 million for the quarter, compared to analysts’ expectations of $125.41 million. Piedmont Office Realty Trust had a net margin of 24.77% and a return on equity of 7.47%. The company’s revenue was down 1.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.42 earnings per share.

PDM has been the topic of a number of research analyst reports. Zacks Investment Research lowered shares of Piedmont Office Realty Trust from a “buy” rating to a “hold” rating in a report on Wednesday, March 20th. Robert W. Baird downgraded shares of Piedmont Office Realty Trust from an “outperform” rating to a “neutral” rating in a research report on Tuesday, January 8th. Finally, Stifel Nicolaus raised shares of Piedmont Office Realty Trust from a “sell” rating to a “hold” rating and lifted their target price for the stock from $16.00 to $20.00 in a report on Thursday, February 7th. Four investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Piedmont Office Realty Trust currently has a consensus rating of “Hold” and a consensus price target of $22.33.

Several hedge funds have recently made changes to their positions in the stock. MetLife Investment Advisors LLC raised its stake in Piedmont Office Realty Trust by 55.2% in the 3rd quarter. MetLife Investment Advisors LLC now owns 91,277 shares of the real estate investment trust’s stock worth $1,728,000 after purchasing an additional 32,447 shares in the last quarter. Lavaca Capital LLC acquired a new stake in Piedmont Office Realty Trust in the 4th quarter worth about $58,000. Great West Life Assurance Co. Can raised its stake in Piedmont Office Realty Trust by 4.2% in the 3rd quarter. Great West Life Assurance Co. Can now owns 84,679 shares of the real estate investment trust’s stock worth $1,603,000 after purchasing an additional 3,421 shares in the last quarter. Eii Capital Management Inc. raised its stake in Piedmont Office Realty Trust by 10.6% in the 4th quarter. Eii Capital Management Inc. now owns 17,327 shares of the real estate investment trust’s stock worth $295,000 after purchasing an additional 1,656 shares in the last quarter. Finally, Robeco Institutional Asset Management B.V. raised its stake in Piedmont Office Realty Trust by 905.8% in the 4th quarter. Robeco Institutional Asset Management B.V. now owns 773,060 shares of the real estate investment trust’s stock worth $13,170,000 after purchasing an additional 696,196 shares in the last quarter. 85.31% of the stock is owned by institutional investors and hedge funds.

Shares of PDM traded up $0.11 during mid-day trading on Thursday, hitting $20.51. 663,163 shares of the company traded hands, compared to its average volume of 707,919. Piedmont Office Realty Trust has a one year low of $16.43 and a one year high of $21.35. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.75 and a quick ratio of 1.75. The stock has a market capitalization of $2.58 billion, a P/E ratio of 11.86, a price-to-earnings-growth ratio of 1.93 and a beta of 0.81.

Piedmont Office Realty Trust Company Profile

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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Earnings History and Estimates for Piedmont Office Realty Trust (NYSE:PDM)

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