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

Piedmont Office Realty Trust (NYSE:PDM) updated its FY24 earnings guidance on Thursday. The company provided EPS guidance of $1.48-1.50 for the period, compared to the consensus EPS estimate of $1.50. Piedmont Office Realty Trust also updated its FY 2024 guidance to 1.480-1.500 EPS.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the company. StockNews.com upgraded Piedmont Office Realty Trust from a “sell” rating to a “hold” rating in a research note on Tuesday, July 23rd. Truist Financial reiterated a “buy” rating and issued a $11.00 target price (up previously from $10.00) on shares of Piedmont Office Realty Trust in a research note on Wednesday, August 14th.

Piedmont Office Realty Trust Stock Down 5.1 %

Shares of PDM stock traded down $0.55 during trading hours on Friday, reaching $10.33. 1,841,158 shares of the company’s stock were exchanged, compared to its average volume of 856,090. Piedmont Office Realty Trust has a 1 year low of $4.91 and a 1 year high of $11.11. The stock has a market cap of $1.28 billion, a PE ratio of -15.63 and a beta of 1.22. The company has a current ratio of 2.40, a quick ratio of 2.40 and a debt-to-equity ratio of 1.34. The stock’s fifty day moving average price is $9.89 and its two-hundred day moving average price is $8.28.

Piedmont Office Realty Trust (NYSE:PDM) last issued its quarterly earnings results on Wednesday, July 31st. The real estate investment trust reported ($0.08) earnings per share for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.45). Piedmont Office Realty Trust had a negative return on equity of 4.84% and a negative net margin of 14.24%. The business had revenue of $143.26 million for the quarter, compared to analysts’ expectations of $141.25 million. Research analysts predict that Piedmont Office Realty Trust will post 1.5 EPS for the current year.

Piedmont Office Realty Trust Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Friday, November 22nd will be paid a dividend of $0.125 per share. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $0.50 dividend on an annualized basis and a dividend yield of 4.84%. Piedmont Office Realty Trust’s payout ratio is -74.63%.

Piedmont Office Realty Trust Company Profile

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.