Piedmont Office Realty Trust, Inc. Declares Quarterly Dividend of $0.13 (NYSE:PDM)

Piedmont Office Realty Trust, Inc. (NYSE:PDM) announced a quarterly dividend on Thursday, October 24th,NASDAQ Dividends reports. Stockholders of record on Friday, November 22nd will be given a dividend of 0.125 per share by the real estate investment trust on Thursday, January 2nd. This represents a $0.50 dividend on an annualized basis and a dividend yield of 5.31%. The ex-dividend date is Friday, November 22nd.

Piedmont Office Realty Trust has decreased its dividend payment by an average of 7.3% per year over the last three years. Piedmont Office Realty Trust has a dividend payout ratio of -500.0% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Research analysts expect Piedmont Office Realty Trust to earn $1.48 per share next year, which means the company should continue to be able to cover its $0.50 annual dividend with an expected future payout ratio of 33.8%.

Piedmont Office Realty Trust Stock Performance

NYSE:PDM opened at $9.41 on Wednesday. The company has a current ratio of 2.22, a quick ratio of 2.22 and a debt-to-equity ratio of 1.36. Piedmont Office Realty Trust has a 1 year low of $5.78 and a 1 year high of $11.11. The firm’s fifty day simple moving average is $10.07 and its 200 day simple moving average is $8.71. The firm has a market capitalization of $1.17 billion, a PE ratio of -15.18 and a beta of 1.21.

Piedmont Office Realty Trust (NYSE:PDM) last released its quarterly earnings data on Thursday, October 24th. The real estate investment trust reported ($0.09) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.46). The firm had revenue of $139.29 million for the quarter, compared to the consensus estimate of $143.56 million. Piedmont Office Realty Trust had a negative net margin of 13.47% and a negative return on equity of 4.61%. During the same quarter in the prior year, the firm posted $0.43 earnings per share. On average, sell-side analysts anticipate that Piedmont Office Realty Trust will post 1.49 EPS for the current year.

Analyst Ratings Changes

Several research firms recently commented on PDM. Robert W. Baird raised their target price on Piedmont Office Realty Trust from $10.00 to $11.00 and gave the stock an “outperform” rating in a research report on Friday, November 1st. Truist Financial reissued a “buy” rating and set a $11.00 price target (up from $10.00) on shares of Piedmont Office Realty Trust in a report on Wednesday, August 14th. Finally, StockNews.com upgraded shares of Piedmont Office Realty Trust from a “sell” rating to a “hold” rating in a research note on Tuesday, July 23rd.

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.