Piedmont Office Realty Trust (NYSE:PDM) Cut to “Hold” at Zacks Investment Research

Piedmont Office Realty Trust (NYSE:PDM) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Thursday, Zacks.com reports.

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. “

NYSE:PDM opened at $19.15 on Thursday. The company has a debt-to-equity ratio of 0.89, a current ratio of 2.36 and a quick ratio of 2.36. Piedmont Office Realty Trust has a 1 year low of $15.10 and a 1 year high of $20.35. The stock’s 50 day simple moving average is $18.37 and its two-hundred day simple moving average is $18.31. The company has a market cap of $2.38 billion, a price-to-earnings ratio of 44.53 and a beta of 1.00.

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Piedmont Office Realty Trust (NYSE:PDM) last released its quarterly earnings data on Wednesday, October 27th. The real estate investment trust reported $0.09 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.08 by $0.01. Piedmont Office Realty Trust had a return on equity of 2.83% and a net margin of 10.19%. The business had revenue of $131.10 million for the quarter, compared to the consensus estimate of $130.87 million. During the same quarter in the previous year, the company posted $0.48 EPS. The company’s revenue was down .5% compared to the same quarter last year. As a group, analysts anticipate that Piedmont Office Realty Trust will post 1.97 EPS for the current year.

Several institutional investors have recently made changes to their positions in PDM. Heitman Real Estate Securities LLC boosted its holdings in Piedmont Office Realty Trust by 55.9% during the 2nd quarter. Heitman Real Estate Securities LLC now owns 3,112,763 shares of the real estate investment trust’s stock valued at $57,493,000 after acquiring an additional 1,116,729 shares during the period. Goldman Sachs Group Inc. boosted its holdings in Piedmont Office Realty Trust by 77.8% during the 2nd quarter. Goldman Sachs Group Inc. now owns 1,354,900 shares of the real estate investment trust’s stock valued at $25,025,000 after acquiring an additional 592,927 shares during the period. Nordea Investment Management AB boosted its holdings in Piedmont Office Realty Trust by 100.5% during the 3rd quarter. Nordea Investment Management AB now owns 1,065,490 shares of the real estate investment trust’s stock valued at $18,732,000 after acquiring an additional 533,955 shares during the period. Vanguard Group Inc. boosted its holdings in Piedmont Office Realty Trust by 2.8% during the 2nd quarter. Vanguard Group Inc. now owns 18,782,870 shares of the real estate investment trust’s stock valued at $346,920,000 after acquiring an additional 504,333 shares during the period. Finally, First Trust Advisors LP boosted its holdings in Piedmont Office Realty Trust by 393.0% during the 2nd quarter. First Trust Advisors LP now owns 342,941 shares of the real estate investment trust’s stock valued at $6,334,000 after acquiring an additional 273,376 shares during the period. Hedge funds and other institutional investors own 82.12% of the company’s stock.

About Piedmont Office Realty Trust

Piedmont Office Realty Trust, Inc engages in the owning, managing, operating, leasing, acquiring, developing, investing in, and disposing of office real estate assets. . Its activities include acquisition, investment, development, management, disposing, and ownership of commercial real estate properties throughout the United States.

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