Piedmont Office Realty Trust (NYSE:PDM) Updates FY 2024 Earnings Guidance

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

Wall Street Analyst Weigh In

Several analysts recently weighed in on the stock. Truist Financial reissued a “buy” rating and issued a $11.00 price objective (up previously from $10.00) on shares of Piedmont Office Realty Trust in a research note on Wednesday, August 14th. StockNews.com upgraded Piedmont Office Realty Trust from a “sell” rating to a “hold” rating in a research report on Tuesday, July 23rd.

Piedmont Office Realty Trust Trading Down 5.1 %

Piedmont Office Realty Trust stock traded down $0.55 during mid-day trading on Friday, hitting $10.33. 1,841,158 shares of the stock were exchanged, compared to its average volume of 856,090. The stock has a market capitalization of $1.28 billion, a price-to-earnings ratio of -15.42 and a beta of 1.22. Piedmont Office Realty Trust has a 12 month low of $4.91 and a 12 month high of $11.11. The company has a quick ratio of 2.40, a current ratio of 2.40 and a debt-to-equity ratio of 1.34. The firm’s fifty day simple moving average is $9.91 and its two-hundred day simple moving average is $8.31.

Piedmont Office Realty Trust (NYSE:PDM) last announced its 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). The firm had revenue of $143.26 million for the quarter, compared to the consensus estimate of $141.25 million. Piedmont Office Realty Trust had a negative return on equity of 4.84% and a negative net margin of 14.24%. Analysts forecast that Piedmont Office Realty Trust will post 1.5 EPS for the current year.

Piedmont Office Realty Trust Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, November 22nd will be given a dividend of $0.125 per share. The ex-dividend date is Friday, November 22nd. This represents a $0.50 annualized dividend 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.