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

by · The Markets Daily

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

Piedmont Office Realty Trust Stock Down 5.1 %

Shares of PDM traded down $0.55 during midday trading on Friday, reaching $10.33. 1,841,158 shares of the stock were exchanged, compared to its average volume of 856,090. The company has a market cap of $1.28 billion, a price-to-earnings ratio of -15.42 and a beta of 1.22. The company has a quick ratio of 2.40, a current ratio of 2.40 and a debt-to-equity ratio of 1.34. Piedmont Office Realty Trust has a 12-month low of $4.91 and a 12-month high of $11.11. The firm has a 50 day simple moving average of $9.91 and a 200-day simple moving average of $8.30.

Piedmont Office Realty Trust (NYSE:PDM – Get Free Report) last released its quarterly earnings data on Wednesday, July 31st. The real estate investment trust reported ($0.08) EPS for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.45). The firm had revenue of $143.26 million during the quarter, compared to analyst estimates 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%. Research 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 disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, November 22nd will be paid a $0.125 dividend. This represents a $0.50 annualized dividend and a dividend yield of 4.84%. The ex-dividend date is Friday, November 22nd. Piedmont Office Realty Trust’s payout ratio is presently -74.63%.

Wall Street Analysts Forecast Growth

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

Read Our Latest Analysis on PDM

About Piedmont Office Realty Trust

(Get Free Report)

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.

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