Piedmont Realty Trust (NYSE:PDM) Releases Quarterly Earnings Results, Misses Estimates By $0.11 EPS

Key Points

• Piedmont Realty Trust missed quarterly earnings expectations: The REIT reported an EPS loss of $0.17, $0.11 below the consensus estimate, while revenue of $151.24 million exceeded analysts’ $146.80 million forecast.
• Shares fell 0.7% to $9.62 following the results. The company reported a negative net margin of 14.18% and a negative return on equity of 5.39%.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and an average price target of $10.67; recent actions ranged from a Zacks upgrade to “strong buy” to a Weiss downgrade to “sell.”

Piedmont Realty Trust (NYSE:PDM - Get Free Report) issued its quarterly earnings data on Monday. The real estate investment trust reported ($0.17) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.06) by ($0.11), FiscalAI reports. Piedmont Realty Trust had a negative net margin of 14.18% and a negative return on equity of 5.39%. The business had revenue of $151.24 million during the quarter, compared to analyst estimates of $146.80 million.

Piedmont Realty Trust Stock Down 0.7%

PDM traded down $0.07 on Monday, hitting $9.62. 645,787 shares of the company were exchanged, compared to its average volume of 1,160,493. The stock's fifty day moving average is $9.35 and its 200-day moving average is $8.99. Piedmont Realty Trust has a 12 month low of $6.32 and a 12 month high of $10.13. The company has a debt-to-equity ratio of 1.53, a quick ratio of 1.36 and a current ratio of 1.36. The company has a market cap of $1.20 billion, a PE ratio of -14.79 and a beta of 1.39.

Analyst Ratings Changes

A number of equities research analysts recently commented on PDM shares. JPMorgan Chase & Co. raised their price objective on shares of Piedmont Realty Trust from $10.00 to $11.00 and gave the stock a "neutral" rating in a report on Wednesday, September 9th. Weiss Ratings lowered shares of Piedmont Realty Trust from a "sell (d+)" rating to a "sell (d-)" rating in a research note on Thursday, July 30th. Robert W. Baird increased their target price on Piedmont Realty Trust from $9.00 to $10.00 and gave the stock a "neutral" rating in a report on Friday, August 14th. Finally, Zacks Research upgraded Piedmont Realty Trust from a "hold" rating to a "strong-buy" rating in a report on Thursday, October 15th. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $10.67.

Insiders Place Their Bets

In other Piedmont Realty Trust news, CFO Sherry Rexroad sold 4,446 shares of the business's stock in a transaction that occurred on Thursday, October 1st. The stock was sold at an average price of $8.81, for a total transaction of $39,169.26. Following the transaction, the chief financial officer owned 53,857 shares of the company's stock, valued at $474,480.17. The trade was a 7.63% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 1.20% of the stock is currently owned by corporate insiders.

About Piedmont Realty Trust

Piedmont Realty Trust, formally known as Piedmont Office Realty Trust, Inc NYSE: PDM, is a self-managed real estate investment trust that owns, develops, acquires, leases and manages office properties in the United States. The company primarily focuses on high-quality office buildings serving corporate tenants and other organizations.

Piedmont's portfolio has historically been concentrated in major office markets across the Sun Belt and eastern United States, including Atlanta, Boston, Dallas, Washington, DC, and other metropolitan areas.

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