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

Piedmont Office Realty Trust (NYSE:PDM) updated its FY24 earnings guidance on Tuesday. The company provided earnings per share guidance of $1.46-1.56 for the period, compared to the consensus earnings per share estimate of $1.52. Piedmont Office Realty Trust also updated its FY 2024 guidance to 1.460-1.560 EPS.

Wall Street Analysts Forecast Growth

Separately, StockNews.com lowered shares of Piedmont Office Realty Trust from a hold rating to a sell rating in a report on Thursday, February 22nd.

Piedmont Office Realty Trust Price Performance

PDM traded up $0.09 during trading on Thursday, hitting $6.83. 547,270 shares of the company traded hands, compared to its average volume of 877,896. The company has a market cap of $846.17 million, a PE ratio of -11.05 and a beta of 1.14. The stock’s 50-day simple moving average is $6.52 and its two-hundred day simple moving average is $6.51. The company has a current ratio of 1.49, a quick ratio of 1.49 and a debt-to-equity ratio of 1.19. Piedmont Office Realty Trust has a 1 year low of $4.91 and a 1 year high of $8.05.

Piedmont Office Realty Trust (NYSE:PDM) last posted its earnings results on Wednesday, February 7th. The real estate investment trust reported ($0.23) earnings per share for the quarter, missing analysts’ consensus estimates of $0.42 by ($0.65). Piedmont Office Realty Trust had a negative net margin of 12.90% and a negative return on equity of 4.24%. The business had revenue of $145.33 million during the quarter, compared to analysts’ expectations of $146.37 million. As a group, sell-side analysts anticipate that Piedmont Office Realty Trust will post 1.51 earnings per share for the current fiscal year.

Piedmont Office Realty Trust Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 14th. Stockholders of record on Friday, May 24th will be issued a $0.125 dividend. This represents a $0.50 dividend on an annualized basis and a dividend yield of 7.32%. The ex-dividend date is Thursday, May 23rd. Piedmont Office Realty Trust’s dividend payout ratio (DPR) is -81.97%.

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.