Piedmont Office Realty Trust, Inc. (NYSE:PDM) Declares $0.13 Quarterly Dividend

Piedmont Office Realty Trust, Inc. (NYSE:PDM) declared a quarterly dividend on Thursday, October 24th, NASDAQ reports. Shareholders of record on Friday, November 22nd will be paid a dividend of 0.125 per share by the real estate investment trust on Thursday, January 2nd. This represents a $0.50 dividend on an annualized basis and a dividend yield of 4.84%. The ex-dividend date is Friday, November 22nd.

Piedmont Office Realty Trust has decreased its dividend payment by an average of 7.3% per year over the last three years. Piedmont Office Realty Trust has a payout ratio of -500.0% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Analysts expect Piedmont Office Realty Trust to earn $1.49 per share next year, which means the company should continue to be able to cover its $0.50 annual dividend with an expected future payout ratio of 33.6%.

Piedmont Office Realty Trust Stock Down 5.1 %

Shares of NYSE:PDM traded down $0.55 during midday trading on Friday, reaching $10.33. The company had a trading volume of 1,841,108 shares, compared to its average volume of 856,090. The stock has a market capitalization of $1.28 billion, a P/E ratio of -15.63 and a beta of 1.22. The stock’s fifty day moving average price is $9.89 and its 200-day moving average price is $8.28. The company has a debt-to-equity ratio of 1.34, a current ratio of 2.40 and a quick ratio of 2.40. Piedmont Office Realty Trust has a one year low of $4.91 and a one year high of $11.11.

Piedmont Office Realty Trust (NYSE:PDM) last released its earnings results on Wednesday, July 31st. The real estate investment trust reported ($0.08) earnings per share for the quarter, missing the consensus estimate of $0.37 by ($0.45). The company had revenue of $143.26 million during 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%. Equities research analysts expect that Piedmont Office Realty Trust will post 1.5 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research firms have commented on PDM. StockNews.com raised Piedmont Office Realty Trust from a “sell” rating to a “hold” rating in a report on Tuesday, July 23rd. Truist Financial restated a “buy” rating and set a $11.00 price objective (up from $10.00) on shares of Piedmont Office Realty Trust in a research note on Wednesday, August 14th.

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.