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 earnings per share guidance of 1.480-1.500 for the period, compared to the consensus earnings per share 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.

Piedmont Office Realty Trust Stock Performance

PDM traded up $0.17 during trading on Thursday, hitting $10.88. 509,382 shares of the stock were exchanged, compared to its average volume of 851,308. The firm has a market capitalization of $1.35 billion, a P/E ratio of -17.84 and a beta of 1.22. Piedmont Office Realty Trust has a 1-year low of $4.91 and a 1-year high of $11.11. The stock has a fifty day moving average price of $9.85 and a two-hundred day moving average price of $8.26. 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 (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 the consensus estimate of $0.37 by ($0.45). Piedmont Office Realty Trust had a negative net margin of 14.24% and a negative return on equity of 4.84%. The company had revenue of $143.26 million during the quarter, compared to analysts’ expectations of $141.25 million. As a group, sell-side analysts predict that Piedmont Office Realty Trust will post 1.5 earnings per share for the current year.

Analyst Upgrades and Downgrades

PDM has been the topic of several analyst reports. Truist Financial reiterated a “buy” rating and issued a $11.00 target price (up 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 note on Tuesday, July 23rd.

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.