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

Piedmont Office Realty Trust, Inc. (NYSE:PDM) declared a quarterly dividend on Thursday, October 24th,NASDAQ Dividends reports. Investors of record on Friday, November 22nd will be given 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 yield of 5.32%. The ex-dividend date is Friday, November 22nd.

Piedmont Office Realty Trust has decreased its dividend 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. Research analysts expect Piedmont Office Realty Trust to earn $1.48 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 33.8%.

Piedmont Office Realty Trust Stock Down 0.2 %

Shares of NYSE PDM opened at $9.40 on Thursday. Piedmont Office Realty Trust has a 52-week low of $5.78 and a 52-week high of $11.11. The company has a current ratio of 2.22, a quick ratio of 2.22 and a debt-to-equity ratio of 1.36. The firm’s fifty day moving average is $10.06 and its two-hundred day moving average is $8.71.

Piedmont Office Realty Trust (NYSE:PDM) last announced its quarterly earnings results on Thursday, October 24th. The real estate investment trust reported ($0.09) EPS for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.46). Piedmont Office Realty Trust had a negative net margin of 13.47% and a negative return on equity of 4.61%. The firm had revenue of $139.29 million for the quarter, compared to the consensus estimate of $143.56 million. During the same period in the previous year, the company posted $0.43 earnings per share. On average, analysts forecast that Piedmont Office Realty Trust will post 1.49 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts recently commented on PDM shares. Robert W. Baird increased their price target on shares of Piedmont Office Realty Trust from $10.00 to $11.00 and gave the company an “outperform” rating in a report on Friday, November 1st. Truist Financial reaffirmed 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.

About Piedmont Office Realty Trust

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.