Piedmont Office Realty Trust, Inc. (NYSE:PDM) declared a quarterly dividend on Wednesday, February 7th, Zacks reports. Stockholders of record on Friday, February 23rd will be given a dividend of 0.21 per share by the real estate investment trust on Friday, March 16th. This represents a $0.84 annualized dividend and a dividend yield of 4.51%. The ex-dividend date is Thursday, February 22nd.
Piedmont Office Realty Trust has raised its dividend payment by an average of 1.2% per year over the last three years and has raised its dividend every year for the last 4 years. Piedmont Office Realty Trust has a payout ratio of 48.0% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Piedmont Office Realty Trust to earn $1.76 per share next year, which means the company should continue to be able to cover its $0.84 annual dividend with an expected future payout ratio of 47.7%.
Piedmont Office Realty Trust (NYSE PDM) traded up $0.15 during trading on Friday, hitting $18.63. 1,235,580 shares of the stock traded hands, compared to its average volume of 1,515,952. The firm has a market capitalization of $2,630.79, a PE ratio of 20.25, a PEG ratio of 2.76 and a beta of 0.55. Piedmont Office Realty Trust has a 12 month low of $17.45 and a 12 month high of $23.08. The company has a debt-to-equity ratio of 0.78, a current ratio of 2.15 and a quick ratio of 2.15.
In other Piedmont Office Realty Trust news, insider Christopher Brent Smith acquired 2,800 shares of the business’s stock in a transaction dated Monday, February 12th. The shares were acquired at an average price of $17.80 per share, with a total value of $49,840.00. Following the completion of the transaction, the insider now directly owns 53,027 shares in the company, valued at approximately $943,880.60. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 0.76% of the company’s stock.
Several research analysts have recently weighed in on PDM shares. Robert W. Baird set a $22.00 price target on shares of Piedmont Office Realty Trust and gave the company a “buy” rating in a report on Thursday, February 8th. ValuEngine upgraded shares of Piedmont Office Realty Trust from a “hold” rating to a “buy” rating in a report on Friday, December 1st. Stifel Nicolaus reiterated a “hold” rating on shares of Piedmont Office Realty Trust in a report on Friday, February 9th. Zacks Investment Research cut shares of Piedmont Office Realty Trust from a “buy” rating to a “hold” rating in a report on Tuesday, October 31st. Finally, SunTrust Banks set a $21.00 price target on shares of Piedmont Office Realty Trust and gave the company a “hold” rating in a report on Monday, January 22nd. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $21.50.
About Piedmont Office Realty Trust
Piedmont Office Realty Trust, Inc is an integrated self-managed real estate investment trust (REIT). The Company’s business consists primarily of owning, managing, operating, leasing, acquiring, developing, investing in, and disposing of office real estate assets. As of December 31, 2016, the Company owned and operated 65 in-service office properties, one redevelopment asset, two development assets and one office building through an unconsolidated joint venture.
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