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 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 annualized dividend and a yield of 4.84%. The ex-dividend date of this dividend is Friday, November 22nd.

Piedmont Office Realty Trust has decreased its dividend by an average of 7.3% annually over the last three years. Piedmont Office Realty Trust has a payout ratio of -500.0% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities research 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 Price Performance

NYSE PDM traded down $0.55 during mid-day trading on Friday, hitting $10.33. The stock had a trading volume of 1,841,108 shares, compared to its average volume of 856,090. Piedmont Office Realty Trust has a 52-week low of $4.91 and a 52-week high of $11.11. The company has a market cap of $1.28 billion, a price-to-earnings ratio of -15.63 and a beta of 1.22. The company has a 50 day simple moving average of $9.89 and a 200 day simple moving average of $8.28. 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 released its quarterly 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 for the quarter, compared to analysts’ expectations 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 analysts forecast that Piedmont Office Realty Trust will post 1.5 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. Truist Financial reissued a “buy” rating and set a $11.00 price target (up previously from $10.00) on shares of Piedmont Office Realty Trust in a research report on Wednesday, August 14th. StockNews.com raised Piedmont Office Realty Trust from a “sell” rating to a “hold” rating in a research report on Tuesday, July 23rd.

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.