Piedmont Office Realty Trust (NYSE:PDM) Issues 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 EPS guidance of 1.480-1.500 for the period, compared to the consensus EPS 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 Price Performance

PDM stock traded up $0.17 during midday trading on Thursday, hitting $10.88. 509,382 shares of the stock were exchanged, compared to its average volume of 851,308. The stock’s 50-day moving average price is $9.85 and its 200-day moving average price is $8.26. The stock has a market cap of $1.35 billion, a price-to-earnings ratio of -17.84 and a beta of 1.22. Piedmont Office Realty Trust has a fifty-two week low of $4.91 and a fifty-two week high of $11.11. The company has a debt-to-equity ratio of 1.34, a quick ratio of 2.40 and a current ratio of 2.40.

Piedmont Office Realty Trust (NYSE:PDM) last issued its quarterly earnings data on Wednesday, July 31st. The real estate investment trust reported ($0.08) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.37 by ($0.45). The firm had revenue of $143.26 million for the quarter, compared to analyst estimates 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%. Research analysts predict that Piedmont Office Realty Trust will post 1.5 earnings per share for the current year.

Analysts Set New Price Targets

PDM has been the subject of a number of analyst reports. Truist Financial reissued a “buy” rating and issued a $11.00 price target (up from $10.00) on shares of Piedmont Office Realty Trust in a report on Wednesday, August 14th. StockNews.com raised Piedmont Office Realty Trust from a “sell” rating to a “hold” rating in a report 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.