A History of Outperforming Analyst Forecasts and Beating the Odds: Piedmont Office Realty Trust Inc. (PDM)

Piedmont Office Realty Trust Inc. (NYSE: PDM) stock fell -3.00% on Friday to $11.63 against a previous-day closing price of $11.99. With 1.08 million shares changed hands, the volume of the stock remained heavier than its average volume of 0.73 million shares. During the session, the REIT – Office company that operates in wider Real Estate sector, reached to the highest price of $12.13 whereas the lowest price it dropped to was $11.63. The 52-week range on PDM shows that it touched its highest point at $19.84 and its lowest point at $11.55 during that stretch. It currently has a 1-year price target of $17.67. With its current market cap of 1.40 billion, PDM has annualized dividend of $0.84 while the current yield stands at 7.22%. Beta for the stock currently stands at 0.96.

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Price Performance and Earnings:

Stock performance is one of the indicators that investors use to determine whether they will profit from a stock. The price performance of PDM was down-trending over the past week, with a drop of -3.88%, but this was down by -6.96% over a month. Three-month performance dropped to -10.68% while six-month performance fell -31.10%. The stock lost -32.38% in the past year, while it has lost -36.72% so far this year. A look at the trailing 12-month EPS for PDM yields 0.38 with Next year EPS estimates of 0.38. For the next quarter, that number is 0.08. This implies an EPS growth rate of -100.50% for this year and -46.48% for next year. EPS is expected to grow by 4.00% annually over the next five years; however, over the past five years, the company experienced an annual growth rate of -15.00%.

Float and Shares Shorts:

At present, 123.37 million PDM shares are outstanding with a float of 122.26 million shares on hand for trading. On Jul 14, 2022, short shares totaled 2.5 million, which was 2.02% higher than short shares on Jun 14, 2022. In addition to Mr. Christopher Brent Smith as the firm’s Pres, CEO & Director, Mr. Robert E. Bowers CPA serves as its CFO, Exec. VP & Chief Admin. Officer.

Institutional Ownership:

Through their ownership of 85.80% of PDM’s outstanding shares, institutional investors have majority control over the company. Other institutions hold 49.64% of PDM, in contrast to 36.65% held by mutual funds. Shares owned by individuals account for 1.99%. As the largest shareholder in PDM with 15.78% of the stake, The Vanguard Group, Inc. holds 19,472,547 shares worth 19,472,547. A second-largest stockholder of PDM, BlackRock Fund Advisors, holds 9,268,420 shares, controlling over 7.51% of the firm’s shares. SSgA Funds Management, Inc. is the third largest shareholder in PDM, holding 6,134,101 shares or 4.97% stake. With a 4.58% stake in PDM, the Vanguard Real Estate Index Fund is the largest stakeholder. A total of 5,655,355 shares are owned by the mutual fund manager. The Vanguard Total Stock Market Index, which owns about 3.04% of PDM stock, is the second-largest Mutual Fund holder. It holds 3,752,940 shares valued at 44.21 million. Vanguard Small Cap Index Fund holds 2.53% of the stake in PDM, owning 3,115,471 shares worth 36.7 million.

Analysts Ratings:

Reading analyst opinions is an effective way to decide where to invest, and there are several opinions available for PDM since 3 analysts follow the stock currently. There are 1 analysts who recommend BUY ratings, while 0 suggest SELL ratings. Of the remaining analysts, 1 believe that the stock is worth HOLDING, 1 give it an OVERWEIGHT rating, and 0 thinks that it’s UNDERWEIGHT. In the same way, a target price assigned to a stock can also reveal much about its potential. With PDM analysts setting a high price target of $19.00 and a low target of $17.00, the average target price over the next 12 months is $17.67. Based on these targets, PDM could surge 63.37% to reach the target high and rise by 46.17% to reach the target low. Reaching the average price target will result in a growth of 51.93% from current levels.

EPS: Estimates vs Actual

It is also common to use earnings estimates to evaluate a firm’s growth potential and to determine trading strategy. PDM will report FY 2022 earnings on 02/06/2023. Analysts have provided yearly estimates in a range of $0.68 being high and $0.68 being low. For PDM, this leads to a yearly average estimate of $0.68. The earnings surprise of a firm occurs when the actual results change from the consensus earnings estimate. Piedmont Office Realty Trust Inc. surprised analysts by -$0.00 when it reported $0.06 EPS against a consensus estimate of $0.06. The surprise factor in the prior quarter was $0.42. Based on analyst estimates, the high estimate for the next quarter is $0.06 and the low estimate is $0.06. The average estimate for the next quarter is thus $0.06.

Summary of Insider Activity:

Insiders traded PDM stock several times over the past three months with 1 Buys and 1 Sells. In these transactions, 3,000 shares were bought while 4,573 shares were sold. The number of buy transactions has increased to 52 while that of sell transactions has risen to 56 over the past year. The total number of shares bought during that period was 404,151 while 186,694 shares were sold.

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