Piedmont Office Realty Trust Up 5.25% To $6.61 After Earnings

Piedmont Office Realty Trust (PDM) said after close Wednesday that it earned $0.41 per share in quarter four 2023.

On the revenue line, the company reported $145.3 million, missing estimates by $809 thousand.

In the same quarter a year ago, the company earned $0.5 per share on revenue of $147.2 million.

The stock is up 5.25% to $6.61 after the report.

The firm's higher revenue growth to earnings signals that the firm has not been able to reduce costs and has seen its profit margin decrease.

The average recommendation from Wall Street analysts was a Buy which may get revised based on this new data.

InvestorsObserver gives the stock a Bearish Sentiment score at the moment based on recent trading.

Prior to the report, InvestorsObserver gave the stock an overall score of 39. Meanwhile, the average Wall Street analyst rated the stock a Buy.

Piedmont Office Realty Trust Inc is a real estate investment trust engaged in the acquisition, development, and management of commercial real estate properties throughout the U.S. The company's real estate portfolio is primarily composed of office properties located in major American metropolitan areas. Piedmont derives most of its revenue in the form of rental income from tenants in mid- to long-term lease agreements. The vast majority of the company's revenue comes from the leasing of its assets in Washington D.C., New York City, Chicago, Atlanta, Minneapolis, Dallas, and Boston. Piedmont's largest customers in terms of rental revenue are U.S. Government entities, business services companies, and financial institutions.