Zacks Investment Research Downgrades Douglas Emmett, Inc. (DEI) to Hold
Douglas Emmett, Inc. (NYSE:DEI) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Friday.
According to Zacks, “DOUGLAS EMMETT INC is a fully integrated, self-administered and self-managed real estate investment trust and one of the largest owners and operators of high-quality office and multifamily properties located in premier submarkets in California and Hawaii. The Company’s properties are concentrated in ten submarkets Brentwood, Olympic Corridor, Century City, Santa Monica, Beverly Hills, Westwood, Sherman Oaks/Encino, Warner Center/Woodland Hills, Burbank and Honolulu. The Company focuses on owning and acquiring a substantial share of top-tier office properties and premier multifamily communities in neighborhoods that possess significant supply constraints, high-end executive housing and key lifestyle amenities. “
Several other research firms have also recently issued reports on DEI. BidaskClub upgraded shares of Douglas Emmett from a “sell” rating to a “hold” rating in a research note on Thursday, June 15th. Barclays PLC upped their target price on shares of Douglas Emmett from $35.00 to $36.00 and gave the company an “underweight” rating in a research note on Wednesday, April 19th. BMO Capital Markets restated a “hold” rating and set a $39.00 target price on shares of Douglas Emmett in a research note on Tuesday, July 4th. DA Davidson cut shares of Douglas Emmett from a “buy” rating to a “neutral” rating and lowered their target price for the company from $45.00 to $43.00 in a research note on Thursday, May 18th. Finally, Stifel Nicolaus upgraded shares of Douglas Emmett from a “hold” rating to a “buy” rating and upped their target price for the company from $38.00 to $42.00 in a research note on Wednesday. They noted that the move was a valuation call. Four analysts have rated the stock with a sell rating, seven have given a hold rating and one has assigned a buy rating to the company’s stock. Douglas Emmett presently has an average rating of “Hold” and a consensus price target of $39.56.
Douglas Emmett (NYSE DEI) traded down 0.44% during mid-day trading on Friday, reaching $38.57. 578,220 shares of the company were exchanged. The stock has a 50-day moving average price of $38.21 and a 200 day moving average price of $38.47. The company has a market capitalization of $5.96 billion, a PE ratio of 65.37 and a beta of 0.69. Douglas Emmett has a one year low of $33.78 and a one year high of $40.79.
Douglas Emmett (NYSE:DEI) last posted its earnings results on Tuesday, August 1st. The real estate investment trust reported $0.47 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.48 by $0.01. The company had revenue of $199.60 million for the quarter, compared to the consensus estimate of $198.60 million. Douglas Emmett had a net margin of 12.00% and a return on equity of 2.95%. Douglas Emmett’s revenue was up 6.6% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.46 EPS. Analysts predict that Douglas Emmett will post $0.55 EPS for the current year.
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In related news, Chairman Dan A. Emmett sold 100,000 shares of the stock in a transaction that occurred on Monday, July 24th. The shares were sold at an average price of $37.97, for a total value of $3,797,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders sold a total of 300,000 shares of company stock valued at $11,487,000 over the last three months. 17.80% of the stock is currently owned by insiders.
A number of large investors have recently added to or reduced their stakes in the company. PNC Financial Services Group Inc. raised its stake in Douglas Emmett by 9.1% in the first quarter. PNC Financial Services Group Inc. now owns 3,600 shares of the real estate investment trust’s stock valued at $139,000 after buying an additional 299 shares in the last quarter. Tyers Asset Management LLC raised its stake in Douglas Emmett by 23.5% in the first quarter. Tyers Asset Management LLC now owns 5,376 shares of the real estate investment trust’s stock valued at $206,000 after buying an additional 1,024 shares in the last quarter. Clinton Group Inc. purchased a new stake in Douglas Emmett during the first quarter valued at about $222,000. Fox Run Management L.L.C. purchased a new stake in Douglas Emmett during the second quarter valued at about $260,000. Finally, Parametrica Management Ltd purchased a new stake in Douglas Emmett during the second quarter valued at about $272,000. 97.29% of the stock is owned by institutional investors.
About Douglas Emmett
Douglas Emmett, Inc is a self-administered and self-managed real estate investment trust (REIT). The Company is owner and operator of office and multifamily properties located in submarkets in Los Angeles and Honolulu. The Company operates through two segments: the acquisition, development, ownership and management of office real estate (Office Segment), and the acquisition, development, ownership and management of multifamily real estate (Multifamily Segment).
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