Duke Realty Corporation (DRE) Rating Lowered to Hold at Zacks Investment Research
Duke Realty Corporation (NYSE:DRE) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Tuesday.
According to Zacks, “Shares of Duke Realty have outperformed the industry it belongs to, year to date. However, the Zacks Consensus Estimate for full-year 2017 funds from operations (FFO) per share remained unchanged in a month’s time. Amid an e-commerce boom, demand for industrial real estate is increasing. Subsequently, the company’s properties in Cincinnati enjoyed solid demand, with the company leasing more than 1.1 million square feet of space during third-quarter alone. Moreover, Duke Realty’s Tampa Regional Industrial Park 13111 has also attracted leases for 274,085 square feet of space. Further, the company made concerted efforts to turn into a leading domestic pure play industrial real estate investment trust (REIT) with the sale of its medical office portfolio. However, asset dispositions are anticipated to have a dilution effect on earnings. Also, rate hike adds to its woes.”
A number of other research firms also recently issued reports on DRE. BMO Capital Markets assumed coverage on Duke Realty Corporation in a research report on Monday, September 11th. They issued a “market perform” rating and a $30.00 target price on the stock. Stifel Nicolaus reaffirmed a “buy” rating and issued a $31.00 target price on shares of Duke Realty Corporation in a research report on Thursday, September 21st. J P Morgan Chase & Co downgraded Duke Realty Corporation from an “overweight” rating to a “neutral” rating and set a $30.00 target price on the stock. in a research report on Tuesday, September 26th. BidaskClub raised Duke Realty Corporation from a “hold” rating to a “buy” rating in a research report on Wednesday, August 23rd. Finally, Bank of America Corporation downgraded Duke Realty Corporation from a “buy” rating to a “neutral” rating and lowered their target price for the company from $32.00 to $30.00 in a research report on Friday, June 23rd. Seven research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $29.45.
Shares of Duke Realty Corporation (NYSE:DRE) traded down 0.41% on Tuesday, reaching $28.90. The company’s stock had a trading volume of 1,428,630 shares. The company’s 50 day moving average is $29.30 and its 200-day moving average is $28.38. The stock has a market cap of $10.28 billion, a PE ratio of 7.12 and a beta of 0.93. Duke Realty Corporation has a 1-year low of $22.97 and a 1-year high of $30.14.
Duke Realty Corporation (NYSE:DRE) last released its earnings results on Wednesday, July 26th. The real estate investment trust reported $0.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.31 by $0.02. The business had revenue of $165.84 million for the quarter, compared to the consensus estimate of $185.25 million. Duke Realty Corporation had a return on equity of 8.72% and a net margin of 166.06%. During the same quarter in the previous year, the business earned $0.30 earnings per share. On average, equities analysts predict that Duke Realty Corporation will post $3.71 earnings per share for the current fiscal year.
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In other news, EVP Peter D. Harrington sold 30,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 2nd. The stock was sold at an average price of $28.87, for a total transaction of $866,100.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders own 0.26% of the company’s stock.
Large investors have recently modified their holdings of the company. Bessemer Group Inc. boosted its stake in shares of Duke Realty Corporation by 4,741.6% in the second quarter. Bessemer Group Inc. now owns 3,728 shares of the real estate investment trust’s stock valued at $104,000 after buying an additional 3,651 shares during the period. First Personal Financial Services boosted its stake in shares of Duke Realty Corporation by 1.2% in the second quarter. First Personal Financial Services now owns 3,931 shares of the real estate investment trust’s stock valued at $110,000 after buying an additional 46 shares during the period. Advisor Group Inc. boosted its stake in shares of Duke Realty Corporation by 0.3% in the second quarter. Advisor Group Inc. now owns 4,257 shares of the real estate investment trust’s stock valued at $119,000 after buying an additional 12 shares during the period. Toronto Dominion Bank boosted its stake in shares of Duke Realty Corporation by 12.6% in the second quarter. Toronto Dominion Bank now owns 4,369 shares of the real estate investment trust’s stock valued at $122,000 after buying an additional 488 shares during the period. Finally, Harbour Capital Advisors LLC bought a new stake in shares of Duke Realty Corporation in the first quarter valued at approximately $132,000. Institutional investors own 93.65% of the company’s stock.
About Duke Realty Corporation
Duke Realty Corporation is a self-managed real estate investment trust (REIT). The Company and Duke Realty Limited Partnership collectively specialize in the ownership, management and development of bulk distribution (industrial) and medical office real estate. It operates through three segments, the first two of which consist of the ownership and rental of industrial and medical office real estate investments.
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