Drive Shack Inc. (DS) Releases Earnings Results, Beats Expectations By $0.19 EPS
Drive Shack Inc. (NYSE:DS) released its earnings results on Wednesday. The real estate investment trust reported $0.13 EPS for the quarter, topping the Zacks’ consensus estimate of ($0.06) by $0.19, Bloomberg Earnings reports. Drive Shack had a positive return on equity of 25.92% and a negative net margin of 7.05%. The firm had revenue of $81.70 million during the quarter, compared to the consensus estimate of $81.50 million. The company’s revenue for the quarter was down 1.8% compared to the same quarter last year.
Large investors have recently added to or reduced their stakes in the stock. California State Teachers Retirement System purchased a new position in shares of Drive Shack in the 2nd quarter valued at approximately $347,000. The Manufacturers Life Insurance Company grew its stake in shares of Drive Shack by 2,622.7% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 59,219 shares of the real estate investment trust’s stock valued at $187,000 after purchasing an additional 57,044 shares during the last quarter. Finally, State Street Corp grew its stake in shares of Drive Shack by 626.6% in the 2nd quarter. State Street Corp now owns 741,630 shares of the real estate investment trust’s stock valued at $2,335,000 after purchasing an additional 639,566 shares during the last quarter. Hedge funds and other institutional investors own 41.64% of the company’s stock.
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Separately, Zacks Investment Research raised Drive Shack from a “sell” rating to a “hold” rating in a report on Tuesday, July 18th.
Drive Shack Company Profile
Drive Shack Inc, formerly Newcastle Investment Corp., is a leisure company. The Company is an owner and operator of golf-related leisure and entertainment businesses. The Company’s portfolio consists of Drive Shack, which is engaged in developing nationwide network of golf entertainment venues; American Golf Corporation, which is a golf course company, and real estate-related assets.
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