Zacks Investment Research upgraded shares of Duke Realty (NYSE:DRE) from a hold rating to a buy rating in a research report report published on Monday morning, Zacks.com reports. The brokerage currently has $40.00 price objective on the real estate investment trust’s stock.
According to Zacks, “Duke Realty’s industrial properties have been witnessing solid demand. The company recently signed a lease for its logistic facilities in the Nashville metro area. In the first two quarters of 2020, the company signed more than 1 million square feet in leases in the Cincinnati metro area. Also, it witnessed healthy rent collections. Apart from the e-commerce boom, supply-chain disruption caused by the pandemic will likely spur demand for incremental inventory storage in the long run. Further, given the company’s robust balance-sheet and solid capacity to offer bulk distribution properties, it is well poised to capitalize on this demand. Also, its shares have outperformed its industry over the past year. Yet, the pandemic’s adverse impact on economy will likely affect demand for space in near term. A development boom is concerning.”
DRE has been the subject of several other reports. Bank of America raised Duke Realty from a neutral rating to a buy rating and lifted their price objective for the stock from $38.00 to $40.00 in a report on Wednesday, May 20th. BMO Capital Markets restated a hold rating and set a $34.00 price objective on shares of Duke Realty in a research report on Wednesday, July 29th. JPMorgan Chase & Co. lowered their target price on Duke Realty from $38.00 to $35.00 and set an overweight rating on the stock in a report on Thursday, May 14th. Robert W. Baird raised their price target on Duke Realty from $36.00 to $38.00 and gave the stock an outperform rating in a research report on Thursday, May 7th. Finally, Royal Bank of Canada restated a hold rating and issued a $37.00 price objective on shares of Duke Realty in a research report on Wednesday, May 6th. Six equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. The company presently has a consensus rating of Buy and an average price target of $38.08.
Shares of Duke Realty stock traded down $0.22 during trading on Monday, reaching $37.88. The company’s stock had a trading volume of 10,420 shares, compared to its average volume of 1,869,305. The business has a 50 day moving average price of $37.65 and a 200-day moving average price of $34.95. Duke Realty has a 12-month low of $25.19 and a 12-month high of $40.84. The company has a market capitalization of $14.04 billion, a P/E ratio of 37.72, a price-to-earnings-growth ratio of 5.70 and a beta of 0.67. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.61.
Duke Realty (NYSE:DRE) last posted its quarterly earnings results on Wednesday, July 29th. The real estate investment trust reported $0.11 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.37 by ($0.26). The company had revenue of $226.37 million for the quarter, compared to analyst estimates of $224.54 million. Duke Realty had a return on equity of 7.38% and a net margin of 39.78%. The business’s revenue for the quarter was up 6.2% compared to the same quarter last year. During the same period last year, the company earned $0.36 earnings per share. Research analysts predict that Duke Realty will post 1.49 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, August 31st. Stockholders of record on Friday, August 14th will be paid a dividend of $0.235 per share. The ex-dividend date is Thursday, August 13th. This represents a $0.94 annualized dividend and a dividend yield of 2.48%. Duke Realty’s dividend payout ratio is presently 65.28%.
In other news, Director Peter M. Scott III sold 5,701 shares of the business’s stock in a transaction dated Tuesday, August 4th. The stock was sold at an average price of $39.94, for a total transaction of $227,697.94. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Nicholas C. Anthony sold 31,081 shares of the stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $39.70, for a total transaction of $1,233,915.70. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 41,663 shares of company stock valued at $1,642,992. Insiders own 0.33% of the company’s stock.
Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Bessemer Group Inc. increased its holdings in Duke Realty by 228.4% during the 2nd quarter. Bessemer Group Inc. now owns 775 shares of the real estate investment trust’s stock worth $27,000 after purchasing an additional 539 shares during the last quarter. Cornerstone Advisors Inc. boosted its holdings in shares of Duke Realty by 58.5% in the 1st quarter. Cornerstone Advisors Inc. now owns 978 shares of the real estate investment trust’s stock worth $32,000 after acquiring an additional 361 shares in the last quarter. CWM LLC grew its position in Duke Realty by 83.4% during the 2nd quarter. CWM LLC now owns 1,014 shares of the real estate investment trust’s stock worth $36,000 after acquiring an additional 461 shares during the last quarter. WASHINGTON TRUST Co acquired a new stake in Duke Realty during the 1st quarter valued at $39,000. Finally, FDx Advisors Inc. bought a new position in Duke Realty in the 1st quarter valued at $50,000. Institutional investors own 97.15% of the company’s stock.
About Duke Realty
Duke Realty Corporation owns and operates approximately 153 million rentable square feet of industrial assets in 20 major logistics markets. Duke Realty Corporation is publicly traded on the NYSE under the symbol DRE and is listed on the S&P 500 Index.
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