Duke Realty Corporation (DRE) Raised to Buy at Zacks Investment Research
Zacks Investment Research upgraded shares of Duke Realty Corporation (NYSE:DRE) from a hold rating to a buy rating in a research report report published on Monday. The firm currently has $32.00 price target on the real estate investment trust’s stock.
According to Zacks, “Shares of Duke Realty have outperformed the industry it belongs to, year to date. Also, the Zacks Consensus Estimate for full-year 2017 funds from operations (FFO) per share remained unchanged in a month’s time. The company’s industrial assets are well located to gain from the e-commerce boom which has resulted in the increasing demand for premium logistic facilities. Also, the company substantially completed the previously announced sale of its medical office business in the second quarter, with the residual properties anticipated to close soon. The strategic move helps simplify the company’s business model and turn into a leading domestic pure play industrial real estate investment trust (REIT). However, rate hike and dilutive impact of asset sales increase its woes.”
DRE has been the topic of several other reports. J P Morgan Chase & Co cut Duke Realty Corporation from an overweight rating to a neutral rating and set a $30.00 target price on the stock. in a research note on Tuesday, September 26th. Bank of America Corporation cut Duke Realty Corporation from a buy rating to a neutral rating and cut their target price for the stock from $32.00 to $30.00 in a research note on Friday, June 23rd. BidaskClub cut Duke Realty Corporation from a hold rating to a sell rating in a research note on Tuesday, June 27th. Barclays PLC cut their target price on Duke Realty Corporation from $26.00 to $25.00 and set an equal weight rating on the stock in a research note on Tuesday, July 18th. Finally, Royal Bank Of Canada reissued a buy rating and issued a $30.00 target price on shares of Duke Realty Corporation in a research note on Wednesday, June 7th. Six analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Duke Realty Corporation currently has an average rating of Buy and an average price target of $29.45.
Shares of Duke Realty Corporation (NYSE:DRE) opened at 29.10 on Monday. The company has a market cap of $10.35 billion, a price-to-earnings ratio of 7.17 and a beta of 0.93. The company’s 50 day moving average price is $29.29 and its 200 day moving average price is $28.27. Duke Realty Corporation has a 12 month low of $22.97 and a 12 month high of $30.14.
Duke Realty Corporation (NYSE:DRE) last posted its earnings results on Wednesday, July 26th. The real estate investment trust reported $0.33 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.31 by $0.02. The company had revenue of $165.84 million for the quarter, compared to analysts’ expectations 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 period last year, the firm earned $0.30 earnings per share. On average, equities analysts expect that Duke Realty Corporation will post $3.71 EPS for the current fiscal year.
In other Duke Realty Corporation news, EVP Peter D. Harrington sold 30,000 shares of Duke Realty Corporation 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 transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 0.26% of the company’s stock.
A number of institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. boosted its position in Duke Realty Corporation by 0.4% during the 2nd quarter. Vanguard Group Inc. now owns 57,188,532 shares of the real estate investment trust’s stock valued at $1,598,419,000 after acquiring an additional 237,017 shares in the last quarter. BlackRock Inc. boosted its position in Duke Realty Corporation by 8.6% during the 2nd quarter. BlackRock Inc. now owns 45,922,413 shares of the real estate investment trust’s stock valued at $1,283,532,000 after acquiring an additional 3,652,025 shares in the last quarter. State Street Corp boosted its position in Duke Realty Corporation by 0.4% during the 2nd quarter. State Street Corp now owns 18,201,618 shares of the real estate investment trust’s stock valued at $508,725,000 after acquiring an additional 76,304 shares in the last quarter. Daiwa Securities Group Inc. boosted its position in Duke Realty Corporation by 30.5% during the 2nd quarter. Daiwa Securities Group Inc. now owns 8,109,890 shares of the real estate investment trust’s stock valued at $226,671,000 after acquiring an additional 1,894,749 shares in the last quarter. Finally, Nuveen Asset Management LLC boosted its position in Duke Realty Corporation by 20.2% during the 1st quarter. Nuveen Asset Management LLC now owns 6,944,579 shares of the real estate investment trust’s stock valued at $182,434,000 after acquiring an additional 1,168,051 shares in the last quarter. 93.65% of the stock is currently owned by institutional investors and hedge funds.
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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