Douglas Emmett Inc. (DEI) Rating Increased to Buy at Zacks Investment Research
Douglas Emmett Inc. (NYSE:DEI) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Wednesday. The firm currently has a $40.00 target price on the real estate investment trust’s stock. Zacks Investment Research’s price target indicates a potential upside of 13.54% from the company’s previous close.
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. “
A number of other research analysts have also commented on the company. Barclays PLC upped their target price on Douglas Emmett from $33.00 to $35.00 and gave the company an “underweight” rating in a research note on Monday, August 29th. BTIG Research initiated coverage on Douglas Emmett in a research note on Thursday, August 25th. They issued a “neutral” rating for the company. Citigroup Inc. upped their target price on Douglas Emmett from $30.50 to $35.50 and gave the company a “neutral” rating in a research note on Thursday, July 7th. Mizuho lowered Douglas Emmett from a “buy” rating to a “neutral” rating and set a $37.00 target price for the company. in a research note on Thursday, August 4th. Finally, DA Davidson upped their target price on Douglas Emmett from $43.00 to $45.00 and gave the company a “buy” rating in a research note on Thursday, August 4th. Three equities research analysts have rated the stock with a sell rating, five have given a hold rating and five have issued a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $35.29.
Shares of Douglas Emmett (NYSE:DEI) opened at 35.23 on Wednesday. The firm has a market cap of $5.32 billion, a P/E ratio of 89.42 and a beta of 0.93. Douglas Emmett has a 12-month low of $24.73 and a 12-month high of $38.71. The company has a 50-day moving average of $36.88 and a 200 day moving average of $34.68.
Douglas Emmett (NYSE:DEI) last issued its earnings results on Tuesday, August 2nd. The real estate investment trust reported $0.46 EPS for the quarter, beating analysts’ consensus estimates of $0.45 by $0.01. The business earned $187.22 million during the quarter, compared to analyst estimates of $177.61 million. Douglas Emmett had a return on equity of 2.45% and a net margin of 8.88%. Douglas Emmett’s revenue was up 16.7% on a year-over-year basis. During the same period in the prior year, the company posted $0.40 earnings per share. Equities analysts predict that Douglas Emmett will post $1.79 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, October 14th. Stockholders of record on Friday, September 30th will be paid a $0.22 dividend. The ex-dividend date of this dividend is Wednesday, September 28th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.50%. Douglas Emmett’s dividend payout ratio (DPR) is presently 225.65%.
In other news, Chairman Dan A. Emmett sold 140,000 shares of the firm’s stock in a transaction on Monday, July 25th. The stock was sold at an average price of $36.72, for a total value of $5,140,800.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 23.00% of the stock is owned by insiders.
Hedge funds have recently made changes to their positions in the stock. Northwestern Mutual Investment Management Company LLC raised its stake in shares of Douglas Emmett by 0.4% in the second quarter. Northwestern Mutual Investment Management Company LLC now owns 24,241 shares of the real estate investment trust’s stock worth $861,000 after buying an additional 92 shares during the period. Mason Street Advisors LLC purchased a new position in Douglas Emmett during the second quarter valued at about $2,274,000. Royal Bank of Canada boosted its position in Douglas Emmett by 1.9% in the second quarter. Royal Bank of Canada now owns 45,944 shares of the real estate investment trust’s stock valued at $1,631,000 after buying an additional 872 shares in the last quarter. Cohen & Steers Inc. boosted its position in Douglas Emmett by 21.6% in the second quarter. Cohen & Steers Inc. now owns 16,114,639 shares of the real estate investment trust’s stock valued at $572,392,000 after buying an additional 2,857,418 shares in the last quarter. Finally, Schwab Charles Investment Management Inc. boosted its position in Douglas Emmett by 10.7% in the second quarter. Schwab Charles Investment Management Inc. now owns 1,076,391 shares of the real estate investment trust’s stock valued at $38,234,000 after buying an additional 104,118 shares in the last quarter. Institutional investors own 97.75% of the company’s stock.
About Douglas Emmett
Douglas Emmett, Inc is a self-administered and self-managed real estate investment trust. The Company is owner and operator of office and multifamily properties located in submarkets in California and Hawaii. The Company operates in two segments: the acquisition, development, ownership and management of office real estate, and the acquisition, development, ownership and management of multifamily real estate.
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