Zacks Investment Research Upgrades Douglas Emmett Inc. (DEI) to Buy
Douglas Emmett Inc. (NYSE:DEI) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Friday. The firm presently has a $39.00 target price on the real estate investment trust’s stock. Zacks Investment Research’s target price indicates a potential upside of 12.55% 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. “
Several other research firms have also issued reports on DEI. DA Davidson increased their target price on Douglas Emmett from $43.00 to $45.00 and gave the stock a “buy” rating in a research note on Thursday, August 4th. Mizuho lowered Douglas Emmett from a “buy” rating to a “neutral” rating and set a $37.00 target price on the stock. in a research note on Thursday, August 4th. BTIG Research initiated coverage on Douglas Emmett in a research note on Thursday, August 25th. They set a “neutral” rating on the stock. Barclays PLC increased their price target on Douglas Emmett from $33.00 to $35.00 and gave the company an “underweight” rating in a research report on Monday, August 29th. Finally, JPMorgan Chase & Co. reaffirmed a “buy” rating and issued a $38.00 price target on shares of Douglas Emmett in a research report on Friday. Three equities research analysts have rated the stock with a sell rating, five have issued a hold rating and five have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $35.71.
Douglas Emmett (NYSE:DEI) opened at 34.65 on Friday. The stock has a market cap of $5.25 billion, a price-to-earnings ratio of 66.51 and a beta of 0.86. The firm has a 50-day moving average price of $35.96 and a 200 day moving average price of $35.64. Douglas Emmett has a 1-year low of $24.73 and a 1-year high of $38.71.
Douglas Emmett (NYSE:DEI) last posted its earnings results on Tuesday, November 1st. The real estate investment trust reported $0.47 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.45 by $0.02. Douglas Emmett had a return on equity of 3.04% and a net margin of 11.27%. The firm had revenue of $192.12 million for the quarter, compared to analyst estimates of $104.86 million. During the same quarter in the prior year, the company earned $0.40 EPS. Douglas Emmett’s revenue was up 20.0% on a year-over-year basis. On average, equities research analysts anticipate that Douglas Emmett will post $1.80 EPS for the current fiscal year.
In related news, Chairman Dan A. Emmett sold 140,000 shares of the firm’s stock in a transaction that occurred on Monday, October 24th. The stock was sold at an average price of $36.48, for a total transaction of $5,107,200.00. The transaction was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 23.00% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in DEI. The Manufacturers Life Insurance Company purchased a new position in Douglas Emmett during the third quarter worth about $7,386,000. TLP Group LLC purchased a new position in Douglas Emmett during the third quarter worth about $102,000. Hsbc Holdings PLC increased its position in Douglas Emmett by 0.5% in the third quarter. Hsbc Holdings PLC now owns 571,060 shares of the real estate investment trust’s stock worth $20,918,000 after buying an additional 2,615 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its position in Douglas Emmett by 1.7% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 31,826 shares of the real estate investment trust’s stock worth $1,166,000 after buying an additional 525 shares in the last quarter. Finally, AMP Capital Investors Ltd increased its position in Douglas Emmett by 16.8% in the third quarter. AMP Capital Investors Ltd now owns 2,153,932 shares of the real estate investment trust’s stock worth $78,875,000 after buying an additional 309,800 shares in the last quarter. Hedge funds and other institutional investors own 99.65% 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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