Duke Realty Corp. (DRE) Downgraded by Zacks Investment Research to “Hold”
Duke Realty Corp. (NYSE:DRE) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Wednesday.
According to Zacks, “Recently, Duke Realty’s senior unsecured ratings have been upgraded to Baa1 from Baa2 with a stable outlook by the Moody's Investors Service. The rating agency also acknowledged the company’s suitably situated portfolio of industrial assets that would help in leveraging on the growing demand for premium logistic facilities amid limited supply. Also, year to date, Duke Realty’s share price outperformed the Zacks categorized REIT and Equity Trust – Other industry. Earlier, the company reported third-quarter 2016 core funds from operations (FFO) per share of $0.31, beating the Zacks Consensus Estimate by $0.01. Also, the company closed substantial disposition of office property and remains on track to dispose additional suburban office assets going forward and finally exit this asset class. Yet, near-term dilutive effect of divestiture and any further rise in the interest rate are the plausible concerns.”
Several other brokerages also recently issued reports on DRE. Stifel Nicolaus upped their target price on shares of Duke Realty Corp. from $28.00 to $30.00 and gave the stock a “buy” rating in a research note on Tuesday, August 2nd. Morgan Stanley reiterated a “buy” rating and issued a $31.00 target price on shares of Duke Realty Corp. in a research note on Wednesday, September 7th. BTIG Research initiated coverage on shares of Duke Realty Corp. in a research report on Thursday, August 25th. They set a “neutral” rating on the stock. Mizuho initiated coverage on shares of Duke Realty Corp. in a research report on Wednesday, September 28th. They set a “neutral” rating and a $29.00 price objective on the stock. Finally, Robert W. Baird upgraded shares of Duke Realty Corp. from a “neutral” rating to an “outperform” rating and set a $30.00 price objective on the stock in a research report on Monday. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and seven have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $27.15.
Duke Realty Corp. (NYSE:DRE) traded down 1.74% during mid-day trading on Wednesday, reaching $25.36. The company had a trading volume of 1,502,027 shares. The firm has a market capitalization of $9.00 billion, a price-to-earnings ratio of 30.85 and a beta of 1.02. The firm has a 50-day moving average price of $25.07 and a 200 day moving average price of $26.13. Duke Realty Corp. has a 12-month low of $18.52 and a 12-month high of $28.99.
Duke Realty Corp. (NYSE:DRE) last issued its earnings results on Wednesday, October 26th. The real estate investment trust reported $0.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.30 by $0.01. The firm had revenue of $226.19 million for the quarter, compared to the consensus estimate of $201.81 million. Duke Realty Corp. had a net margin of 32.10% and a return on equity of 8.46%. The business’s revenue was down 3.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.29 earnings per share. Analysts expect that Duke Realty Corp. will post $1.20 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 30th. Stockholders of record on Wednesday, November 16th will be paid a $0.19 dividend. The ex-dividend date of this dividend is Monday, November 14th. This is a boost from Duke Realty Corp.’s previous quarterly dividend of $0.18. This represents a $0.76 dividend on an annualized basis and a dividend yield of 2.94%. Duke Realty Corp.’s dividend payout ratio is 92.68%.
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Hedge funds have recently made changes to their positions in the company. Howe & Rusling Inc. boosted its stake in shares of Duke Realty Corp. by 193.2% in the second quarter. Howe & Rusling Inc. now owns 4,075 shares of the real estate investment trust’s stock worth $109,000 after buying an additional 2,685 shares during the period. IFP Advisors Inc boosted its stake in shares of Duke Realty Corp. by 167.1% in the second quarter. IFP Advisors Inc now owns 4,226 shares of the real estate investment trust’s stock worth $113,000 after buying an additional 2,644 shares during the period. Advisor Group Inc. boosted its stake in shares of Duke Realty Corp. by 42.9% in the third quarter. Advisor Group Inc. now owns 5,106 shares of the real estate investment trust’s stock worth $139,000 after buying an additional 1,534 shares during the period. DUPONT CAPITAL MANAGEMENT Corp purchased a new stake in shares of Duke Realty Corp. during the third quarter worth about $161,000. Finally, Quadrant Capital Group LLC boosted its stake in shares of Duke Realty Corp. by 2.5% in the second quarter. Quadrant Capital Group LLC now owns 6,365 shares of the real estate investment trust’s stock worth $165,000 after buying an additional 157 shares during the period. 94.86% of the stock is owned by hedge funds and other institutional investors.
About Duke Realty Corp.
Duke Realty Corporation is a self-administered and self-managed real estate investment trust (REIT). The Company operates in four segments: industrial, medical office, office real estate investments and service operations. The Service operations segment consists of various real estate services, such as property management, asset management, maintenance, leasing, development, general contracting and construction management to third-party property owners and joint ventures.
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