Duke Realty Corporation (DRE) Upgraded 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 released on Monday morning. They currently have $32.00 target price 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.”
Several other research analysts have also commented on the stock. J P Morgan Chase & Co lowered shares of Duke Realty Corporation from an overweight rating to a neutral rating and set a $30.00 price objective for the company. in a research note on Tuesday, September 26th. Bank of America Corporation downgraded shares of Duke Realty Corporation from a buy rating to a neutral rating and reduced their target price for the company from $32.00 to $30.00 in a research note on Friday, June 23rd. BidaskClub lowered shares of Duke Realty Corporation from a hold rating to a sell rating in a report on Tuesday, June 27th. Barclays PLC dropped their price target on shares of Duke Realty Corporation from $26.00 to $25.00 and set an equal weight rating for the company in a research note on Tuesday, July 18th. Finally, Royal Bank Of Canada reaffirmed a buy rating and set a $30.00 price target on shares of Duke Realty Corporation in a research note on Wednesday, June 7th. Six investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Duke Realty Corporation has an average rating of Buy and a consensus price target of $29.45.
Shares of Duke Realty Corporation (NYSE:DRE) opened at 28.96 on Monday. The stock’s 50 day moving average price is $29.28 and its 200-day moving average price is $28.24. Duke Realty Corporation has a 1-year low of $22.97 and a 1-year high of $30.14. The stock has a market cap of $10.30 billion, a price-to-earnings ratio of 7.14 and a beta of 0.93.
Duke Realty Corporation (NYSE:DRE) last announced its earnings results on Wednesday, July 26th. The real estate investment trust reported $0.33 EPS for the quarter, topping the Zacks’ consensus estimate of $0.31 by $0.02. The firm had revenue of $165.84 million during 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 quarter in the previous year, the business earned $0.30 EPS. On average, equities research analysts forecast that Duke Realty Corporation will post $3.71 earnings per share for the current year.
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In other Duke Realty Corporation news, EVP Peter D. Harrington sold 30,000 shares of the company’s stock in a transaction on Wednesday, August 2nd. The stock was sold at an average price of $28.87, for a total value of $866,100.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.26% of the company’s stock.
A number of institutional investors have recently modified their holdings of DRE. Bessemer Group Inc. raised its holdings in shares of Duke Realty Corporation by 4,741.6% in the 2nd quarter. Bessemer Group Inc. now owns 3,728 shares of the real estate investment trust’s stock valued at $104,000 after purchasing an additional 3,651 shares in the last quarter. First Personal Financial Services raised its stake in Duke Realty Corporation by 1.2% in the second quarter. First Personal Financial Services now owns 3,931 shares of the real estate investment trust’s stock worth $110,000 after buying an additional 46 shares in the last quarter. Advisor Group Inc. raised its stake in Duke Realty Corporation by 0.3% in the second quarter. Advisor Group Inc. now owns 4,257 shares of the real estate investment trust’s stock worth $119,000 after buying an additional 12 shares in the last quarter. Toronto Dominion Bank raised its stake in Duke Realty Corporation by 12.6% in the second quarter. Toronto Dominion Bank now owns 4,369 shares of the real estate investment trust’s stock worth $122,000 after buying an additional 488 shares in the last quarter. Finally, Harbour Capital Advisors LLC bought a new position in Duke Realty Corporation in the first quarter worth approximately $132,000. Institutional investors own 93.65% of the company’s stock.
Duke Realty Corporation Company Profile
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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