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. They currently have $32.00 price target on the real estate investment trust’s stock.
According to Zacks, “Duke Realty’s third-quarter 2017 core funds from operations (FFO) per share of 30 cents surpassed the Zacks Consensus Estimate. Results reflect year-over-year growth in rental revenues and same-property net operating income. Further, the company narrowed its core FFO per share outlook for full-year 2017. Notably, the company made solid progress with the sale of its medical office assets, which is in line with its strategy of turning itself into a leading domestic pure play industrial real estate investment trust (REIT). Importantly, the industrial real estate market is enjoying elevated demand for logistics infrastructure amid an e-commerce boom. The company’s shares have also outperformed the industry it belongs to, year to date. However, asset dispositions are expected to have a dilution effect on earnings in the near term.”
A number of other equities research analysts have also issued reports on DRE. Morgan Stanley increased their target price on Duke Realty Corporation from $29.00 to $31.00 and gave the company an overweight rating in a research note on Monday, July 17th. Barclays PLC lowered their target price on 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. BidaskClub upgraded Duke Realty Corporation from a sell rating to a hold rating in a research note on Wednesday, July 19th. BMO Capital Markets initiated coverage on Duke Realty Corporation in a research note on Monday, September 11th. They issued a market perform rating and a $30.00 target price for the company. Finally, Stifel Nicolaus reiterated a buy rating and issued a $31.00 target price on shares of Duke Realty Corporation in a research note on Thursday, September 21st. Seven analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. The stock presently has a consensus rating of Hold and an average target price of $29.55.
Duke Realty Corporation (NYSE:DRE) last posted its earnings results on Wednesday, October 25th. The real estate investment trust reported $0.30 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.29 by $0.01. Duke Realty Corporation had a return on equity of 6.36% and a net margin of 178.66%. The business had revenue of $169.61 million during the quarter, compared to analyst estimates of $168.75 million. During the same quarter last year, the firm earned $0.31 earnings per share. The company’s revenue for the quarter was up 4.5% compared to the same quarter last year.
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The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, November 30th. Shareholders of record on Thursday, November 16th will be paid a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 2.79%. The ex-dividend date is Wednesday, November 15th. This is a positive change from Duke Realty Corporation’s previous quarterly dividend of $0.19. Duke Realty Corporation’s dividend payout ratio (DPR) is 18.23%.
A number of hedge funds and other institutional investors have recently modified their holdings of DRE. Brookfield Asset Management Inc. acquired a new stake in Duke Realty Corporation during the 2nd quarter valued at approximately $130,756,000. BlackRock Inc. grew its stake 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 purchasing an additional 3,652,025 shares in the last quarter. Boston Partners bought a new position in Duke Realty Corporation during the 3rd quarter worth approximately $93,065,000. Daiwa Securities Group Inc. lifted its holdings 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 worth $226,671,000 after buying an additional 1,894,749 shares during the last quarter. Finally, Russell Investments Group Ltd. lifted its holdings in Duke Realty Corporation by 355.3% during the 2nd quarter. Russell Investments Group Ltd. now owns 1,886,452 shares of the real estate investment trust’s stock worth $52,675,000 after buying an additional 1,472,089 shares during the last quarter. Hedge funds and other institutional investors own 92.71% of the company’s stock.
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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