Zacks Investment Research cut shares of Duke Realty (NYSE:DRE) from a hold rating to a sell rating in a research note published on Monday.
According to Zacks, “Shares of Duke Realty have underperformed the industry it belongs to, in the past six months. Notably, the medical office asset sale enabled the company to turn itself into a leading domestic pure play industrial REIT. However, such large-scale asset dispositions are expected to have a dilutive effect on earnings in the near term. Additionally, the company has an extensive development pipeline that exposes it to operational risks, lease-up risks and entitlement delays. Further, stiff competition and rate hike remain concerns. Nonetheless, Duke Realty is well positioned to benefit from escalating demand for industrial properties by offering modern distribution facilities in strategic in-fill locations.”
DRE has been the subject of several other research reports. Royal Bank of Canada cut Duke Realty from an outperform rating to a sector perform rating and lifted their price target for the company from $29.00 to $31.00 in a report on Wednesday, January 3rd. JPMorgan Chase & Co. cut Duke Realty from an overweight rating to a neutral rating and set a $30.00 price target for the company. in a report on Tuesday, September 26th. Morgan Stanley restated an overweight rating and issued a $31.00 price target on shares of Duke Realty in a report on Thursday, December 14th. Stifel Nicolaus restated a buy rating and issued a $31.00 price target on shares of Duke Realty in a report on Thursday, September 21st. Finally, Citigroup upgraded Duke Realty from a neutral rating to a buy rating and set a $32.00 price target for the company in a report on Thursday, December 14th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and six have assigned a buy rating to the stock. Duke Realty currently has an average rating of Hold and an average target price of $29.75.
Duke Realty (NYSE:DRE) last posted its quarterly earnings results on Wednesday, October 25th. The real estate investment trust reported $0.30 EPS for the quarter, beating the consensus estimate of $0.29 by $0.01. The company had revenue of $169.61 million during the quarter, compared to analysts’ expectations of $168.75 million. Duke Realty had a return on equity of 6.36% and a net margin of 178.66%. The firm’s revenue was up 4.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.31 EPS. equities research analysts predict that Duke Realty will post 1.24 EPS for the current year.
Several large investors have recently modified their holdings of DRE. Pacer Advisors Inc. grew its holdings in shares of Duke Realty by 8.3% during the 2nd quarter. Pacer Advisors Inc. now owns 8,421 shares of the real estate investment trust’s stock worth $235,000 after purchasing an additional 645 shares during the period. Neuberger Berman Group LLC grew its holdings in shares of Duke Realty by 20.1% during the 2nd quarter. Neuberger Berman Group LLC now owns 34,215 shares of the real estate investment trust’s stock worth $956,000 after purchasing an additional 5,723 shares during the period. Fiduciary Trust Co. purchased a new stake in shares of Duke Realty during the 2nd quarter worth about $201,000. Tredje AP fonden grew its holdings in shares of Duke Realty by 4.0% during the 2nd quarter. Tredje AP fonden now owns 39,310 shares of the real estate investment trust’s stock worth $1,099,000 after purchasing an additional 1,518 shares during the period. Finally, AXA purchased a new stake in shares of Duke Realty during the 2nd quarter worth about $5,843,000. Institutional investors and hedge funds own 94.02% of the company’s stock.
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Duke Realty 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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