Zacks: Brokerages Expect Duke Realty Co. (NYSE:DRE) Will Post Quarterly Sales of $277.47 Million

Brokerages expect that Duke Realty Co. (NYSE:DRE) will announce sales of $277.47 million for the current fiscal quarter, Zacks Investment Research reports. Three analysts have provided estimates for Duke Realty’s earnings. The lowest sales estimate is $260.50 million and the highest is $288.15 million. Duke Realty posted sales of $248.67 million during the same quarter last year, which would indicate a positive year-over-year growth rate of 11.6%. The business is scheduled to report its next earnings results on Wednesday, January 26th.

According to Zacks, analysts expect that Duke Realty will report full-year sales of $1.09 billion for the current financial year, with estimates ranging from $1.03 billion to $1.13 billion. For the next financial year, analysts anticipate that the company will post sales of $1.16 billion, with estimates ranging from $1.12 billion to $1.20 billion. Zacks’ sales calculations are a mean average based on a survey of research analysts that cover Duke Realty.

Duke Realty (NYSE:DRE) last released its quarterly earnings data on Wednesday, October 27th. The real estate investment trust reported $1.30 EPS for the quarter, topping analysts’ consensus estimates of $0.44 by $0.86. Duke Realty had a net margin of 82.95% and a return on equity of 16.67%. The firm had revenue of $256.82 million for the quarter, compared to the consensus estimate of $257.16 million. During the same quarter in the previous year, the firm earned $0.40 earnings per share. The firm’s revenue was up 9.1% on a year-over-year basis.

Several equities research analysts have recently issued reports on DRE shares. Wells Fargo & Company increased their price objective on shares of Duke Realty from $52.00 to $55.00 and gave the stock an “overweight” rating in a research report on Monday, August 30th. Morgan Stanley increased their price objective on shares of Duke Realty from $51.00 to $60.00 and gave the stock an “equal weight” rating in a research report on Monday. Robert W. Baird upped their target price on shares of Duke Realty from $48.00 to $56.00 and gave the company an “outperform” rating in a research note on Monday, August 2nd. Truist Securities upped their target price on shares of Duke Realty from $52.00 to $55.00 and gave the company a “buy” rating in a research note on Monday, August 23rd. Finally, The Goldman Sachs Group upped their target price on shares of Duke Realty from $50.00 to $55.00 and gave the company a “neutral” rating in a research note on Thursday, September 16th. Three research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $56.00.

In other Duke Realty news, Director Peter M. Scott III sold 8,000 shares of Duke Realty stock in a transaction that occurred on Thursday, September 2nd. The shares were sold at an average price of $53.41, for a total value of $427,280.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Peter D. Harrington sold 1,969 shares of Duke Realty stock in a transaction that occurred on Wednesday, September 8th. The shares were sold at an average price of $53.44, for a total transaction of $105,223.36. The disclosure for this sale can be found here. Insiders own 0.41% of the company’s stock.

Hedge funds and other institutional investors have recently modified their holdings of the stock. Amundi bought a new stake in shares of Duke Realty in the 2nd quarter valued at about $67,999,000. Invesco Ltd. increased its stake in Duke Realty by 11.8% during the 2nd quarter. Invesco Ltd. now owns 12,060,490 shares of the real estate investment trust’s stock worth $571,064,000 after purchasing an additional 1,276,149 shares in the last quarter. First Trust Advisors LP increased its stake in Duke Realty by 2,981.5% during the 2nd quarter. First Trust Advisors LP now owns 1,312,159 shares of the real estate investment trust’s stock worth $62,131,000 after purchasing an additional 1,269,577 shares in the last quarter. Goldman Sachs Group Inc. increased its stake in Duke Realty by 33.7% during the 2nd quarter. Goldman Sachs Group Inc. now owns 3,727,559 shares of the real estate investment trust’s stock worth $176,499,000 after purchasing an additional 938,973 shares in the last quarter. Finally, Renaissance Technologies LLC increased its stake in Duke Realty by 1,331.8% during the 3rd quarter. Renaissance Technologies LLC now owns 720,200 shares of the real estate investment trust’s stock worth $34,476,000 after purchasing an additional 669,900 shares in the last quarter. Institutional investors and hedge funds own 96.50% of the company’s stock.

Shares of Duke Realty stock traded up $0.78 during trading hours on Friday, hitting $59.91. The company’s stock had a trading volume of 1,015,849 shares, compared to its average volume of 1,741,971. Duke Realty has a 1-year low of $37.54 and a 1-year high of $60.07. The business has a fifty day moving average of $53.74 and a 200 day moving average of $50.84. The company has a market capitalization of $22.82 billion, a PE ratio of 24.65, a P/E/G ratio of 4.28 and a beta of 0.62. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.56.

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, November 30th. Stockholders of record on Tuesday, November 16th will be given a $0.28 dividend. This is an increase from Duke Realty’s previous quarterly dividend of $0.26. This represents a $1.12 dividend on an annualized basis and a dividend yield of 1.87%. The ex-dividend date of this dividend is Monday, November 15th. Duke Realty’s dividend payout ratio (DPR) is presently 46.09%.

About Duke Realty

Duke Realty Corp. operates as a real estate development company, which specializes in the ownership, management and development of industrial and medical office properties. It offers property and asset management, leasing, construction and other tenant related services. Its diversified portfolio of rental properties encompass various business houses such as government services, manufacturing, retailing, wholesale trade, distribution, healthcare and professional services.

Read More: What is Call Option Volume?

Get a free copy of the Zacks research report on Duke Realty (DRE)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Earnings History and Estimates for Duke Realty (NYSE:DRE)

Receive News & Ratings for Duke Realty Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Duke Realty and related companies with MarketBeat.com's FREE daily email newsletter.