Duke Realty Corp (DRE) Earns Buy Rating from Royal Bank of Canada
Duke Realty Corp (NYSE:DRE)‘s stock had its “buy” rating reiterated by stock analysts at Royal Bank of Canada in a research report issued on Wednesday. They presently have a $30.00 price objective on the real estate investment trust’s stock. Royal Bank of Canada’s price target suggests a potential upside of 4.49% from the stock’s previous close.
Several other equities analysts also recently issued reports on DRE. BMO Capital Markets reissued a “hold” rating and set a $28.00 price objective on shares of Duke Realty Corp in a research note on Monday, March 20th. Bank of America Corp raised shares of Duke Realty Corp from a “neutral” rating to a “buy” rating and upped their price objective for the company from $28.00 to $30.00 in a research note on Wednesday, April 5th. Zacks Investment Research raised shares of Duke Realty Corp from a “sell” rating to a “hold” rating in a research note on Thursday, April 6th. Finally, Barclays PLC upped their price objective on shares of Duke Realty Corp from $25.00 to $26.00 and gave the company an “equal weight” rating in a research note on Wednesday, April 19th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and eight have issued a buy rating to the stock. Duke Realty Corp has an average rating of “Buy” and a consensus price target of $28.75.
Duke Realty Corp (DRE) traded down 0.56% during mid-day trading on Wednesday, hitting $28.55. 1,175,526 shares of the stock traded hands. The stock’s 50 day moving average is $28.17 and its 200-day moving average is $26.50. Duke Realty Corp has a 12 month low of $22.97 and a 12 month high of $29.25. The company has a market cap of $10.15 billion, a price-to-earnings ratio of 29.99 and a beta of 0.93.
Duke Realty Corp (NYSE:DRE) last announced its quarterly earnings data on Wednesday, April 26th. The real estate investment trust reported $0.32 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.29 by $0.03. The business had revenue of $227.30 million for the quarter, compared to the consensus estimate of $204.47 million. Duke Realty Corp had a net margin of 31.14% and a return on equity of 8.06%. The company’s quarterly revenue was up 1.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.28 earnings per share. On average, equities research analysts anticipate that Duke Realty Corp will post $0.36 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Wednesday, May 31st. Shareholders of record on Tuesday, May 16th were paid a dividend of $0.19 per share. This represents a $0.76 dividend on an annualized basis and a yield of 2.65%. The ex-dividend date was Friday, May 12th. Duke Realty Corp’s dividend payout ratio is currently 86.36%.
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In other Duke Realty Corp news, Director Peter M. Scott III sold 2,500 shares of the stock in a transaction that occurred on Monday, May 15th. The shares were sold at an average price of $28.25, for a total transaction of $70,625.00. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Jack R. Shaw sold 4,803 shares of the stock in a transaction that occurred on Wednesday, May 3rd. The stock was sold at an average price of $27.57, for a total transaction of $132,418.71. The disclosure for this sale can be found here. Company insiders own 0.40% of the company’s stock.
Institutional investors have recently bought and sold shares of the company. BlackRock Inc. increased its position in Duke Realty Corp by 1,882.9% in the first quarter. BlackRock Inc. now owns 42,270,388 shares of the real estate investment trust’s stock worth $1,110,444,000 after buying an additional 40,138,665 shares in the last quarter. Lasalle Investment Management Securities LLC increased its position in Duke Realty Corp by 5,386.3% in the first quarter. Lasalle Investment Management Securities LLC now owns 6,857,824 shares of the real estate investment trust’s stock worth $180,155,000 after buying an additional 6,732,824 shares in the last quarter. Daiwa Securities Group Inc. increased its position in Duke Realty Corp by 7,126.9% in the first quarter. Daiwa Securities Group Inc. now owns 6,215,141 shares of the real estate investment trust’s stock worth $163,272,000 after buying an additional 6,129,141 shares in the last quarter. Norges Bank bought a new position in Duke Realty Corp during the fourth quarter worth $81,956,000. Finally, Vanguard Group Inc. increased its position in Duke Realty Corp by 3.2% in the first quarter. Vanguard Group Inc. now owns 56,951,515 shares of the real estate investment trust’s stock worth $1,496,116,000 after buying an additional 1,744,485 shares in the last quarter. 93.13% of the stock is currently owned by institutional investors.
About Duke Realty Corp
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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