Duke Realty (NYSE:DRE) Downgraded by Zacks Investment Research

Duke Realty (NYSE:DRE) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued on Monday, January 8th.

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.”

A number of other brokerages have also issued reports on DRE. Stifel Nicolaus reiterated a “buy” rating and set a $31.00 target price on shares of Duke Realty in a research report on Thursday, September 21st. Robert W. Baird cut their price objective on shares of Duke Realty from $32.00 to $31.00 and set an “outperform” rating on the stock in a report on Tuesday, October 31st. BMO Capital Markets initiated coverage on shares of Duke Realty in a report on Monday, September 11th. They issued a “market perform” rating and a $30.00 price objective on the stock. Citigroup upgraded shares of Duke Realty from a “neutral” rating to a “buy” rating and set a $32.00 price objective on the stock in a report on Thursday, December 14th. Finally, Royal Bank of Canada restated a “sector perform” rating and issued a $31.00 price objective (up from $29.00) on shares of Duke Realty in a report on Wednesday, January 3rd. Two analysts have rated the stock with a sell rating, five have issued a hold rating and six have assigned a buy rating to the company’s stock. Duke Realty presently has an average rating of “Hold” and an average target price of $29.75.

Shares of Duke Realty (NYSE DRE) traded up $0.09 during trading on Monday, reaching $25.80. 2,908,054 shares of the company’s stock traded hands, compared to its average volume of 2,186,150. Duke Realty has a 1 year low of $23.93 and a 1 year high of $30.14. The company has a market capitalization of $9,156.38, a PE ratio of 6.19, a price-to-earnings-growth ratio of 4.68 and a beta of 0.90. The company has a debt-to-equity ratio of 0.45, a current ratio of 3.23 and a quick ratio of 3.23.

Duke Realty (NYSE:DRE) last announced its earnings results on Wednesday, October 25th. The real estate investment trust reported $0.30 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.29 by $0.01. Duke Realty had a net margin of 178.66% and a return on equity of 6.36%. The company had revenue of $169.61 million for the quarter, compared to analyst estimates of $168.75 million. During the same period in the prior year, the business earned $0.31 earnings per share. Duke Realty’s quarterly revenue was up 4.5% on a year-over-year basis. equities analysts expect that Duke Realty will post 1.24 EPS for the current fiscal year.

Several hedge funds have recently modified their holdings of the company. KAMES CAPITAL plc bought a new stake in shares of Duke Realty during the fourth quarter worth $1,212,000. DnB Asset Management AS increased its position in shares of Duke Realty by 20.7% during the fourth quarter. DnB Asset Management AS now owns 42,042 shares of the real estate investment trust’s stock worth $1,144,000 after acquiring an additional 7,200 shares in the last quarter. Prudential Financial Inc. increased its position in shares of Duke Realty by 8.8% during the third quarter. Prudential Financial Inc. now owns 2,925,482 shares of the real estate investment trust’s stock worth $84,313,000 after acquiring an additional 237,094 shares in the last quarter. Parametric Portfolio Associates LLC increased its position in shares of Duke Realty by 5.4% during the third quarter. Parametric Portfolio Associates LLC now owns 451,335 shares of the real estate investment trust’s stock worth $13,007,000 after acquiring an additional 23,324 shares in the last quarter. Finally, AXA increased its position in shares of Duke Realty by 324.6% during the third quarter. AXA now owns 887,607 shares of the real estate investment trust’s stock worth $25,581,000 after acquiring an additional 678,543 shares in the last quarter. 94.02% of the stock is owned by institutional investors.

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About Duke Realty

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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