Retirement Systems of Alabama reduced its stake in Duke Realty Corp (NYSE:DRE) by 62.4% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 172,586 shares of the real estate investment trust’s stock after selling 285,829 shares during the quarter. Retirement Systems of Alabama’s holdings in Duke Realty were worth $4,974,000 at the end of the most recent reporting period.
Several other hedge funds also recently modified their holdings of DRE. Bessemer Group Inc. grew its position in shares of Duke Realty by 4,741.6% in the 2nd quarter. Bessemer Group Inc. now owns 3,728 shares of the real estate investment trust’s stock valued at $104,000 after buying an additional 3,651 shares during the last quarter. First Personal Financial Services grew its position in Duke Realty by 1.2% during the 2nd quarter. First Personal Financial Services now owns 3,931 shares of the real estate investment trust’s stock worth $110,000 after purchasing an additional 46 shares during the last quarter. Advisor Group Inc. grew its position in Duke Realty by 0.3% during the 2nd quarter. Advisor Group Inc. now owns 4,257 shares of the real estate investment trust’s stock worth $119,000 after purchasing an additional 12 shares during the last quarter. Toronto Dominion Bank grew its position in Duke Realty by 12.6% during the 2nd quarter. Toronto Dominion Bank now owns 4,369 shares of the real estate investment trust’s stock worth $122,000 after purchasing an additional 488 shares during the last quarter. Finally, Fiduciary Trust Co. purchased a new position in Duke Realty during the 2nd quarter worth $201,000. Hedge funds and other institutional investors own 94.09% of the company’s stock.
Duke Realty Corp (NYSE:DRE) traded up $0.40 on Thursday, reaching $27.78. 2,021,115 shares of the company traded hands, compared to its average volume of 2,686,115. The firm has a market capitalization of $9,744.02, a PE ratio of 21.89, a PEG ratio of 5.04 and a beta of 0.90. Duke Realty Corp has a 1 year low of $23.93 and a 1 year high of $30.14. The company has a quick ratio of 3.23, a current ratio of 3.23 and a debt-to-equity ratio of 0.45.
Duke Realty (NYSE:DRE) last issued its earnings results on Wednesday, October 25th. The real estate investment trust reported $0.30 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.29 by $0.01. The company had revenue of $169.61 million for the quarter, compared to analysts’ expectations of $168.75 million. Duke Realty had a net margin of 178.66% and a return on equity of 6.36%. The firm’s revenue was up 4.5% compared to the same quarter last year. During the same period in the prior year, the company earned $0.31 earnings per share. sell-side analysts predict that Duke Realty Corp will post 1.24 earnings per share for the current year.
The business also recently announced a special dividend, which will be paid on Tuesday, December 12th. Investors of record on Friday, December 1st will be given a $0.85 dividend. This represents a yield of 2.74%. The ex-dividend date of this dividend is Thursday, November 30th. This is a positive change from Duke Realty’s previous special dividend of $0.20. Duke Realty’s dividend payout ratio is currently 19.18%.
Several brokerages have recently weighed in on DRE. BMO Capital Markets assumed coverage on shares of Duke Realty in a report on Monday, September 11th. They issued a “market perform” rating and a $30.00 target price on the stock. BidaskClub upgraded shares of Duke Realty from a “hold” rating to a “buy” rating in a research note on Wednesday, August 23rd. Zacks Investment Research cut shares of Duke Realty from a “buy” rating to a “hold” rating in a research report on Tuesday, October 31st. Robert W. Baird cut their target price on shares of Duke Realty from $32.00 to $31.00 and set an “outperform” rating for the company in a research report on Tuesday, October 31st. Finally, Stifel Nicolaus reiterated a “buy” rating and set a $31.00 price target on shares of Duke Realty in a report on Thursday, September 21st. Seven investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Duke Realty presently has an average rating of “Hold” and a consensus price target of $29.55.
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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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