Duke Realty (NYSE:DRE) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors 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.”
Other research analysts have also issued reports about the stock. Stifel Nicolaus restated a “buy” rating and set a $31.00 price objective on shares of Duke Realty in a research note on Thursday, September 21st. Robert W. Baird decreased their price target on shares of Duke Realty from $32.00 to $31.00 and set an “outperform” rating on the stock in a research note on Tuesday, October 31st. BMO Capital Markets started coverage on shares of Duke Realty in a research note on Monday, September 11th. They issued a “market perform” rating and a $30.00 price target on the stock. Citigroup upgraded shares of Duke Realty from a “neutral” rating to a “buy” rating and set a $32.00 price target on the stock in a research note on Thursday, December 14th. Finally, Royal Bank of Canada reissued a “sector perform” rating and issued a $31.00 price objective (up previously from $29.00) on shares of Duke Realty in a research note on Wednesday, January 3rd. Two analysts have rated the stock with a sell rating, five have issued a hold rating and six have given a buy rating to the company. The company has an average rating of “Hold” and a consensus price target of $29.82.
Shares of Duke Realty (DRE) opened at $26.78 on Monday. The company has a debt-to-equity ratio of 0.53, a current ratio of 4.43 and a quick ratio of 3.23. Duke Realty has a 52 week low of $24.69 and a 52 week high of $30.14. The stock has a market cap of $9,537.46, a price-to-earnings ratio of 5.87, a price-to-earnings-growth ratio of 4.86 and a beta of 0.77.
Several institutional investors have recently added to or reduced their stakes in DRE. Brookfield Asset Management Inc. bought a new position in shares of Duke Realty in the second quarter valued at $130,756,000. BlackRock Inc. lifted its position in shares of Duke Realty by 8.6% during the second quarter. BlackRock Inc. now owns 45,922,413 shares of the real estate investment trust’s stock valued at $1,283,532,000 after purchasing an additional 3,652,025 shares in the last quarter. Boston Partners bought a new position in shares of Duke Realty during the third quarter valued at about $93,065,000. Lord Abbett & CO. LLC lifted its position in shares of Duke Realty by 95.4% during the second quarter. Lord Abbett & CO. LLC now owns 2,973,900 shares of the real estate investment trust’s stock valued at $83,121,000 after purchasing an additional 1,452,100 shares in the last quarter. Finally, Duff & Phelps Investment Management Co. lifted its position in shares of Duke Realty by 44.1% during the third quarter. Duff & Phelps Investment Management Co. now owns 2,732,853 shares of the real estate investment trust’s stock valued at $78,761,000 after purchasing an additional 835,750 shares in the last quarter. 94.13% of the stock is currently owned by hedge funds and other 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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