Drive Shack Inc. (NYSE:DS) issued its quarterly earnings data on Wednesday. The real estate investment trust reported $0.13 EPS for the quarter, beating the consensus estimate of ($0.06) by $0.19, Bloomberg Earnings reports. Drive Shack had a positive return on equity of 25.92% and a negative net margin of 7.05%. The firm had revenue of $81.70 million during the quarter, compared to analyst estimates of $81.50 million. The company’s quarterly revenue was down 1.8% on a year-over-year basis.
Separately, Zacks Investment Research raised Drive Shack from a “sell” rating to a “hold” rating in a research report on Tuesday, July 18th.
Institutional investors and hedge funds have recently made changes to their positions in the stock. The Manufacturers Life Insurance Company lifted its position in Drive Shack by 2,622.7% in the second quarter. The Manufacturers Life Insurance Company now owns 59,219 shares of the real estate investment trust’s stock valued at $187,000 after acquiring an additional 57,044 shares during the last quarter. California State Teachers Retirement System purchased a new stake in Drive Shack in the second quarter valued at $347,000. Finally, State Street Corp lifted its position in Drive Shack by 626.6% in the second quarter. State Street Corp now owns 741,630 shares of the real estate investment trust’s stock valued at $2,335,000 after acquiring an additional 639,566 shares during the last quarter. 41.64% of the stock is owned by hedge funds and other institutional investors.
Drive Shack Company Profile
Drive Shack Inc, formerly Newcastle Investment Corp., is a leisure company. The Company is an owner and operator of golf-related leisure and entertainment businesses. The Company’s portfolio consists of Drive Shack, which is engaged in developing nationwide network of golf entertainment venues; American Golf Corporation, which is a golf course company, and real estate-related assets.
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