Zacks Investment Research Downgrades Duke Realty Corporation (DRE) to Hold

Duke Realty Corporation (NYSE:DRE) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Tuesday.

According to Zacks, “Duke Realty’s third-quarter 2017 core funds from operations (FFO) per share of 30 cents surpassed the Zacks Consensus Estimate. Results reflect year-over-year growth in rental revenues and same-property net operating income. Further, the company narrowed its core FFO per share outlook for full-year 2017. Notably, the company made solid progress with the sale of its medical office assets, which is in line with its strategy of turning itself into a leading domestic pure play industrial real estate investment trust (REIT). The company’s shares have also outperformed the industry it belongs to, year to date. However, asset dispositions are expected to have a dilution effect on earnings in the near term. Further, stiff competition and rate hikes remain concerns.”

Several other research analysts have also commented on DRE. J P Morgan Chase & Co lowered shares of Duke Realty Corporation from an “overweight” rating to a “neutral” rating and set a $30.00 price target on the stock. in a research note on Tuesday, September 26th. Stifel Nicolaus restated a “buy” rating and issued a $31.00 price target on shares of Duke Realty Corporation in a research report on Thursday, September 21st. Barclays PLC reduced their price objective on shares of Duke Realty Corporation from $26.00 to $25.00 and set an “equal weight” rating for the company in a report on Tuesday, July 18th. Morgan Stanley raised their price objective on shares of Duke Realty Corporation from $29.00 to $31.00 and gave the stock an “overweight” rating in a report on Monday, July 17th. Finally, BidaskClub raised shares of Duke Realty Corporation from a “hold” rating to a “buy” rating in a report on Wednesday, August 23rd. Seven equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $29.55.

Duke Realty Corporation (NYSE:DRE) last issued its earnings results on Wednesday, October 25th. The real estate investment trust reported $0.30 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.29 by $0.01. The business had revenue of $169.61 million for the quarter, compared to analyst estimates of $168.75 million. Duke Realty Corporation had a net margin of 178.66% and a return on equity of 6.36%. The company’s revenue for the quarter was up 4.5% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.31 EPS.

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Several hedge funds have recently bought and sold shares of the company. Bessemer Group Inc. raised its position in shares of Duke Realty Corporation by 4,741.6% during the 2nd quarter. Bessemer Group Inc. now owns 3,728 shares of the real estate investment trust’s stock worth $104,000 after purchasing an additional 3,651 shares during the last quarter. First Personal Financial Services raised its stake in shares of Duke Realty Corporation by 1.2% in the 2nd quarter. First Personal Financial Services now owns 3,931 shares of the real estate investment trust’s stock valued at $110,000 after purchasing an additional 46 shares in the last quarter. Advisor Group Inc. raised its stake in shares of Duke Realty Corporation by 0.3% in the 2nd quarter. Advisor Group Inc. now owns 4,257 shares of the real estate investment trust’s stock valued at $119,000 after purchasing an additional 12 shares in the last quarter. Toronto Dominion Bank raised its stake in shares of Duke Realty Corporation by 12.6% in the 2nd quarter. Toronto Dominion Bank now owns 4,369 shares of the real estate investment trust’s stock valued at $122,000 after purchasing an additional 488 shares in the last quarter. Finally, Fiduciary Trust Co. acquired a new stake in shares of Duke Realty Corporation in the 2nd quarter valued at about $201,000. Institutional investors own 92.71% of the company’s stock.

About Duke Realty Corporation

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.

Analyst Recommendations for Duke Realty Corporation (NYSE:DRE)

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