Trade Report: Today, Prudential Financial Inc. Cuts Position in Duke Realty Corp. (DRE)

Today, Prudential Financial Inc. Cuts Position in Duke Realty Corp. (DRE)

Prudential Financial Inc. decreased its stake in shares of Duke Realty Corp. (NYSE:DRE) by 23.1% during the third quarter, Holdings Channel reports. The fund owned 3,638,399 shares of the real estate investment trust’s stock after selling 1,094,641 shares during the period. Prudential Financial Inc.’s holdings in Duke Realty Corp. were worth $99,437,000 at the end of the most recent quarter.

A number of other institutional investors also recently added to or reduced their stakes in the stock. Howe & Rusling Inc. boosted its position in shares of Duke Realty Corp. by 193.2% in the second quarter. Howe & Rusling Inc. now owns 4,075 shares of the real estate investment trust’s stock worth $109,000 after buying an additional 2,685 shares in the last quarter. IFP Advisors Inc boosted its position in shares of Duke Realty Corp. by 167.1% in the second quarter. IFP Advisors Inc now owns 4,226 shares of the real estate investment trust’s stock worth $113,000 after buying an additional 2,644 shares in the last quarter. DUPONT CAPITAL MANAGEMENT Corp acquired a new position in shares of Duke Realty Corp. during the third quarter worth about $161,000. Quadrant Capital Group LLC boosted its position in shares of Duke Realty Corp. by 2.5% in the second quarter. Quadrant Capital Group LLC now owns 6,365 shares of the real estate investment trust’s stock worth $165,000 after buying an additional 157 shares in the last quarter. Finally, Investment Counselors of Maryland LLC boosted its position in shares of Duke Realty Corp. by 5.4% in the third quarter. Investment Counselors of Maryland LLC now owns 6,653 shares of the real estate investment trust’s stock worth $182,000 after buying an additional 340 shares in the last quarter. Hedge funds and other institutional investors own 94.86% of the company’s stock.

Duke Realty Corp. (NYSE:DRE) opened at 25.38 on Tuesday. The stock has a 50 day moving average of $25.07 and a 200 day moving average of $26.13. Duke Realty Corp. has a 52 week low of $18.52 and a 52 week high of $28.99. The company has a market cap of $9.00 billion, a price-to-earnings ratio of 30.88 and a beta of 1.02.

Duke Realty Corp. (NYSE:DRE) last announced its earnings results on Wednesday, October 26th. The real estate investment trust reported $0.31 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.30 by $0.01. The company earned $226.19 million during the quarter, compared to analysts’ expectations of $201.81 million. Duke Realty Corp. had a net margin of 32.10% and a return on equity of 8.46%. Duke Realty Corp.’s quarterly revenue was down 3.6% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.29 earnings per share. Equities research analysts predict that Duke Realty Corp. will post $1.20 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, November 30th. Stockholders of record on Wednesday, November 16th will be given a $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a dividend yield of 2.99%. The ex-dividend date is Monday, November 14th. This is a boost from Duke Realty Corp.’s previous quarterly dividend of $0.18. Duke Realty Corp.’s payout ratio is presently 92.68%.

A number of brokerages have recently issued reports on DRE. Royal Bank Of Canada increased their price objective on shares of Duke Realty Corp. from $24.00 to $30.00 and gave the company an “outperform” rating in a research note on Monday, August 1st. Stifel Nicolaus increased their price objective on shares of Duke Realty Corp. from $28.00 to $30.00 and gave the company a “buy” rating in a research note on Tuesday, August 2nd. RBC Capital Markets restated an “outperform” rating and issued a $30.00 price objective (up previously from $24.00) on shares of Duke Realty Corp. in a research note on Monday, August 1st. Morgan Stanley restated a “buy” rating and issued a $31.00 price objective on shares of Duke Realty Corp. in a research note on Wednesday, September 7th. Finally, BTIG Research assumed coverage on shares of Duke Realty Corp. in a research note on Thursday, August 25th. They issued a “neutral” rating for the company. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and eight have issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $27.15.

About Duke Realty Corp.

Duke Realty Corporation is a self-administered and self-managed real estate investment trust (REIT). The Company operates in four segments: industrial, medical office, office real estate investments and service operations. The Service operations segment consists of various real estate services, such as property management, asset management, maintenance, leasing, development, general contracting and construction management to third-party property owners and joint ventures.

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