Bank of America Corp DE Decreases Holdings in Duke Realty Co. (NYSE:DRE)

Bank of America Corp DE cut its stake in shares of Duke Realty Co. (NYSE:DREGet Rating) by 4.8% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 4,619,367 shares of the real estate investment trust’s stock after selling 232,433 shares during the period. Bank of America Corp DE owned about 1.20% of Duke Realty worth $268,200,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in DRE. Norges Bank purchased a new stake in Duke Realty during the 4th quarter valued at $446,572,000. Victory Capital Management Inc. raised its stake in Duke Realty by 986.1% during the 1st quarter. Victory Capital Management Inc. now owns 2,303,027 shares of the real estate investment trust’s stock valued at $133,243,000 after buying an additional 2,090,991 shares during the last quarter. State Street Corp raised its stake in Duke Realty by 7.9% during the 1st quarter. State Street Corp now owns 25,824,883 shares of the real estate investment trust’s stock valued at $1,499,393,000 after buying an additional 1,887,454 shares during the last quarter. BlackRock Inc. raised its stake in Duke Realty by 3.9% during the 4th quarter. BlackRock Inc. now owns 38,729,322 shares of the real estate investment trust’s stock valued at $2,542,194,000 after buying an additional 1,450,374 shares during the last quarter. Finally, Waterfront Capital Partners LLC purchased a new stake in Duke Realty during the 1st quarter valued at $78,532,000. 95.44% of the stock is currently owned by hedge funds and other institutional investors.

Duke Realty Trading Down 0.8 %

Shares of DRE stock opened at $53.47 on Tuesday. Duke Realty Co. has a 52-week low of $47.12 and a 52-week high of $66.22. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.23 and a current ratio of 1.23. The firm has a market capitalization of $20.59 billion, a PE ratio of 21.47, a PEG ratio of 3.60 and a beta of 0.72. The stock has a fifty day simple moving average of $60.27 and a two-hundred day simple moving average of $56.94.

Duke Realty (NYSE:DREGet Rating) last released its quarterly earnings data on Wednesday, July 27th. The real estate investment trust reported $0.27 EPS for the quarter, missing the consensus estimate of $0.47 by ($0.20). Duke Realty had a net margin of 85.63% and a return on equity of 15.66%. The company had revenue of $280.15 million for the quarter, compared to the consensus estimate of $279.80 million. During the same period last year, the company earned $0.44 EPS. The firm’s revenue for the quarter was up 10.3% on a year-over-year basis. On average, analysts predict that Duke Realty Co. will post 1.91 EPS for the current fiscal year.

Duke Realty Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 30th. Shareholders of record on Thursday, September 15th will be issued a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 2.09%. The ex-dividend date is Wednesday, September 14th. Duke Realty’s dividend payout ratio (DPR) is presently 44.98%.

Insider Buying and Selling at Duke Realty

In other Duke Realty news, COO Steven W. Schnur sold 2,707 shares of the stock in a transaction dated Monday, August 15th. The shares were sold at an average price of $65.03, for a total transaction of $176,036.21. Following the completion of the transaction, the chief operating officer now owns 6,437 shares of the company’s stock, valued at approximately $418,598.11. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CFO Mark A. Denien sold 140,000 shares of the stock in a transaction dated Wednesday, August 3rd. The shares were sold at an average price of $62.13, for a total value of $8,698,200.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Steven W. Schnur sold 2,707 shares of the stock in a transaction dated Monday, August 15th. The shares were sold at an average price of $65.03, for a total transaction of $176,036.21. Following the completion of the transaction, the chief operating officer now directly owns 6,437 shares of the company’s stock, valued at approximately $418,598.11. The disclosure for this sale can be found here. Insiders sold 147,138 shares of company stock valued at $9,149,800 in the last 90 days. Insiders own 0.44% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently commented on DRE. Edward Jones lowered Duke Realty from a “buy” rating to a “hold” rating in a research note on Tuesday, June 14th. Wells Fargo & Company upped their price objective on Duke Realty from $56.00 to $64.00 and gave the stock an “equal weight” rating in a research note on Thursday, August 11th. Robert W. Baird lowered Duke Realty from an “outperform” rating to a “neutral” rating and reduced their price objective for the stock from $78.00 to $74.00 in a research note on Thursday, July 14th. Finally, Truist Financial reduced their price objective on Duke Realty from $63.00 to $56.00 and set a “hold” rating for the company in a research note on Tuesday, May 31st. Six research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $63.75.

About Duke Realty

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Duke Realty Corporation owns and operates approximately 159 million rentable square feet of industrial assets in 20 major logistics markets. Duke Realty Corporation is publicly traded on the NYSE under the symbol DRE and is a member of the S&P 500 Index.

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Institutional Ownership by Quarter for Duke Realty (NYSE:DRE)

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