Duke Realty Corp (NYSE:DRE) announced a quarterly dividend on Wednesday, July 29th, Zacks reports. Shareholders of record on Friday, August 14th will be given a dividend of 0.235 per share by the real estate investment trust on Monday, August 31st. This represents a $0.94 annualized dividend and a dividend yield of 2.38%. The ex-dividend date is Thursday, August 13th.
Duke Realty has raised its dividend payment by an average of 20.6% annually over the last three years and has raised its dividend every year for the last 5 years. Duke Realty has a payout ratio of 191.8% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Research analysts expect Duke Realty to earn $1.51 per share next year, which means the company should continue to be able to cover its $0.94 annual dividend with an expected future payout ratio of 62.3%.
Shares of DRE stock traded down $0.42 on Friday, hitting $39.55. 36,236 shares of the stock were exchanged, compared to its average volume of 2,002,306. The company has a current ratio of 1.97, a quick ratio of 1.97 and a debt-to-equity ratio of 0.63. The firm has a market capitalization of $14.65 billion, a P/E ratio of 39.37, a price-to-earnings-growth ratio of 6.53 and a beta of 0.64. Duke Realty has a fifty-two week low of $25.19 and a fifty-two week high of $40.84. The business has a 50-day moving average of $36.03 and a 200 day moving average of $34.57.
Duke Realty (NYSE:DRE) last released its earnings results on Wednesday, April 29th. The real estate investment trust reported $0.05 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.10 by ($0.05). The firm had revenue of $218.76 million during the quarter, compared to the consensus estimate of $218.56 million. Duke Realty had a net margin of 39.78% and a return on equity of 7.38%. The company’s revenue was up 4.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.12 EPS. As a group, research analysts forecast that Duke Realty will post 1.44 EPS for the current fiscal year.
In other Duke Realty news, CFO Mark A. Denien sold 4,881 shares of the company’s stock in a transaction that occurred on Tuesday, June 9th. The stock was sold at an average price of $37.16, for a total value of $181,377.96. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. 0.33% of the stock is owned by insiders.
DRE has been the topic of a number of research reports. Bank of America raised shares of Duke Realty from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $38.00 to $40.00 in a research report on Wednesday, May 20th. BMO Capital Markets reissued a “hold” rating and set a $34.00 price target on shares of Duke Realty in a research report on Wednesday. Citigroup decreased their price objective on Duke Realty from $42.00 to $37.00 and set a “buy” rating for the company in a report on Tuesday, April 7th. JPMorgan Chase & Co. dropped their target price on Duke Realty from $38.00 to $35.00 and set an “overweight” rating on the stock in a report on Thursday, May 14th. Finally, Robert W. Baird raised their price target on Duke Realty from $36.00 to $38.00 and gave the company an “outperform” rating in a research note on Thursday, May 7th. Six research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Duke Realty currently has a consensus rating of “Buy” and a consensus price target of $36.55.
About Duke Realty
Duke Realty Corporation owns and operates approximately 153 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 listed on the S&P 500 Index.
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