Duke Realty Corp (NYSE:DRE) announced a quarterly dividend on Wednesday, July 29th, Zacks reports. Investors 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 dividend on an annualized basis and a yield of 2.39%. The ex-dividend date is Thursday, August 13th.
Duke Realty has increased its dividend by an average of 20.6% per year over the last three years and has raised its dividend annually for the last 5 consecutive years. Duke Realty has a dividend 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 NYSE:DRE traded down $0.57 during midday trading on Friday, reaching $39.40. The company’s stock had a trading volume of 30,099 shares, compared to its average volume of 2,002,306. The firm has a market capitalization of $14.65 billion, a PE ratio of 39.37, a P/E/G ratio of 6.53 and a beta of 0.64. Duke Realty has a twelve month low of $25.19 and a twelve month high of $40.84. The stock has a fifty day moving average of $36.03 and a 200 day moving average of $34.57. The company has a quick ratio of 1.97, a current ratio of 1.97 and a debt-to-equity ratio of 0.63.
Duke Realty (NYSE:DRE) last released its quarterly earnings data on Wednesday, April 29th. The real estate investment trust reported $0.05 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.10 by ($0.05). The business had revenue of $218.76 million during the quarter, compared to analyst estimates of $218.56 million. Duke Realty had a return on equity of 7.38% and a net margin of 39.78%. The firm’s revenue was up 4.2% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.12 EPS. Sell-side analysts anticipate that Duke Realty will post 1.44 earnings per share for the current fiscal year.
DRE has been the topic of a number of research reports. JPMorgan Chase & Co. cut their price objective on shares of Duke Realty from $38.00 to $35.00 and set an “overweight” rating on the stock in a research note on Thursday, May 14th. Stifel Nicolaus increased their price objective on shares of Duke Realty from $31.00 to $37.00 and gave the stock a “buy” rating in a research note on Friday, May 1st. Bank of America upgraded shares of Duke Realty from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $38.00 to $40.00 in a research note on Wednesday, May 20th. Citigroup dropped their price target on shares of Duke Realty from $42.00 to $37.00 and set a “buy” rating on the stock in a research report on Tuesday, April 7th. Finally, BMO Capital Markets restated a “hold” rating and set a $34.00 price target on shares of Duke Realty in a research report on Wednesday. Six investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average target price of $36.55.
In related news, CFO Mark A. Denien sold 4,881 shares of the firm’s stock in a transaction on Tuesday, June 9th. The shares were sold at an average price of $37.16, for a total transaction of $181,377.96. The transaction was disclosed in a document filed with the SEC, which is available at this link. 0.33% of the stock is currently owned by company insiders.
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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