Pictet Asset Management Ltd. cut its stake in Duke Realty Corp (NYSE:DRE) by 14.8% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 240,466 shares of the real estate investment trust’s stock after selling 41,900 shares during the quarter. Pictet Asset Management Ltd.’s holdings in Duke Realty were worth $7,601,000 at the end of the most recent quarter.
Several other hedge funds also recently made changes to their positions in DRE. 6 Meridian grew its position in shares of Duke Realty by 2.0% in the 2nd quarter. 6 Meridian now owns 17,211 shares of the real estate investment trust’s stock valued at $544,000 after purchasing an additional 331 shares during the period. AlphaCrest Capital Management LLC boosted its position in Duke Realty by 3.2% during the 1st quarter. AlphaCrest Capital Management LLC now owns 14,134 shares of the real estate investment trust’s stock worth $432,000 after acquiring an additional 434 shares during the last quarter. Huntington National Bank boosted its position in Duke Realty by 18.0% during the 2nd quarter. Huntington National Bank now owns 2,934 shares of the real estate investment trust’s stock worth $93,000 after acquiring an additional 448 shares during the last quarter. Meeder Asset Management Inc. boosted its position in Duke Realty by 2.1% during the 2nd quarter. Meeder Asset Management Inc. now owns 26,551 shares of the real estate investment trust’s stock worth $839,000 after acquiring an additional 545 shares during the last quarter. Finally, World Asset Management Inc boosted its position in Duke Realty by 2.2% during the 2nd quarter. World Asset Management Inc now owns 27,093 shares of the real estate investment trust’s stock worth $856,000 after acquiring an additional 589 shares during the last quarter. 93.48% of the stock is owned by institutional investors.
DRE stock traded up $0.36 during midday trading on Monday, hitting $32.62. The company’s stock had a trading volume of 421,727 shares, compared to its average volume of 1,600,257. The stock’s 50-day moving average price is $33.10 and its 200 day moving average price is $31.56. The company has a quick ratio of 1.90, a current ratio of 1.90 and a debt-to-equity ratio of 0.60. Duke Realty Corp has a 1 year low of $24.67 and a 1 year high of $33.83. The stock has a market cap of $11.64 billion, a price-to-earnings ratio of 24.53, a PEG ratio of 5.06 and a beta of 0.73.
The company also recently disclosed a quarterly dividend, which was paid on Friday, August 30th. Stockholders of record on Thursday, August 15th were issued a $0.215 dividend. This represents a $0.86 dividend on an annualized basis and a dividend yield of 2.64%. The ex-dividend date was Wednesday, August 14th. Duke Realty’s payout ratio is currently 64.66%.
In other news, EVP Nicholas C. Anthony sold 7,806 shares of the stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $32.61, for a total value of $254,553.66. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Peter D. Harrington sold 10,297 shares of the stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $33.30, for a total value of $342,890.10. The disclosure for this sale can be found here. 0.29% of the stock is currently owned by corporate insiders.
A number of equities analysts have weighed in on the company. Zacks Investment Research downgraded Duke Realty from a “buy” rating to a “hold” rating and set a $34.00 price target for the company. in a research report on Wednesday, June 19th. Scotiabank upgraded Duke Realty from a “sector perform” rating to an “outperform” rating in a research note on Thursday, June 27th. Finally, Stifel Nicolaus increased their price objective on Duke Realty from $34.00 to $36.00 and gave the stock a “buy” rating in a research report on Friday, August 2nd. Three investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average target price of $38.35.
Duke Realty Profile
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.
See Also: Hedge Funds – Risk or Reward?
Want to see what other hedge funds are holding DRE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Duke Realty Corp (NYSE:DRE).
Receive News & Ratings for Duke Realty Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Duke Realty and related companies with MarketBeat.com's FREE daily email newsletter.