Duke Realty Corp (NYSE:DRE) declared a quarterly dividend on Wednesday, July 29th, Zacks reports. Stockholders of record on Friday, August 14th will be paid 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 increased its dividend payment by an average of 20.6% per year over the last three years and has raised its dividend every year for the last 5 years. Duke Realty has a dividend payout ratio of 191.8% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. 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 $0.51 during trading hours on Friday, hitting $39.46. 23,875 shares of the company were exchanged, compared to its average volume of 2,002,306. The firm has a market cap of $14.65 billion, a PE ratio of 39.37, a PEG ratio of 6.53 and a beta of 0.64. Duke Realty has a 1 year low of $25.19 and a 1 year high of $40.84. The company has a quick ratio of 1.97, a current ratio of 1.97 and a debt-to-equity ratio of 0.63. The firm has a fifty day moving average of $36.03 and a 200 day moving average of $34.57.
In related news, CFO Mark A. Denien sold 4,881 shares of Duke Realty stock in a transaction dated Tuesday, June 9th. The stock was 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 through this hyperlink. 0.33% of the stock is owned by insiders.
DRE has been the topic of several recent analyst reports. 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 report on Wednesday, May 20th. JPMorgan Chase & Co. cut their price target on shares of Duke Realty from $38.00 to $35.00 and set an “overweight” rating on the stock in a report on Thursday, May 14th. Royal Bank of Canada reaffirmed a “hold” rating and issued a $37.00 price objective on shares of Duke Realty in a research report on Wednesday, May 6th. Robert W. Baird increased their price objective on shares of Duke Realty from $36.00 to $38.00 and gave the company an “outperform” rating in a research report on Thursday, May 7th. Finally, Citigroup decreased their price target on shares of Duke Realty from $42.00 to $37.00 and set a “buy” rating for the company in a research report on Tuesday, April 7th. Six research analysts have rated the stock with a hold rating and six have given a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average target price 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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