Digital Realty Trust (NYSE:DLR) Announces Quarterly Earnings Results, Misses Expectations By $1.58 EPS

Digital Realty Trust (NYSE:DLR) released its earnings results on Thursday. The real estate investment trust reported $0.09 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.67 by ($1.58), Zacks reports. The business had revenue of $1.43 billion during the quarter, compared to the consensus estimate of $1.43 billion. Digital Realty Trust had a net margin of 20.58% and a return on equity of 5.93%. The business’s revenue was up 2.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.62 EPS. Digital Realty Trust updated its FY24 guidance to $6.65-$6.75 EPS and its FY 2024 guidance to 6.650-6.750 EPS.

Digital Realty Trust Price Performance

DLR traded up $15.88 during midday trading on Friday, hitting $181.01. The stock had a trading volume of 6,093,376 shares, compared to its average volume of 1,831,267. Digital Realty Trust has a 1 year low of $116.73 and a 1 year high of $193.88. The company has a market cap of $56.55 billion, a P/E ratio of 50.28, a price-to-earnings-growth ratio of 5.08 and a beta of 0.60. The company has a debt-to-equity ratio of 0.81, a quick ratio of 1.78 and a current ratio of 1.78. The business has a fifty day moving average of $157.70 and a 200 day moving average of $150.67.

Digital Realty Trust Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Friday, September 13th were paid a $1.22 dividend. The ex-dividend date was Friday, September 13th. This represents a $4.88 dividend on an annualized basis and a yield of 2.70%. Digital Realty Trust’s dividend payout ratio is presently 135.56%.

Wall Street Analysts Forecast Growth

DLR has been the topic of several research reports. Stifel Nicolaus reaffirmed a “buy” rating and set a $195.00 price target (up from $185.00) on shares of Digital Realty Trust in a report on Friday. JPMorgan Chase & Co. boosted their target price on shares of Digital Realty Trust from $180.00 to $185.00 and gave the stock an “overweight” rating in a research note on Friday. TD Cowen upped their target price on Digital Realty Trust from $120.00 to $128.00 and gave the stock a “hold” rating in a report on Friday. Raymond James increased their target price on Digital Realty Trust from $170.00 to $190.00 and gave the company a “strong-buy” rating in a research report on Friday. Finally, Scotiabank boosted their price target on Digital Realty Trust from $157.00 to $178.00 and gave the stock a “sector perform” rating in a report on Friday. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Digital Realty Trust has an average rating of “Hold” and an average target price of $165.21.

Insider Activity at Digital Realty Trust

In other Digital Realty Trust news, Director Jean F. H. P. Mandeville sold 600 shares of the firm’s stock in a transaction on Thursday, August 1st. The stock was sold at an average price of $150.26, for a total transaction of $90,156.00. Following the completion of the transaction, the director now owns 9,055 shares of the company’s stock, valued at approximately $1,360,604.30. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 0.17% of the stock is owned by corporate insiders.

About Digital Realty Trust

Digital Realty brings companies and data together by delivering the full spectrum of data center, colocation, and interconnection solutions. PlatformDIGITAL, the company's global data center platform, provides customers with a secure data meeting place and a proven Pervasive Datacenter Architecture (PDx) solution methodology for powering innovation and efficiently managing Data Gravity challenges.