Douglas Emmett Inc. (NYSE:DEI) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Wednesday. The firm presently has a $40.00 target price on the real estate investment trust’s stock. Zacks Investment Research’s price objective would suggest a potential upside of 13.12% from the company’s current price.
According to Zacks, “DOUGLAS EMMETT INC is a fully integrated, self-administered and self-managed real estate investment trust and one of the largest owners and operators of high-quality office and multifamily properties located in premier submarkets in California and Hawaii. The Company’s properties are concentrated in ten submarkets Brentwood, Olympic Corridor, Century City, Santa Monica, Beverly Hills, Westwood, Sherman Oaks/Encino, Warner Center/Woodland Hills, Burbank and Honolulu. The Company focuses on owning and acquiring a substantial share of top-tier office properties and premier multifamily communities in neighborhoods that possess significant supply constraints, high-end executive housing and key lifestyle amenities. “
Several other research firms also recently issued reports on DEI. BTIG Research started coverage on shares of Douglas Emmett in a report on Thursday, August 25th. They set a “neutral” rating for the company. Barclays PLC reaffirmed an “underweight” rating and set a $33.00 price objective (up from $31.00) on shares of Douglas Emmett in a report on Tuesday, July 19th. Mizuho downgraded shares of Douglas Emmett from a “buy” rating to a “neutral” rating and set a $37.00 price objective for the company. in a report on Thursday, August 4th. Citigroup Inc. upped their price objective on shares of Douglas Emmett from $30.50 to $35.50 and gave the stock a “neutral” rating in a report on Thursday, July 7th. Finally, DA Davidson upped their price objective on shares of Douglas Emmett from $43.00 to $45.00 and gave the stock a “buy” rating in a report on Thursday, August 4th. Three analysts have rated the stock with a sell rating, five have given a hold rating and five have given a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $35.29.
Shares of Douglas Emmett (NYSE:DEI) traded down 0.65% during midday trading on Wednesday, hitting $35.36. 844,225 shares of the company were exchanged. The stock’s 50-day moving average is $37.00 and its 200-day moving average is $34.67. Douglas Emmett has a one year low of $24.73 and a one year high of $38.71. The stock has a market cap of $5.34 billion, a PE ratio of 89.75 and a beta of 0.93.
Douglas Emmett (NYSE:DEI) last posted its quarterly earnings data on Tuesday, August 2nd. The real estate investment trust reported $0.46 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.45 by $0.01. The business earned $187.22 million during the quarter, compared to the consensus estimate of $177.61 million. Douglas Emmett had a net margin of 8.88% and a return on equity of 2.45%. Douglas Emmett’s quarterly revenue was up 16.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.40 EPS. Equities research analysts anticipate that Douglas Emmett will post $1.79 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 14th. Stockholders of record on Friday, September 30th will be paid a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.49%. The ex-dividend date is Wednesday, September 28th. Douglas Emmett’s dividend payout ratio is 225.65%.
In related news, Chairman Dan A. Emmett sold 140,000 shares of the stock in a transaction dated Monday, July 25th. The shares were sold at an average price of $36.72, for a total transaction of $5,140,800.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 23.00% of the company’s stock.
Several large investors have recently made changes to their positions in the company. FMR LLC boosted its stake in shares of Douglas Emmett by 114.4% in the second quarter. FMR LLC now owns 11,409,301 shares of the real estate investment trust’s stock worth $405,259,000 after buying an additional 6,087,389 shares during the period. Cohen & Steers Inc. boosted its stake in shares of Douglas Emmett by 21.6% in the second quarter. Cohen & Steers Inc. now owns 16,114,639 shares of the real estate investment trust’s stock worth $572,392,000 after buying an additional 2,857,418 shares during the period. Daiwa Securities Group Inc. boosted its stake in shares of Douglas Emmett by 34.4% in the second quarter. Daiwa Securities Group Inc. now owns 6,981,183 shares of the real estate investment trust’s stock worth $247,971,000 after buying an additional 1,786,561 shares during the period. Neuberger Berman Group LLC boosted its stake in shares of Douglas Emmett by 252.3% in the second quarter. Neuberger Berman Group LLC now owns 1,436,732 shares of the real estate investment trust’s stock worth $51,033,000 after buying an additional 1,028,969 shares during the period. Finally, Wellington Management Group LLP boosted its stake in shares of Douglas Emmett by 83.9% in the first quarter. Wellington Management Group LLP now owns 1,994,797 shares of the real estate investment trust’s stock worth $60,063,000 after buying an additional 910,048 shares during the period. Institutional investors and hedge funds own 97.75% of the company’s stock.
About Douglas Emmett
Douglas Emmett, Inc is a self-administered and self-managed real estate investment trust. The Company is owner and operator of office and multifamily properties located in submarkets in California and Hawaii. The Company operates in two segments: the acquisition, development, ownership and management of office real estate, and the acquisition, development, ownership and management of multifamily real estate.
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