Digital Realty Trust (NYSE:DLR) Releases Quarterly Earnings Results, Misses Expectations By $1.43 EPS

Digital Realty Trust (NYSE:DLR) posted its earnings results on Thursday. The real estate investment trust reported $0.20 EPS for the quarter, missing analysts’ consensus estimates of $1.63 by ($1.43), Zacks reports. Digital Realty Trust had a net margin of 20.58% and a return on equity of 6.07%. The firm had revenue of $1.36 billion for the quarter, compared to the consensus estimate of $1.38 billion. During the same quarter in the prior year, the company posted $1.68 earnings per share. The firm’s revenue was down .7% compared to the same quarter last year. Digital Realty Trust updated its FY24 guidance to $6.60 to $6.75 EPS and its FY 2024 guidance to 6.600-6.750 EPS.

Digital Realty Trust Stock Down 1.2 %

NYSE DLR traded down $1.72 during midday trading on Friday, hitting $145.65. 3,204,947 shares of the company traded hands, compared to its average volume of 1,405,666. The company has a market cap of $45.51 billion, a PE ratio of 40.46, a price-to-earnings-growth ratio of 10.55 and a beta of 0.59. The company has a debt-to-equity ratio of 0.91, a current ratio of 1.29 and a quick ratio of 1.29. Digital Realty Trust has a 52 week low of $113.94 and a 52 week high of $162.58. The company’s 50-day simple moving average is $149.57 and its 200-day simple moving average is $144.48.

Digital Realty Trust Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 14th were issued a dividend of $1.22 per share. The ex-dividend date of this dividend was Friday, June 14th. This represents a $4.88 dividend on an annualized basis and a yield of 3.35%. Digital Realty Trust’s dividend payout ratio is currently 135.56%.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on DLR. BMO Capital Markets raised shares of Digital Realty Trust from a “market perform” rating to an “outperform” rating and increased their price target for the company from $144.00 to $170.00 in a report on Wednesday, June 26th. Royal Bank of Canada raised their target price on shares of Digital Realty Trust from $144.00 to $160.00 and gave the stock an “outperform” rating in a report on Monday, June 3rd. The Goldman Sachs Group began coverage on shares of Digital Realty Trust in a report on Monday, July 1st. They set a “buy” rating and a $175.00 price target on the stock. Morgan Stanley raised their price objective on shares of Digital Realty Trust from $100.00 to $108.00 and gave the stock an “equal weight” rating in a research note on Tuesday, April 2nd. Finally, JPMorgan Chase & Co. raised Digital Realty Trust from a “neutral” rating to an “overweight” rating and upped their target price for the company from $150.00 to $175.00 in a research note on Friday, June 28th. Three research analysts have rated the stock with a sell rating, six have given a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $152.20.

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.