Wells Fargo & Company MN boosted its stake in Drive Shack Inc. (NYSE:DS) by 17.6% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 181,641 shares of the real estate investment trust’s stock after purchasing an additional 27,231 shares during the quarter. Wells Fargo & Company MN owned about 0.27% of Drive Shack worth $572,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Northeast Investment Management increased its holdings in Drive Shack by 155.0% in the second quarter. Northeast Investment Management now owns 46,345 shares of the real estate investment trust’s stock valued at $146,000 after purchasing an additional 28,170 shares during the last quarter. Rhumbline Advisers bought a new stake in shares of Drive Shack in the second quarter worth about $207,000. Bank of Montreal Can increased its holdings in shares of Drive Shack by 14,209.1% in the second quarter. Bank of Montreal Can now owns 67,682 shares of the real estate investment trust’s stock worth $214,000 after acquiring an additional 67,209 shares in the last quarter. PNC Financial Services Group Inc. bought a new stake in shares of Drive Shack in the first quarter worth about $329,000. Finally, IndexIQ Advisors LLC bought a new stake in shares of Drive Shack in the second quarter worth about $359,000. Institutional investors and hedge funds own 42.91% of the company’s stock.
In other news, Director Alan L. Tyson acquired 37,760 shares of the firm’s stock in a transaction that occurred on Friday, November 3rd. The stock was acquired at an average cost of $3.76 per share, for a total transaction of $141,977.60. Following the completion of the acquisition, the director now owns 228,764 shares in the company, valued at $860,152.64. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Alan L. Tyson acquired 32,240 shares of the firm’s stock in a transaction that occurred on Monday, November 6th. The shares were purchased at an average price of $4.00 per share, with a total value of $128,960.00. Following the completion of the acquisition, the director now owns 270,404 shares of the company’s stock, valued at approximately $1,081,616. The disclosure for this purchase can be found here. Insiders acquired 468,895 shares of company stock valued at $1,854,551 over the last 90 days. Corporate insiders own 7.20% of the company’s stock.
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Separately, Zacks Investment Research upgraded Drive Shack from a “hold” rating to a “buy” rating and set a $4.25 price target for the company in a report on Tuesday, October 17th.
Shares of Drive Shack Inc. (DS) opened at $4.07 on Friday. Drive Shack Inc. has a fifty-two week low of $2.41 and a fifty-two week high of $4.55. The stock has a market capitalization of $272.54, a PE ratio of 12.33 and a beta of 1.35. The company has a quick ratio of 5.85, a current ratio of 5.85 and a debt-to-equity ratio of 1.25.
Drive Shack (NYSE:DS) last announced its quarterly earnings results on Wednesday, November 1st. The real estate investment trust reported $0.13 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.06) by $0.19. Drive Shack had a positive return on equity of 17.68% and a negative net margin of 12.99%. The company had revenue of $81.70 million during the quarter, compared to the consensus estimate of $81.50 million. The firm’s revenue for the quarter was down 1.8% compared to the same quarter last year. sell-side analysts predict that Drive Shack Inc. will post -0.41 EPS for the current fiscal year.
Drive Shack Company Profile
Drive Shack Inc, formerly Newcastle Investment Corp., is a leisure company. The Company is an owner and operator of golf-related leisure and entertainment businesses. The Company’s portfolio consists of Drive Shack, which is engaged in developing nationwide network of golf entertainment venues; American Golf Corporation, which is a golf course company, and real estate-related assets.
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