Zacks Investment Research upgraded shares of Drive Shack Inc. (NYSE:DS) from a hold rating to a strong-buy rating in a research note released on Monday. The brokerage currently has $4.50 price target on the real estate investment trust’s stock.

According to Zacks, “Drive Shack Inc.is the owner and operator of golf-related leisure and entertainment businesses. The services offered by the company comprise Drive Shack which is engaged in developing innovative golf entertainment venues, American Golf and Real Asset related assets. Drive Shack Inc., formerly known as Newcastle Investment Corp., is based in New York. “

Drive Shack (DS) traded up $0.02 during midday trading on Monday, hitting $4.07. The company’s stock had a trading volume of 177,502 shares, compared to its average volume of 541,939. The company has a market capitalization of $260.49, a PE ratio of 11.79 and a beta of 1.35. Drive Shack has a 52 week low of $2.41 and a 52 week high of $4.55. The company has a debt-to-equity ratio of 1.25, a current ratio of 5.85 and a quick ratio of 5.85.

Drive Shack (NYSE:DS) last posted its quarterly earnings results on Wednesday, November 1st. The real estate investment trust reported $0.13 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.06) by $0.19. The company had revenue of $81.70 million for the quarter, compared to analysts’ expectations of $81.50 million. Drive Shack had a positive return on equity of 17.68% and a negative net margin of 12.99%. The business’s quarterly revenue was down 1.8% compared to the same quarter last year. sell-side analysts predict that Drive Shack will post -0.41 earnings per share for the current year.

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In related news, Director Wesley R. Edens purchased 398,895 shares of the stock in a transaction dated Thursday, November 9th. The shares were acquired at an average cost of $3.97 per share, for a total transaction of $1,583,613.15. Following the acquisition, the director now directly owns 1,611,510 shares in the company, valued at approximately $6,397,694.70. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Alan L. Tyson purchased 32,240 shares of the stock in a transaction dated Monday, November 6th. The shares were bought at an average price of $4.00 per share, for a total transaction of $128,960.00. Following the completion of the acquisition, the director now owns 270,404 shares in the company, valued at $1,081,616. The disclosure for this purchase can be found here. Over the last quarter, insiders have acquired 468,895 shares of company stock worth $1,854,551. Corporate insiders own 7.20% of the company’s stock.

A number of large investors have recently modified their holdings of DS. Bank of New York Mellon Corp boosted its holdings in Drive Shack by 2.6% in the first quarter. Bank of New York Mellon Corp now owns 301,257 shares of the real estate investment trust’s stock worth $1,250,000 after purchasing an additional 7,760 shares in the last quarter. Parametric Portfolio Associates LLC lifted its position in Drive Shack by 106.5% during the 1st quarter. Parametric Portfolio Associates LLC now owns 120,254 shares of the real estate investment trust’s stock worth $499,000 after acquiring an additional 62,025 shares during the last quarter. JPMorgan Chase & Co. lifted its position in Drive Shack by 144.6% during the 1st quarter. JPMorgan Chase & Co. now owns 636,802 shares of the real estate investment trust’s stock worth $2,643,000 after acquiring an additional 376,440 shares during the last quarter. PNC Financial Services Group Inc. acquired a new position in Drive Shack during the 1st quarter worth $329,000. Finally, Dimensional Fund Advisors LP acquired a new position in Drive Shack during the 1st quarter worth $1,941,000. Hedge funds and other institutional investors own 42.91% of the company’s stock.

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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