Derwent London Plc (LON:DLN – Get Free Report)’s share price passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of GBX 1,738.22 and traded as high as GBX 1,861.98. Derwent London shares last traded at GBX 1,843, with a volume of 278,255 shares traded.
Wall Street Analysts Forecast Growth
DLN has been the subject of a number of recent analyst reports. Jefferies Financial Group reissued an “underperform” rating and issued a GBX 1,492 price objective on shares of Derwent London in a research report on Tuesday, May 12th. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and issued a GBX 1,850 price objective on shares of Derwent London in a research report on Wednesday, May 13th. Stifel Nicolaus reduced their target price on Derwent London from GBX 1,925 to GBX 1,650 and set a “hold” rating for the company in a research note on Tuesday, March 31st. The Goldman Sachs Group reduced their target price on Derwent London from GBX 2,550 to GBX 2,410 and set a “buy” rating for the company in a research note on Monday, March 30th. Finally, Berenberg Bank reduced their target price on Derwent London from GBX 2,296 to GBX 2,210 and set a “buy” rating for the company in a research note on Wednesday, April 1st. Four investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Derwent London currently has a consensus rating of “Hold” and an average target price of GBX 1,956.50.
Check Out Our Latest Research Report on Derwent London
Derwent London Price Performance
Derwent London declared that its Board of Directors has initiated a share buyback program on Tuesday, May 12th that permits the company to repurchase 0 shares. This repurchase authorization permits the real estate investment trust to reacquire shares of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.
Insider Buying and Selling
In related news, insider Damian Wisniewski sold 2,767 shares of the firm’s stock in a transaction on Tuesday, April 7th. The stock was sold at an average price of GBX 1,603, for a total value of £44,355.01. Also, insider Emily Prideaux sold 2,469 shares of Derwent London stock in a transaction dated Tuesday, April 7th. The shares were sold at an average price of GBX 1,603, for a total value of £39,578.07. Insiders sold 8,694 shares of company stock worth $13,936,482 in the last 90 days. Insiders own 0.43% of the company’s stock.
About Derwent London
Derwent London plc owns 66 buildings in a commercial real estate portfolio predominantly in central London valued at £4.9 billion as at 31 December 2023, making it the largest London office-focused real estate investment trust (REIT). Our experienced team has a long track record of creating value throughout the property cycle by regenerating our buildings via development or refurbishment, effective asset management and capital recycling. We typically acquire central London properties off-market with low capital values and modest rents in improving locations, most of which are either in the West End or the Tech Belt.
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