Derwent London (LON:DLN) Sets New 1-Year High – Here’s What Happened

Derwent London Plc (LON:DLN) reached a new 52-week high on Friday . The company traded as high as GBX 2,048 and last traded at GBX 2,018, with a volume of 591932 shares traded. The stock had previously closed at GBX 2,006.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on DLN. The Goldman Sachs Group cut 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. Stifel Nicolaus lowered their price target on shares of Derwent London from GBX 1,925 to GBX 1,650 and set a “hold” rating on the stock in a research report on Tuesday, March 31st. Jefferies Financial Group reissued an “underperform” rating and issued a GBX 1,492 price objective on shares of Derwent London in a report on Wednesday, July 1st. Deutsche Bank Aktiengesellschaft restated a “hold” rating and set a GBX 1,850 price objective on shares of Derwent London in a research report on Wednesday, May 13th. Finally, UBS Group reaffirmed a “sell” rating and set a GBX 1,650 target price on shares of Derwent London in a research note on Monday, May 11th. Four analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, Derwent London currently has an average rating of “Hold” and a consensus price target of GBX 1,956.50.

Derwent London Stock Performance

The stock has a market capitalization of £2.25 billion, a PE ratio of 14.06, a price-to-earnings-growth ratio of 23.10 and a beta of 1.19. The firm’s fifty day moving average is GBX 1,819.66 and its 200-day moving average is GBX 1,776.52. The company has a current ratio of 0.59, a quick ratio of 0.38 and a debt-to-equity ratio of 43.37.

Derwent London declared that its Board of Directors has authorized a stock buyback program on Tuesday, May 12th that authorizes the company to buyback 0 shares. This buyback authorization authorizes the real estate investment trust to reacquire shares of its stock through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its stock is undervalued.

Derwent London Company Profile

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.