PNC Financial Services Group Inc. Grows Holdings in Drive Shack Inc. (DS)

PNC Financial Services Group Inc. raised its holdings in shares of Drive Shack Inc. (NYSE:DS) by 37.4% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 109,021 shares of the real estate investment trust’s stock after purchasing an additional 29,660 shares during the period. PNC Financial Services Group Inc. owned 0.16% of Drive Shack worth $343,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Northeast Investment Management lifted its position in Drive Shack by 155.0% during the 2nd 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 period. Rhumbline Advisers acquired a new position in Drive Shack during the 2nd quarter valued at about $207,000. First Trust Advisors LP acquired a new position in Drive Shack during the 1st quarter valued at about $210,000. Bank of Montreal Can lifted its position in Drive Shack by 14,209.1% during the 2nd quarter. Bank of Montreal Can now owns 67,682 shares of the real estate investment trust’s stock valued at $214,000 after purchasing an additional 67,209 shares during the period. Finally, IndexIQ Advisors LLC acquired a new position in Drive Shack during the 2nd quarter valued at about $359,000. Institutional investors own 41.78% of the company’s stock.

Drive Shack Inc. (DS) opened at 3.70 on Friday. Drive Shack Inc. has a 52-week low of $2.41 and a 52-week high of $4.69. The firm’s market capitalization is $247.65 million. The firm’s 50-day moving average is $3.28 and its 200-day moving average is $3.30.

Drive Shack (NYSE:DS) last announced its quarterly earnings results on Wednesday, August 2nd. The real estate investment trust reported $0.11 EPS for the quarter, beating the Zacks’ consensus estimate of ($0.04) by $0.15. Drive Shack had a positive return on equity of 25.92% and a negative net margin of 7.05%. The firm had revenue of $81.36 million for the quarter, compared to analyst estimates of $84.48 million. During the same period last year, the firm posted $0.21 earnings per share. The business’s revenue for the quarter was down 3.7% on a year-over-year basis. On average, equities analysts expect that Drive Shack Inc. will post $0.32 earnings per share for the current year.

Separately, Zacks Investment Research downgraded shares of Drive Shack from a “buy” rating to a “hold” rating in a research report on Thursday.

COPYRIGHT VIOLATION NOTICE: “PNC Financial Services Group Inc. Grows Holdings in Drive Shack Inc. (DS)” was originally posted by Transcript Daily and is the property of of Transcript Daily. If you are accessing this news story on another publication, it was illegally stolen and republished in violation of United States and international copyright and trademark laws. The correct version of this news story can be viewed at https://transcriptdaily.com/2017/10/20/pnc-financial-services-group-inc-grows-holdings-in-drive-shack-inc-ds.html.

About Drive Shack

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.

Want to see what other hedge funds are holding DS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Drive Shack Inc. (NYSE:DS).

Institutional Ownership by Quarter for Drive Shack (NYSE:DS)

Receive News & Ratings for Drive Shack Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Drive Shack Inc. and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply