Colliers Securities
Colliers Securities LLC
Colliers Securities is a Minneapolis-based investment bank and broker-dealer owned by Colliers International, the Toronto-based real estate services firm. Formerly Dougherty & Company, its equity research focuses on real estate investment trusts and other smaller-cap companies.
Company history
The firm began as Dougherty & Company, a Minneapolis investment bank and brokerage that Mike Dougherty co-founded in 1977. In December 2019 Colliers International agreed to acquire a controlling interest in four Dougherty Financial Group subsidiaries; the deal closed in mid-2020, and Dougherty's securities business was rebranded Colliers Securities LLC. Dougherty's senior management retained significant ownership under Colliers' partnership model.
- 1977Dougherty & Company founded in Minneapolis
- 2019Colliers International agrees to buy controlling stake in Dougherty units
- 2020Deal closes; Dougherty & Company rebranded Colliers Securities
Research
Research targets overlooked small- and mid-cap companies, with its main franchise in US REITs across apartment, healthcare, net-lease, industrial, office and manufactured-housing sectors. Stocks are rated Buy, Neutral or Sell, the scale used by predecessor Dougherty & Company.
Coverage12M
- Stocks
- 6
- Ratings
- 4
- Price targets
- 6
- Median upside
- +9.2%
- Upgrades
- 1
- Downgrades
- 3
- Initiations
- 0
- Reiterations
- 0
- Targets raised
- 1
- Targets cut
- 0
- Positive25%1
- Neutral75%3
- Negative0%0
Sectors
Ratings
Listing
Activity24M
Most covered24M
| Stock | Rating | Target |
|---|---|---|
 AVBAvalonBay Communities, Inc. | Neutral | $195 |
 IRTIndependence Realty Trust, Inc. | Neutral | $18.50 |
 SUISun Communities, Inc. | — | $150 |
 UMHUMH Properties, Inc. | Buy | $17 |
 WSRWhitestone REIT | Neutral | $19 |
 CIGIColliers International Group Inc. | — | $160 |
 GNLGlobal Net Lease, Inc. | Neutral | $12 |
 MAAMid-America Apartment Communities, Inc. | Buy | $145 |
Analysts24M
- Barry OxfordGNL · IRT · SUI3
Recent actions
| Stock | Rating action | Rating | Target | Date |
|---|---|---|---|---|
| Sun Communities, Inc.SUI | Target | $130 →$150 | May 22 | |
| Whitestone REITWSR | Downgrade | Buy →Neutral | $19 | Apr 10 |
| Mid-America Apartment Communities, Inc.MAA | Target | $145 | Feb 6 | |
| Independence Realty Trust, Inc.IRT | Downgrade | Buy →Neutral | Dec 4, 2025 | |
| AvalonBay Communities, Inc.AVB | Downgrade | Buy →Neutral | Dec 4, 2025 | |
| UMH Properties, Inc.UMH | Upgrade | Neutral →Buy | Dec 4, 2025 | |
| Independence Realty Trust, Inc.IRT | Target | $18.50 | Dec 3, 2025 | |
| UMH Properties, Inc.UMH | Target | $17 | Dec 3, 2025 | |
| AvalonBay Communities, Inc.AVB | Target | $195 | Dec 3, 2025 | |
| Global Net Lease, Inc.GNL | Target | $21 →$12 | Aug 7, 2025 | |
| Sun Communities, Inc.SUI | Target | $130 | Jun 13, 2025 |
References
- Colliers Securitiescolliers.com
- Colliers Securities | Institutional Investorscolliers.com
- Colliers International to strengthen U.S. Debt Finance platform and establish U.S. Securities business (December 2019)corporate.colliers.com
- Colliers International completes acquisition of Dougherty (June 2020)corporate.colliers.com
- Colliers takes big stake in Dougherty Financial - Star Tribunestartribune.com
- Dougherty & Company research universe with rating definitionsscribd.com