Colliers Securities
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.
Activity24M
RatingsPrice targetsKey figures
- Stocks covered
- 612M
- Actions
- 1012M
- Ratings / Price targets
- 4 / 6
- Upgrades / Downgrades
- 1 / 3
- Buy-rated
- 25%of 4 rated
- Median upside
- +9.2%
- Targets raised / lowered
- 1 / 0
- On record
- Jun 2020 – May 2026
Overview
Colliers Securities focuses on overlooked small- and mid-cap companies, particularly US REITs in the apartment, healthcare, net-lease, industrial, office and manufactured-housing sectors. It combines equity research with trade execution so clients can act on its recommendations. In 2023, the firm said expanded REIT coverage would build on Colliers' real estate expertise. It also described a specialty in trading unrated municipal revenue bonds, supported by research on individual issues.
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.
Milestones
- 1977
Dougherty & Company founded in Minneapolis
- 2019
Colliers International agrees to buy controlling stake in Dougherty units
- 2020
Deal closes; Dougherty & Company rebranded Colliers Securities
Firm facts
- Legal name
- Colliers Securities LLC
- Type
- Boutique
- Founded
- 1977
- Headquarters
- Minneapolis, United States
- Parent
- Colliers International Group Inc.
- Listing
- Nasdaq: CIGI
- Rating scale
- BuyNeutralSell
- Website
- colliers.com
Research philosophy
The research coverage is idea-driven and balances the twin demands of opportunism for flexibility and universe consistency for maximization of information sources.
Colliers Securities says it generates equity ideas from proprietary information and independent sources.
Rating methodology
Stocks are rated Buy, Neutral or Sell, the scale used by predecessor Dougherty & Company.
Coverage12M
Sectors
Most covered24M
| Stock | Rating | Target |
|---|---|---|
 AvalonBay Communities, Inc.AVB | Neutral | $195 |
 Independence Realty Trust, Inc.IRT | Neutral | $18.50 |
 Sun Communities, Inc.SUI | — | $150 |
 UMH Properties, Inc.UMH | Buy | $17 |
 Whitestone REITWSR | Neutral | $19 |
 Colliers International Group Inc.CIGI | — | $160 |
 Global Net Lease, Inc.GNL | Neutral | $12 |
 Mid-America Apartment Communities, Inc.MAA | Buy | $145 |
Most active analysts
- Barry Oxford3 notesGNLIRTSUI
Recent actions
| Date | Stock | Rating action | Rating | Target | Analyst |
|---|---|---|---|---|---|
| May 22 | Sun Communities, Inc.SUI | Target | $130 →$150 | ||
| Apr 10 | Whitestone REITWSR | Downgrade | Buy →Neutral | $19 | |
| Feb 6 | Mid-America Apartment Communities, Inc.MAA | Target | $145 | ||
| Dec 4, 2025 | 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 3, 2025 | Independence Realty Trust, Inc.IRT | Target | $18.50 | Barry Oxford | |
| Dec 3, 2025 | UMH Properties, Inc.UMH | Target | $17 | ||
| Dec 3, 2025 | AvalonBay Communities, Inc.AVB | Target | $195 | ||
| Aug 7, 2025 | Global Net Lease, Inc.GNL | Target | $21 →$12 | Barry Oxford | |
| Jun 13, 2025 | Sun Communities, Inc.SUI | Target | $130 | Barry Oxford |