Prologis (NYSE:PLD) Shares Gap Down Following Analyst Downgrade

Prologis, Inc. (NYSE:PLD)’s share price gapped down prior to trading on Wednesday after Barclays lowered their price target on the stock from $141.00 to $135.00. The stock had previously closed at $114.74, but opened at $108.70. Barclays currently has an overweight rating on the stock. Prologis shares last traded at $105.89, with a volume of 7,918,996 shares traded.

A number of other equities research analysts have also weighed in on the company. Robert W. Baird lifted their price objective on Prologis from $133.00 to $137.00 and gave the stock a “neutral” rating in a research report on Tuesday, January 23rd. Raymond James lifted their price objective on Prologis from $130.00 to $145.00 and gave the stock a “strong-buy” rating in a research report on Wednesday, January 24th. TheStreet upgraded Prologis from a “c+” rating to a “b-” rating in a research report on Friday, January 26th. Morgan Stanley lifted their price objective on Prologis from $128.00 to $141.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 24th. Finally, Royal Bank of Canada lifted their price objective on Prologis from $128.00 to $145.00 and gave the stock an “outperform” rating in a research report on Friday, February 16th. Four research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $141.27.

Institutional Investors Weigh In On Prologis

Hedge funds have recently added to or reduced their stakes in the stock. BOKF NA boosted its stake in shares of Prologis by 3.8% in the fourth quarter. BOKF NA now owns 2,125 shares of the real estate investment trust’s stock worth $283,000 after acquiring an additional 77 shares during the period. CreativeOne Wealth LLC boosted its stake in shares of Prologis by 1.5% in the second quarter. CreativeOne Wealth LLC now owns 5,547 shares of the real estate investment trust’s stock worth $680,000 after acquiring an additional 82 shares during the period. SevenOneSeven Capital Management boosted its stake in shares of Prologis by 2.3% in the fourth quarter. SevenOneSeven Capital Management now owns 3,792 shares of the real estate investment trust’s stock worth $427,000 after acquiring an additional 86 shares during the period. Family Legacy Inc. boosted its stake in shares of Prologis by 0.5% in the fourth quarter. Family Legacy Inc. now owns 16,634 shares of the real estate investment trust’s stock worth $2,217,000 after acquiring an additional 87 shares during the period. Finally, Lockerman Financial Group Inc. boosted its stake in shares of Prologis by 2.0% in the fourth quarter. Lockerman Financial Group Inc. now owns 4,402 shares of the real estate investment trust’s stock worth $587,000 after acquiring an additional 87 shares during the period. 93.50% of the stock is owned by institutional investors.

Prologis Stock Performance

The stock has a market cap of $98.51 billion, a P/E ratio of 32.37, a price-to-earnings-growth ratio of 2.31 and a beta of 1.00. The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 0.50. The business has a 50 day moving average price of $128.99 and a two-hundred day moving average price of $122.19.

Prologis (NYSE:PLD) last announced its quarterly earnings results on Wednesday, January 17th. The real estate investment trust reported $0.68 EPS for the quarter, missing analysts’ consensus estimates of $1.26 by ($0.58). Prologis had a net margin of 38.13% and a return on equity of 5.29%. The firm had revenue of $1.89 billion for the quarter, compared to the consensus estimate of $1.85 billion. During the same period in the previous year, the company posted $1.24 earnings per share. Prologis’s quarterly revenue was up 7.8% on a year-over-year basis. On average, sell-side analysts forecast that Prologis, Inc. will post 5.5 earnings per share for the current fiscal year.

Prologis Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Monday, March 18th were paid a dividend of $0.96 per share. The ex-dividend date was Friday, March 15th. This is a positive change from Prologis’s previous quarterly dividend of $0.87. This represents a $3.84 dividend on an annualized basis and a yield of 3.61%. Prologis’s dividend payout ratio is presently 116.72%.

About Prologis

Prologis, Inc is the global leader in logistics real estate with a focus on high-barrier, high-growth markets. At December 31, 2023, the company owned or had investments in, on a wholly owned basis or through co-investment ventures, properties and development projects expected to total approximately 1.2 billion square feet (115 million square meters) in 19 countries.