Prologis (NYSE:PLD) Price Target Cut to $123.00 by Analysts at Evercore ISI

Prologis (NYSE:PLD) had its price objective decreased by Evercore ISI from $136.00 to $123.00 in a research note issued to investors on Thursday, Benzinga reports. Evercore ISI currently has an in-line rating on the real estate investment trust’s stock.

Several other analysts have also weighed in on the stock. Morgan Stanley raised their price objective on shares of Prologis from $128.00 to $141.00 and gave the stock an overweight rating in a report on Wednesday, January 24th. Robert W. Baird boosted their price objective on Prologis from $133.00 to $137.00 and gave the stock a neutral rating in a research note on Tuesday, January 23rd. Raymond James raised their target price on Prologis from $130.00 to $145.00 and gave the company a strong-buy rating in a research note on Wednesday, January 24th. TheStreet upgraded shares of Prologis from a c+ rating to a b- rating in a research report on Friday, January 26th. Finally, Royal Bank of Canada boosted their target price on shares of Prologis from $128.00 to $145.00 and gave the stock an outperform rating in a research note on Friday, February 16th. Four equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and a consensus price target of $140.00.

Prologis Stock Performance

Prologis stock opened at $104.67 on Thursday. Prologis has a 52-week low of $96.64 and a 52-week high of $137.52. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.30 and a quick ratio of 0.30. The stock has a fifty day moving average price of $128.45 and a two-hundred day moving average price of $122.07. The firm has a market capitalization of $96.82 billion, a P/E ratio of 31.81, a P/E/G ratio of 2.29 and a beta of 1.00.

Prologis (NYSE:PLD) last announced its earnings results on Wednesday, January 17th. The real estate investment trust reported $0.68 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.26 by ($0.58). Prologis had a return on equity of 5.29% and a net margin of 38.13%. The firm had revenue of $1.89 billion for the quarter, compared to analyst estimates of $1.85 billion. During the same quarter last year, the business earned $1.24 EPS. The company’s revenue for the quarter was up 7.8% compared to the same quarter last year. As a group, analysts anticipate that Prologis will post 5.5 EPS for the current fiscal year.

Prologis Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Monday, March 18th were given a dividend of $0.96 per share. This is a positive change from Prologis’s previous quarterly dividend of $0.87. This represents a $3.84 annualized dividend and a dividend yield of 3.67%. The ex-dividend date of this dividend was Friday, March 15th. Prologis’s payout ratio is presently 116.72%.

Institutional Trading of Prologis

Hedge funds have recently modified their holdings of the company. Norges Bank bought a new position in shares of Prologis during the fourth quarter worth $980,759,000. Capital World Investors grew its stake in Prologis by 1,252.9% in the fourth quarter. Capital World Investors now owns 7,305,582 shares of the real estate investment trust’s stock valued at $973,834,000 after acquiring an additional 6,765,582 shares during the period. Morgan Stanley raised its position in shares of Prologis by 48.0% during the fourth quarter. Morgan Stanley now owns 14,577,827 shares of the real estate investment trust’s stock worth $1,643,359,000 after purchasing an additional 4,729,040 shares during the period. Moneta Group Investment Advisors LLC acquired a new stake in Prologis during the 4th quarter worth approximately $232,205,000. Finally, Legal & General Group Plc lifted its position in Prologis by 22.4% in the 4th quarter. Legal & General Group Plc now owns 11,130,145 shares of the real estate investment trust’s stock valued at $1,254,702,000 after acquiring an additional 2,038,187 shares in the last quarter. 93.50% of the stock is currently owned by institutional investors and hedge funds.

Prologis Company Profile

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.