Prologis (NYSE:PLD) Price Target Cut to $134.00 by Analysts at Scotiabank

Prologis (NYSE:PLD) had its target price reduced by research analysts at Scotiabank from $136.00 to $134.00 in a report issued on Wednesday,Benzinga reports. The brokerage presently has a “sector outperform” rating on the real estate investment trust’s stock. Scotiabank’s price target suggests a potential upside of 16.96% from the company’s current price.

Several other research firms have also weighed in on PLD. Wells Fargo & Company upped their target price on shares of Prologis from $142.00 to $146.00 and gave the stock an “overweight” rating in a report on Wednesday, August 28th. Barclays boosted their price objective on Prologis from $131.00 to $132.00 and gave the stock an “overweight” rating in a research note on Monday, November 18th. JPMorgan Chase & Co. lowered their target price on Prologis from $138.00 to $131.00 and set an “overweight” rating for the company in a research note on Monday, October 21st. Evercore ISI increased their price objective on shares of Prologis from $124.00 to $128.00 and gave the stock an “in-line” rating in a report on Monday, September 16th. Finally, Morgan Stanley boosted their target price on shares of Prologis from $132.00 to $133.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 14th. Eight investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Prologis currently has a consensus rating of “Moderate Buy” and an average target price of $131.13.

Prologis Stock Down 1.6 %

NYSE PLD traded down $1.83 during trading on Wednesday, reaching $114.57. The company’s stock had a trading volume of 432,810 shares, compared to its average volume of 3,640,501. The company has a current ratio of 0.43, a quick ratio of 0.43 and a debt-to-equity ratio of 0.56. The stock has a market capitalization of $106.11 billion, a PE ratio of 34.61, a PEG ratio of 3.39 and a beta of 1.07. Prologis has a 1-year low of $101.11 and a 1-year high of $137.52. The business has a 50-day moving average price of $118.28 and a 200-day moving average price of $118.87.

Prologis (NYSE:PLD) last issued its quarterly earnings data on Wednesday, October 16th. The real estate investment trust reported $1.08 earnings per share for the quarter, missing analysts’ consensus estimates of $1.37 by ($0.29). The company had revenue of $1.90 billion during the quarter, compared to the consensus estimate of $1.91 billion. Prologis had a net margin of 39.08% and a return on equity of 5.34%. The firm’s revenue was up 6.9% on a year-over-year basis. During the same period in the previous year, the business posted $1.30 earnings per share. On average, research analysts forecast that Prologis will post 5.45 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Prologis

Institutional investors have recently made changes to their positions in the company. Inspire Trust Co. N.A. increased its holdings in shares of Prologis by 20.5% during the third quarter. Inspire Trust Co. N.A. now owns 26,000 shares of the real estate investment trust’s stock worth $3,283,000 after buying an additional 4,419 shares in the last quarter. Synovus Financial Corp increased its position in shares of Prologis by 20.4% during the third quarter. Synovus Financial Corp now owns 4,659 shares of the real estate investment trust’s stock worth $588,000 after buying an additional 790 shares during the period. Tidal Investments LLC increased its holdings in Prologis by 12.7% in the third quarter. Tidal Investments LLC now owns 200,250 shares of the real estate investment trust’s stock worth $25,288,000 after purchasing an additional 22,516 shares in the last quarter. Destination Wealth Management raised its holdings in shares of Prologis by 121.5% during the third quarter. Destination Wealth Management now owns 4,504 shares of the real estate investment trust’s stock valued at $569,000 after purchasing an additional 2,471 shares during the period. Finally, Wilmington Savings Fund Society FSB acquired a new position in Prologis during the 3rd quarter worth approximately $1,348,000. Institutional investors own 93.50% of the company’s stock.

About Prologis

Prologis, Inc is the global leader in logistics real estate with a focus on high-barrier, high-growth markets. At March 31, 2024, 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.