Scotiabank Cuts Prologis (NYSE:PLD) Price Target to $136.00

Prologis (NYSE:PLD) had its target price trimmed by Scotiabank from $142.00 to $136.00 in a report released on Friday morning, Benzinga reports. They currently have a sector outperform rating on the real estate investment trust’s stock.

Other research analysts have also recently issued research reports about the company. Royal Bank of Canada cut Prologis from an “outperform” rating to a “sector perform” rating and increased their price objective for the stock from $124.00 to $127.00 in a research report on Monday, August 5th. Argus raised their price target on shares of Prologis from $120.00 to $135.00 and gave the stock a “buy” rating in a research report on Tuesday, July 23rd. Evercore ISI boosted their price objective on shares of Prologis from $124.00 to $128.00 and gave the company an “in-line” rating in a report on Monday, September 16th. BMO Capital Markets reaffirmed a “market perform” rating and set a $115.00 target price on shares of Prologis in a report on Monday, July 15th. Finally, Truist Financial boosted their price target on Prologis from $125.00 to $137.00 and gave the company a “buy” rating in a research note on Monday, August 5th. Eight equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $131.12.

Prologis Stock Performance

NYSE PLD opened at $117.81 on Friday. The stock has a market cap of $109.07 billion, a PE ratio of 34.45, a P/E/G ratio of 3.05 and a beta of 1.07. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.36 and a current ratio of 0.36. The firm has a 50-day moving average of $124.93 and a 200-day moving average of $117.40. Prologis has a 52-week low of $96.96 and a 52-week high of $137.52.

Prologis (NYSE:PLD) last issued its quarterly earnings data on Wednesday, October 16th. The real estate investment trust reported $1.08 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.37 by ($0.29). Prologis had a return on equity of 4.88% and a net margin of 36.37%. The company had revenue of $1.90 billion for the quarter, compared to analyst estimates of $1.91 billion. During the same quarter last year, the business earned $1.30 earnings per share. The company’s revenue was up 6.9% on a year-over-year basis. On average, sell-side analysts anticipate that Prologis will post 5.42 EPS for the current year.

Prologis Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Monday, September 16th were issued a $0.96 dividend. The ex-dividend date of this dividend was Monday, September 16th. This represents a $3.84 dividend on an annualized basis and a dividend yield of 3.26%. Prologis’s dividend payout ratio (DPR) is currently 112.28%.

Insider Activity

In related news, CIO Joseph Ghazal sold 5,200 shares of the company’s stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $129.07, for a total transaction of $671,164.00. Following the completion of the transaction, the executive now directly owns 13,187 shares in the company, valued at $1,702,046.09. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 0.50% of the stock is currently owned by corporate insiders.

Institutional Trading of Prologis

Hedge funds and other institutional investors have recently modified their holdings of the stock. American Capital Advisory LLC bought a new stake in Prologis during the 2nd quarter worth $26,000. Semmax Financial Advisors Inc. acquired a new stake in shares of Prologis during the second quarter valued at about $27,000. Central Valley Advisors LLC bought a new stake in shares of Prologis during the second quarter worth about $29,000. Sunbelt Securities Inc. increased its stake in shares of Prologis by 640.0% in the second quarter. Sunbelt Securities Inc. now owns 259 shares of the real estate investment trust’s stock valued at $29,000 after buying an additional 224 shares during the period. Finally, Wetzel Investment Advisors Inc. bought a new position in Prologis in the 2nd quarter valued at approximately $31,000. 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.