Evercore ISI Cuts Prologis (NYSE:PLD) Price Target to $123.00

Prologis (NYSE:PLD) had its price target cut by Evercore ISI from $136.00 to $123.00 in a research report sent to investors on Thursday, Benzinga reports. They currently have an in-line rating on the real estate investment trust’s stock.

Several other brokerages also recently issued reports on PLD. TheStreet raised shares of Prologis from a c+ rating to a b- rating in a research note on Friday, January 26th. Barclays dropped their price target on Prologis from $141.00 to $135.00 and set an overweight rating on the stock in a research report on Wednesday. Mizuho restated a neutral rating and set a $130.00 price objective on shares of Prologis in a research report on Tuesday, April 2nd. Raymond James upped their target price on Prologis from $130.00 to $145.00 and gave the company a strong-buy rating in a report on Wednesday, January 24th. Finally, Royal Bank of Canada raised their price target on shares of Prologis from $128.00 to $145.00 and gave the stock an outperform rating in a report on Friday, February 16th. Four investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of Moderate Buy and an average price target of $137.86.

Prologis Trading Down 1.1 %

Shares of PLD opened at $103.49 on Thursday. The business’s 50-day moving average price is $127.87 and its 200 day moving average price is $122.13. The company has a current ratio of 0.08, a quick ratio of 0.30 and a debt-to-equity ratio of 0.51. The stock has a market capitalization of $95.73 billion, a P/E ratio of 30.26, a P/E/G ratio of 2.10 and a beta of 1.00. Prologis has a 1-year low of $96.64 and a 1-year high of $137.52.

Prologis (NYSE:PLD) last released its earnings results on Wednesday, January 17th. The real estate investment trust reported $0.68 earnings per share for the quarter, missing the consensus estimate of $1.26 by ($0.58). The firm had revenue of $1.89 billion during the quarter, compared to analysts’ expectations of $1.85 billion. Prologis had a return on equity of 5.49% and a net margin of 38.73%. The business’s revenue was up 7.8% on a year-over-year basis. During the same period last year, the business earned $1.24 earnings per share. Analysts expect that Prologis will post 5.47 earnings per share for the current year.

Prologis Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Monday, March 18th were given a $0.96 dividend. This is an increase from Prologis’s previous quarterly dividend of $0.87. This represents a $3.84 annualized dividend and a dividend yield of 3.71%. The ex-dividend date was Friday, March 15th. Prologis’s dividend payout ratio (DPR) is currently 112.28%.

Hedge Funds Weigh In On Prologis

Several large investors have recently made changes to their positions in the business. BOKF NA boosted its position 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 valued at $283,000 after acquiring an additional 77 shares during the period. CreativeOne Wealth LLC boosted its holdings in Prologis by 1.5% in the 2nd quarter. CreativeOne Wealth LLC now owns 5,547 shares of the real estate investment trust’s stock valued at $680,000 after purchasing an additional 82 shares during the period. SevenOneSeven Capital Management grew its position in Prologis by 2.3% in the 4th quarter. SevenOneSeven Capital Management now owns 3,792 shares of the real estate investment trust’s stock worth $427,000 after purchasing an additional 86 shares during the last quarter. Family Legacy Inc. increased its holdings in shares of Prologis by 0.5% during the 4th quarter. Family Legacy Inc. now owns 16,634 shares of the real estate investment trust’s stock worth $2,217,000 after purchasing an additional 87 shares during the period. Finally, Lockerman Financial Group Inc. raised its position in shares of Prologis by 2.0% during the fourth quarter. Lockerman Financial Group Inc. now owns 4,402 shares of the real estate investment trust’s stock valued at $587,000 after buying an additional 87 shares during the last quarter. Institutional investors and hedge funds own 93.50% of the company’s stock.

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.