Prologis (NYSE:PLD) Price Target Lowered to $124.00 at Royal Bank of Canada

Prologis (NYSE:PLD) had its price target reduced by Royal Bank of Canada from $145.00 to $124.00 in a report published on Monday, Benzinga reports. They currently have an outperform rating on the real estate investment trust’s stock.

A number of other equities research analysts have also recently commented on the stock. Barclays reduced their target price on shares of Prologis from $135.00 to $123.00 and set an overweight rating for the company in a report on Monday, April 29th. UBS Group reduced their price objective on Prologis from $151.00 to $138.00 and set a buy rating for the company in a research note on Thursday, April 18th. JPMorgan Chase & Co. lowered their target price on Prologis from $143.00 to $128.00 and set an overweight rating on the stock in a research note on Thursday, April 25th. Mizuho restated a neutral rating and set a $130.00 price target on shares of Prologis in a research note on Tuesday, April 2nd. Finally, Raymond James lifted their price objective on shares of Prologis from $130.00 to $145.00 and gave the company a strong-buy rating in a research report on Wednesday, January 24th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of Moderate Buy and an average target price of $131.12.

Prologis Stock Performance

Shares of PLD opened at $105.89 on Monday. The company’s 50 day simple moving average is $121.06 and its 200-day simple moving average is $121.90. The firm has a market cap of $98.04 billion, a PE ratio of 30.96, a price-to-earnings-growth ratio of 2.20 and a beta of 1.05. Prologis has a 12-month low of $96.64 and a 12-month high of $137.52. The company has a current ratio of 0.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.51.

Prologis Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Monday, March 18th were paid a dividend of $0.96 per share. This is a positive change from Prologis’s previous quarterly dividend of $0.87. The ex-dividend date of this dividend was Friday, March 15th. This represents a $3.84 annualized dividend and a dividend yield of 3.63%. Prologis’s payout ratio is 112.28%.

Hedge Funds Weigh In On Prologis

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Texas Yale Capital Corp. grew its holdings in Prologis by 3.6% in the first quarter. Texas Yale Capital Corp. now owns 47,460 shares of the real estate investment trust’s stock valued at $6,180,000 after purchasing an additional 1,659 shares during the last quarter. State Board of Administration of Florida Retirement System grew its stake in Prologis by 2.0% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 1,012,947 shares of the real estate investment trust’s stock valued at $126,385,000 after acquiring an additional 19,974 shares during the last quarter. Eagle Bay Advisors LLC increased its holdings in Prologis by 57.1% during the 1st quarter. Eagle Bay Advisors LLC now owns 297 shares of the real estate investment trust’s stock valued at $39,000 after acquiring an additional 108 shares in the last quarter. Rogco LP acquired a new position in Prologis during the first quarter worth about $285,000. Finally, Bleakley Financial Group LLC lifted its holdings in shares of Prologis by 8.0% in the first quarter. Bleakley Financial Group LLC now owns 12,435 shares of the real estate investment trust’s stock valued at $1,619,000 after purchasing an additional 919 shares in the last quarter. 93.50% of the stock is owned by institutional investors and hedge funds.

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.