Prologis (PLD) Cut to Hold at Zacks Investment Research

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Zacks Investment Research cut shares of Prologis (NYSE:PLD) from a buy rating to a hold rating in a report issued on Tuesday, September 18th.

According to Zacks, “Shares of Prologis have outperformed its industry over the past three months. Further, the trend in estimate revisions of current-year funds from operations (FFO) per share indicates a favorable outlook for the company. Recently, the company rolled out the Prologis Community Workforce Initiative (CWI), and a Southern California non-profit organization — EXP — has been signed as the first CWI partner of the former. This move comes amid e-commerce boom, growth of the logistic real estate market at a substantial pace, while shortage of labor remains a pressing concern. Moreover, its acquisition of DCT Industrial will be conducive to FFO per share. However, with rising supply of industrial real estate space, there is lesser scope for robust rent increase. Also, any protectionist trade policies will have an adverse impact on economic growth, as well as the company’s business over the long term. Rate hike remains another concern.”

A number of other brokerages have also recently commented on PLD. JPMorgan Chase & Co. set a $72.00 target price on shares of Prologis and gave the company a buy rating in a research report on Thursday, August 23rd. BTIG Research set a $73.00 price objective on shares of Prologis and gave the stock a buy rating in a research report on Thursday, August 23rd. Deutsche Bank raised their price objective on shares of Prologis from $66.00 to $68.00 and gave the stock a hold rating in a research report on Friday, August 24th. Barclays raised their price objective on shares of Prologis from $71.00 to $73.00 and gave the stock an overweight rating in a research report on Thursday, August 2nd. Finally, Bank of America raised their price objective on shares of Prologis from $72.00 to $73.00 and gave the stock a buy rating in a research report on Monday, September 10th. Four equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. The company has an average rating of Buy and a consensus price target of $71.53.

NYSE PLD traded down $0.30 during mid-day trading on Tuesday, reaching $62.54. 3,529,253 shares of the stock were exchanged, compared to its average volume of 2,999,074. Prologis has a 1 year low of $58.28 and a 1 year high of $68.20. The company has a market capitalization of $42.67 billion, a PE ratio of 22.26, a price-to-earnings-growth ratio of 4.43 and a beta of 0.72. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.73 and a current ratio of 0.73.

Prologis (NYSE:PLD) last announced its quarterly earnings results on Tuesday, July 17th. The real estate investment trust reported $0.71 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.71. The firm had revenue of $621.00 million for the quarter, compared to the consensus estimate of $557.43 million. Prologis had a net margin of 74.17% and a return on equity of 10.11%. The firm’s quarterly revenue was down 18.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.84 earnings per share. On average, equities analysts expect that Prologis will post 3.01 EPS for the current year.

The business also recently announced a quarterly dividend, which was paid on Friday, September 28th. Shareholders of record on Monday, September 17th were paid a dividend of $0.48 per share. This represents a $1.92 annualized dividend and a yield of 3.07%. The ex-dividend date of this dividend was Friday, September 14th. Prologis’s dividend payout ratio (DPR) is presently 68.33%.

In other news, CEO Eugene F. Reilly sold 15,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 20th. The shares were sold at an average price of $67.20, for a total value of $1,008,000.00. Following the completion of the transaction, the chief executive officer now owns 36,685 shares of the company’s stock, valued at $2,465,232. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director William D. Zollars sold 8,020 shares of the firm’s stock in a transaction that occurred on Monday, July 23rd. The shares were sold at an average price of $62.45, for a total transaction of $500,849.00. Following the completion of the transaction, the director now directly owns 11,490 shares of the company’s stock, valued at approximately $717,550.50. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 52,690 shares of company stock valued at $3,501,582. 1.32% of the stock is currently owned by insiders.

Hedge funds and other institutional investors have recently bought and sold shares of the company. CIBC Asset Management Inc lifted its stake in Prologis by 5.2% in the second quarter. CIBC Asset Management Inc now owns 54,077 shares of the real estate investment trust’s stock worth $3,552,000 after acquiring an additional 2,690 shares during the last quarter. Cbre Clarion Securities LLC lifted its stake in Prologis by 2.7% in the second quarter. Cbre Clarion Securities LLC now owns 7,919,441 shares of the real estate investment trust’s stock worth $520,228,000 after acquiring an additional 210,819 shares during the last quarter. Royal Bank of Canada lifted its stake in Prologis by 6.8% in the first quarter. Royal Bank of Canada now owns 497,995 shares of the real estate investment trust’s stock worth $31,369,000 after acquiring an additional 31,704 shares during the last quarter. Bank of America Corp DE lifted its stake in Prologis by 7.1% in the second quarter. Bank of America Corp DE now owns 6,028,563 shares of the real estate investment trust’s stock worth $396,017,000 after acquiring an additional 400,104 shares during the last quarter. Finally, Renaissance Technologies LLC lifted its stake in Prologis by 98.4% in the second quarter. Renaissance Technologies LLC now owns 1,945,171 shares of the real estate investment trust’s stock worth $127,778,000 after acquiring an additional 964,500 shares during the last quarter. 80.59% 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. As of June 30, 2018, 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 685 million square feet (64 million square meters) in 19 countries.

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