Truist Financial Issues Pessimistic Forecast for Prologis (NYSE:PLD) Stock Price

Prologis (NYSE:PLD) had its price target cut by Truist Financial from $137.00 to $132.00 in a research report sent to investors on Thursday,Benzinga reports. They currently have a buy rating on the real estate investment trust’s stock.

Other research analysts have also recently issued reports about the stock. JPMorgan Chase & Co. dropped their target price on shares of Prologis from $138.00 to $131.00 and set an “overweight” rating for the company in a report on Monday, October 21st. Evercore ISI lifted their price objective on Prologis from $124.00 to $128.00 and gave the stock an “in-line” rating in a report on Monday, September 16th. Morgan Stanley upped their target price on Prologis from $132.00 to $133.00 and gave the company an “overweight” rating in a report on Wednesday, August 14th. The Goldman Sachs Group reaffirmed a “neutral” rating and set a $132.00 price target (down previously from $142.00) on shares of Prologis in a research note on Monday, October 21st. Finally, Scotiabank lowered their price objective on shares of Prologis from $136.00 to $134.00 and set a “sector outperform” rating on the stock in a research note on Wednesday. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $130.13.

Prologis Stock Down 1.6 %

PLD opened at $112.00 on Thursday. The business has a 50 day simple moving average of $117.57 and a 200-day simple moving average of $118.86. Prologis has a 12 month low of $101.11 and a 12 month high of $137.52. The stock has a market capitalization of $103.73 billion, a P/E ratio of 33.84, a P/E/G ratio of 3.36 and a beta of 1.07. The company has a debt-to-equity ratio of 0.56, a current ratio of 0.43 and a quick ratio of 0.43.

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

Prologis Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Monday, December 16th will be paid a $0.96 dividend. The ex-dividend date is Monday, December 16th. This represents a $3.84 annualized dividend and a yield of 3.43%. Prologis’s payout ratio is currently 116.01%.

Institutional Trading of Prologis

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Inspire Trust Co. N.A. lifted its holdings in shares of Prologis by 20.5% during the 3rd quarter. Inspire Trust Co. N.A. now owns 26,000 shares of the real estate investment trust’s stock worth $3,283,000 after acquiring an additional 4,419 shares during the period. Synovus Financial Corp increased its position in 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 purchasing an additional 790 shares during the last quarter. Tidal Investments LLC raised its stake in Prologis by 12.7% during 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 during the period. Destination Wealth Management boosted its holdings in shares of Prologis by 121.5% in the 3rd 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 last quarter. Finally, Wilmington Savings Fund Society FSB purchased a new stake in shares of Prologis during the 3rd quarter valued at $1,348,000. Hedge funds and other 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.