BMO Capital Markets assumed coverage on shares of Prologis, Inc. (NYSE:PLD) in a report released on Monday, September 11th. The brokerage issued an outperform rating and a $69.00 price objective on the real estate investment trust’s stock.
PLD has been the topic of several other research reports. SunTrust Banks, Inc. raised shares of Prologis from a hold rating to a buy rating and set a $58.00 price objective on the stock in a research note on Tuesday, September 5th. Stifel Nicolaus lifted their price objective on shares of Prologis from $57.00 to $60.00 and gave the stock a buy rating in a research note on Tuesday, May 30th. Royal Bank Of Canada reissued a buy rating and set a $59.00 price objective on shares of Prologis in a research note on Thursday, June 8th. Zacks Investment Research raised shares of Prologis from a hold rating to a buy rating and set a $64.00 price objective on the stock in a research note on Wednesday, June 14th. Finally, Bank of America Corporation raised shares of Prologis from a neutral rating to a buy rating and lifted their price objective for the stock from $58.00 to $65.00 in a research note on Friday, June 23rd. Four analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the stock. Prologis currently has a consensus rating of Buy and an average target price of $61.69.
Shares of Prologis (PLD) traded down 0.14% during midday trading on Monday, hitting $63.46. 2,514,990 shares of the stock traded hands. The stock has a market cap of $33.75 billion, a price-to-earnings ratio of 28.48 and a beta of 0.93. The firm has a 50-day moving average price of $62.54 and a 200 day moving average price of $57.16. Prologis has a one year low of $45.93 and a one year high of $65.49.
Prologis (NYSE:PLD) last issued its earnings results on Tuesday, July 18th. The real estate investment trust reported $0.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.78 by $0.06. Prologis had a net margin of 43.99% and a return on equity of 6.65%. The company had revenue of $766.18 million for the quarter, compared to analyst estimates of $576.00 million. During the same quarter last year, the firm earned $0.60 EPS. The company’s revenue for the quarter was up 27.2% on a year-over-year basis. Analysts anticipate that Prologis will post ($0.27) earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Monday, September 18th will be issued a dividend of $0.44 per share. The ex-dividend date of this dividend is Friday, September 15th. This represents a $1.76 dividend on an annualized basis and a yield of 2.77%. Prologis’s payout ratio is 79.28%.
In related news, Director Carl B. Webb sold 20,000 shares of the business’s stock in a transaction on Friday, July 28th. The shares were sold at an average price of $61.38, for a total transaction of $1,227,600.00. Following the transaction, the director now directly owns 66,078 shares in the company, valued at $4,055,867.64. The sale was disclosed in a filing with the SEC, which is available through this link. 1.31% of the stock is currently owned by insiders.
Hedge funds have recently added to or reduced their stakes in the business. Guardian Life Insurance Co. of America boosted its position in Prologis by 0.7% during the first quarter. Guardian Life Insurance Co. of America now owns 2,039 shares of the real estate investment trust’s stock worth $106,000 after purchasing an additional 14 shares during the period. Creative Planning boosted its position in Prologis by 3.4% during the second quarter. Creative Planning now owns 2,078 shares of the real estate investment trust’s stock worth $122,000 after purchasing an additional 69 shares during the period. IFP Advisors Inc boosted its position in Prologis by 10.7% during the first quarter. IFP Advisors Inc now owns 2,249 shares of the real estate investment trust’s stock worth $117,000 after purchasing an additional 218 shares during the period. Evercore Wealth Management LLC boosted its position in Prologis by 18.2% during the second quarter. Evercore Wealth Management LLC now owns 2,270 shares of the real estate investment trust’s stock worth $134,000 after purchasing an additional 350 shares during the period. Finally, Independent Portfolio Consultants Inc. boosted its position in Prologis by 82.0% during the second quarter. Independent Portfolio Consultants Inc. now owns 2,718 shares of the real estate investment trust’s stock worth $159,000 after purchasing an additional 1,225 shares during the period. 95.91% of the stock is owned by hedge funds and other institutional investors.
Prologis Company Profile
Prologis, Inc is a real estate investment trust (REIT) company. The Company is engaged in logistics real estate business. The Company’s segments include Real Estate Operations and Strategic Capital. The Real estate operations segment consists of rental operations and development. The Company’s strategic capital segment includes asset management services, as well as services performed for unconsolidated co-investment ventures.
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