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

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

PLD has been the subject of several other research reports. Barclays decreased their price objective on Prologis from $141.00 to $135.00 and set an overweight rating for the company in a report on Wednesday. Morgan Stanley lifted their target price on shares of Prologis from $128.00 to $141.00 and gave the stock an overweight rating in a research note on Wednesday, January 24th. Robert W. Baird upped their price target on shares of Prologis from $133.00 to $137.00 and gave the company a neutral rating in a research note on Tuesday, January 23rd. Mizuho reiterated a neutral rating and issued a $130.00 price objective on shares of Prologis in a research note on Tuesday, April 2nd. Finally, Royal Bank of Canada increased their target price on Prologis from $128.00 to $145.00 and gave the stock an outperform rating in a research report on Friday, February 16th. Four investment analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of Moderate Buy and an average target price of $140.00.

Prologis Stock Performance

NYSE PLD opened at $104.67 on Thursday. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.30 and a current ratio of 0.30. The company has a market capitalization of $96.82 billion, a PE ratio of 31.81, a price-to-earnings-growth ratio of 2.29 and a beta of 1.00. Prologis has a 52-week low of $96.64 and a 52-week high of $137.52. The company has a 50-day simple moving average of $128.45 and a 200 day simple moving average of $122.07.

Prologis (NYSE:PLD) last posted its quarterly earnings data on Wednesday, January 17th. The real estate investment trust reported $0.68 EPS 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 net margin of 38.13% and a return on equity of 5.29%. Prologis’s revenue for the quarter was up 7.8% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.24 EPS. On average, research analysts predict that Prologis will post 5.5 EPS 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 dividend of $0.96 per share. This represents a $3.84 dividend on an annualized basis and a dividend yield of 3.67%. The ex-dividend date of this dividend was Friday, March 15th. This is an increase from Prologis’s previous quarterly dividend of $0.87. Prologis’s dividend payout ratio (DPR) is 116.72%.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of PLD. Columbia Trust Co 01012016 grew its holdings in shares of Prologis by 16.0% during the 4th quarter. Columbia Trust Co 01012016 now owns 5,240 shares of the real estate investment trust’s stock valued at $698,000 after purchasing an additional 723 shares during the last quarter. Cyndeo Wealth Partners LLC grew its stake in shares of Prologis by 39.4% during the fourth quarter. Cyndeo Wealth Partners LLC now owns 42,005 shares of the real estate investment trust’s stock valued at $5,599,000 after buying an additional 11,882 shares during the last quarter. DNB Asset Management AS increased its holdings in shares of Prologis by 17.1% in the fourth quarter. DNB Asset Management AS now owns 287,505 shares of the real estate investment trust’s stock worth $38,324,000 after buying an additional 42,073 shares during the period. Grassi Investment Management lifted its stake in shares of Prologis by 31.8% in the 4th quarter. Grassi Investment Management now owns 252,146 shares of the real estate investment trust’s stock valued at $33,611,000 after acquiring an additional 60,900 shares during the last quarter. Finally, Desjardins Global Asset Management Inc. boosted its holdings in Prologis by 255.0% during the 4th quarter. Desjardins Global Asset Management Inc. now owns 16,124 shares of the real estate investment trust’s stock valued at $2,149,000 after acquiring an additional 11,582 shares during the period. 93.50% of the stock is currently owned by institutional investors.

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.