Prologis (NYSE:PLD) Shares Gap Down on Analyst Downgrade

Prologis, Inc. (NYSE:PLD)’s stock price gapped down before the market opened on Wednesday after UBS Group lowered their price target on the stock from $151.00 to $138.00. The stock had previously closed at $114.74, but opened at $108.70. UBS Group currently has a buy rating on the stock. Prologis shares last traded at $105.89, with a volume of 7,918,996 shares traded.

Several other brokerages have also weighed in on PLD. Royal Bank of Canada lifted their price objective on Prologis from $128.00 to $145.00 and gave the stock an “outperform” rating in a report on Friday, February 16th. Evercore ISI lowered their price target on Prologis from $136.00 to $123.00 and set an “in-line” rating on the stock in a research report on Thursday. Morgan Stanley upped their price target on Prologis from $128.00 to $141.00 and gave the company an “overweight” rating in a research report on Wednesday, January 24th. Barclays lowered their price target on Prologis from $141.00 to $135.00 and set an “overweight” rating on the stock in a research report on Wednesday. Finally, Robert W. Baird upped their price target on Prologis from $133.00 to $137.00 and gave the company a “neutral” rating in a research report on Tuesday, January 23rd. Four investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $140.00.

Hedge Funds Weigh In On Prologis

Large investors have recently made changes to their positions in the company. Columbia Trust Co 01012016 lifted its stake in shares of Prologis by 16.0% during the fourth quarter. Columbia Trust Co 01012016 now owns 5,240 shares of the real estate investment trust’s stock valued at $698,000 after acquiring an additional 723 shares during the period. Cyndeo Wealth Partners LLC lifted 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 acquiring an additional 11,882 shares during the period. DNB Asset Management AS lifted its stake in shares of Prologis by 17.1% during the fourth quarter. DNB Asset Management AS now owns 287,505 shares of the real estate investment trust’s stock valued at $38,324,000 after acquiring an additional 42,073 shares during the period. Grassi Investment Management lifted its stake in shares of Prologis by 31.8% during the fourth 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 period. Finally, Desjardins Global Asset Management Inc. lifted its stake in shares of Prologis by 255.0% during the fourth 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. Institutional investors and hedge funds own 93.50% of the company’s stock.

Prologis Stock Down 1.7 %

The firm has a 50 day simple moving average of $128.45 and a two-hundred day simple moving average of $122.07. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.30 and a quick ratio of 0.30. The stock has a market cap of $96.82 billion, a price-to-earnings ratio of 31.81, a price-to-earnings-growth ratio of 2.29 and a beta of 1.00.

Prologis (NYSE:PLD) last released its earnings results on Wednesday, January 17th. The real estate investment trust reported $0.68 earnings per share for the quarter, missing the consensus estimate of $1.26 by ($0.58). Prologis had a net margin of 38.13% and a return on equity of 5.29%. The company had revenue of $1.89 billion during the quarter, compared to analyst estimates of $1.85 billion. During the same period in the previous year, the company posted $1.24 EPS. The company’s quarterly revenue was up 7.8% compared to the same quarter last year. As a group, sell-side analysts expect that Prologis, Inc. will post 5.5 EPS for the current year.

Prologis Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Monday, March 18th were paid a $0.96 dividend. 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 yield of 3.67%. Prologis’s dividend payout ratio is presently 116.72%.

Prologis Company Profile

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.