Wells Fargo & Company Cuts Prologis (NYSE:PLD) Price Target to $119.00

Prologis (NYSE:PLD) had its target price cut by Wells Fargo & Company from $146.00 to $119.00 in a research note released on Monday,Benzinga reports. They currently have an overweight rating on the real estate investment trust’s stock.

Other analysts have also issued research reports about the company. Scotiabank boosted their price target on Prologis from $97.00 to $100.00 and gave the company a “sector underperform” rating in a report on Monday, May 12th. Mizuho reduced their price objective on shares of Prologis from $117.00 to $105.00 and set a “neutral” rating for the company in a research note on Friday, April 11th. BMO Capital Markets reduced their price objective on shares of Prologis from $105.00 to $95.00 and set an “outperform” rating for the company in a research note on Monday, April 14th. Morgan Stanley reduced their price objective on shares of Prologis to $120.00 and set an “outperform” rating for the company in a research note on Monday, April 14th. Finally, Truist Financial reduced their price objective on shares of Prologis from $123.00 to $120.00 and set a “buy” rating for the company in a research note on Monday, May 5th. One analyst has rated the stock with a sell rating, eight have given a hold rating, ten have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $120.42.

Prologis Stock Down 3.7%

Shares of NYSE PLD opened at $104.72 on Monday. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.43 and a current ratio of 0.75. The firm has a market capitalization of $97.17 billion, a price-to-earnings ratio of 26.18, a PEG ratio of 2.70 and a beta of 1.25. The stock has a 50 day moving average price of $104.62 and a 200 day moving average price of $111.00. Prologis has a 52-week low of $85.35 and a 52-week high of $132.57.

Prologis (NYSE:PLD) last announced its quarterly earnings results on Wednesday, April 16th. The real estate investment trust reported $1.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.38 by $0.04. The firm had revenue of $1.99 billion during the quarter, compared to analyst estimates of $1.99 billion. Prologis had a return on equity of 6.44% and a net margin of 45.50%. Sell-side analysts expect that Prologis will post 5.73 earnings per share for the current year.

Prologis Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Tuesday, June 17th will be given a dividend of $1.01 per share. This represents a $4.04 dividend on an annualized basis and a dividend yield of 3.86%. The ex-dividend date is Tuesday, June 17th. Prologis’s payout ratio is presently 101.00%.

Hedge Funds Weigh In On Prologis

A number of large investors have recently made changes to their positions in PLD. Murphy & Mullick Capital Management Corp acquired a new position in shares of Prologis in the 4th quarter valued at $26,000. Crowley Wealth Management Inc. acquired a new position in shares of Prologis in the 4th quarter valued at $27,000. Activest Wealth Management increased its position in shares of Prologis by 637.1% in the 1st quarter. Activest Wealth Management now owns 258 shares of the real estate investment trust’s stock valued at $29,000 after acquiring an additional 223 shares during the period. Centricity Wealth Management LLC acquired a new position in shares of Prologis in the 4th quarter valued at $30,000. Finally, REAP Financial Group LLC increased its position in shares of Prologis by 40.0% in the 4th quarter. REAP Financial Group LLC now owns 294 shares of the real estate investment trust’s stock valued at $31,000 after acquiring an additional 84 shares during the period. 93.50% 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. 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.