Scotiabank assumed coverage on shares of Prologis (NYSE:PLD) in a report issued on Tuesday, The Fly reports. The brokerage issued a sector perform rating on the real estate investment trust’s stock.
A number of other research firms have also recently issued reports on PLD. Zacks Investment Research cut Prologis from a buy rating to a hold rating in a report on Tuesday, September 18th. Deutsche Bank lifted their price target on Prologis from $66.00 to $68.00 and gave the company a hold rating in a report on Friday, August 24th. Robert W. Baird reissued a buy rating and set a $73.00 price objective on shares of Prologis in a report on Monday, July 23rd. Jefferies Financial Group reissued a $62.97 rating and set a $79.00 price objective on shares of Prologis in a report on Wednesday, July 18th. Finally, SunTrust Banks set a $70.00 price objective on Prologis and gave the stock a buy rating in a report on Tuesday, August 7th. Five analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. The stock has an average rating of Buy and a consensus target price of $71.47.
Shares of Prologis stock traded up $0.49 during trading on Tuesday, reaching $63.56. The company’s stock had a trading volume of 42,983 shares, compared to its average volume of 2,987,261. The company has a quick ratio of 0.73, a current ratio of 0.17 and a debt-to-equity ratio of 0.44. Prologis has a one year low of $58.28 and a one year high of $68.20. The stock has a market capitalization of $39.57 billion, a price-to-earnings ratio of 22.58, a P/E/G ratio of 4.11 and a beta of 0.72.
Prologis (NYSE:PLD) last released its quarterly earnings results on Tuesday, October 16th. The real estate investment trust reported $0.72 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.71 by $0.01. Prologis had a return on equity of 6.64% and a net margin of 51.66%. The business had revenue of $611.00 million during the quarter, compared to analysts’ expectations of $582.23 million. During the same period in the previous year, the business posted $1.63 earnings per share. The firm’s revenue for the quarter was up 14.2% compared to the same quarter last year. As a group, sell-side analysts anticipate that Prologis will post 3.01 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, September 28th. Shareholders of record on Monday, September 17th were issued a dividend of $0.48 per share. The ex-dividend date of this dividend was Friday, September 14th. This represents a $1.92 annualized dividend and a yield of 3.02%. Prologis’s dividend payout ratio is currently 68.33%.
In other news, Director Irving F. Lyons III sold 4,808 shares of the company’s stock in a transaction dated Friday, September 28th. The stock was sold at an average price of $67.45, for a total value of $324,299.60. Following the completion of the sale, the director now directly owns 9,863 shares of the company’s stock, valued at approximately $665,259.35. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Edward S. Nekritz sold 18,099 shares of the company’s stock in a transaction dated Friday, September 21st. The shares were sold at an average price of $67.66, for a total value of $1,224,578.34. Following the completion of the sale, the insider now directly owns 106,102 shares of the company’s stock, valued at $7,178,861.32. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 52,690 shares of company stock valued at $3,501,582. 1.31% of the stock is currently owned by company insiders.
Hedge funds have recently made changes to their positions in the company. McKinley Carter Wealth Services Inc. bought a new stake in shares of Prologis in the 1st quarter valued at about $106,000. Advisors Preferred LLC increased its stake in shares of Prologis by 141.1% in the 2nd quarter. Advisors Preferred LLC now owns 1,685 shares of the real estate investment trust’s stock valued at $111,000 after acquiring an additional 986 shares during the last quarter. Summit Trail Advisors LLC grew its position in shares of Prologis by 6,714.8% in the 1st quarter. Summit Trail Advisors LLC now owns 144,950 shares of the real estate investment trust’s stock valued at $145,000 after purchasing an additional 142,823 shares during the period. Smithfield Trust Co. grew its position in shares of Prologis by 85.5% in the 2nd quarter. Smithfield Trust Co. now owns 2,319 shares of the real estate investment trust’s stock valued at $152,000 after purchasing an additional 1,069 shares during the period. Finally, Kistler Tiffany Companies LLC acquired a new position in shares of Prologis in the 3rd quarter valued at approximately $160,000. 80.65% of the stock is owned by institutional investors.
Prologis, Inc is the global leader in logistics real estate with a focus on high-barrier, high-growth markets. As of June 30, 2018, 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 685 million square feet (64 million square meters) in 19 countries.
Further Reading: Technical Analysis of Stocks and What It Means
Receive News & Ratings for Prologis Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Prologis and related companies with MarketBeat.com's FREE daily email newsletter.