Prologis (NYSE:PLD) had its price target increased by KeyCorp from $79.00 to $86.00 in a report issued on Wednesday, Stock Target Advisor reports. The brokerage currently has an overweight rating on the real estate investment trust’s stock.
Several other brokerages have also recently weighed in on PLD. Morgan Stanley cut Meili from an equal weight rating to an underweight rating and reduced their price target for the stock from $14.00 to $4.20 in a research note on Monday, June 3rd. Citigroup set a $86.00 target price on Prologis and gave the stock a buy rating in a research note on Thursday, June 6th. BMO Capital Markets reissued a buy rating and issued a $70.00 target price on shares of Prologis in a research note on Sunday, April 21st. Zacks Investment Research cut G1 Therapeutics from a buy rating to a hold rating in a research note on Thursday, May 16th. Finally, Goldman Sachs Group started coverage on Liberty Property Trust in a research note on Wednesday, May 15th. They issued a neutral rating and a $49.00 target price on the stock. Four research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock has an average rating of Buy and an average price target of $74.96.
PLD stock traded down $2.00 during midday trading on Wednesday, hitting $81.02. The stock had a trading volume of 2,610,100 shares, compared to its average volume of 2,365,132. The stock has a market cap of $52.11 billion, a price-to-earnings ratio of 26.74, a price-to-earnings-growth ratio of 4.57 and a beta of 1.03. The stock’s 50-day moving average price is $78.92. Prologis has a 52-week low of $55.21 and a 52-week high of $83.99. The company has a current ratio of 0.36, a quick ratio of 0.36 and a debt-to-equity ratio of 0.42.
Prologis (NYSE:PLD) last issued its quarterly earnings results on Tuesday, April 16th. The real estate investment trust reported $0.73 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.72 by $0.01. The company had revenue of $696.80 million for the quarter, compared to analysts’ expectations of $687.21 million. Prologis had a return on equity of 6.83% and a net margin of 56.56%. The firm’s revenue for the quarter was up 25.3% on a year-over-year basis. During the same period in the prior year, the firm earned $0.80 earnings per share. Equities research analysts expect that Prologis will post 3.23 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Thursday, June 13th were issued a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a dividend yield of 2.62%. The ex-dividend date was Wednesday, June 12th. Prologis’s payout ratio is currently 69.97%.
In other news, insider Edward S. Nekritz sold 30,671 shares of the company’s stock in a transaction on Wednesday, April 24th. The stock was sold at an average price of $75.01, for a total transaction of $2,300,631.71. Following the transaction, the insider now directly owns 21,121 shares of the company’s stock, valued at $1,584,286.21. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Philip L. Hawkins sold 9,000 shares of the company’s stock in a transaction on Wednesday, June 12th. The shares were sold at an average price of $78.72, for a total value of $708,480.00. Following the transaction, the director now directly owns 35,511 shares in the company, valued at $2,795,425.92. The disclosure for this sale can be found here. Corporate insiders own 1.10% of the company’s stock.
Hedge funds have recently bought and sold shares of the business. FMR LLC lifted its holdings in Prologis by 3.9% in the first quarter. FMR LLC now owns 20,743,807 shares of the real estate investment trust’s stock valued at $1,492,516,000 after acquiring an additional 769,477 shares during the period. Cipher Capital LP bought a new position in Prologis in the fourth quarter valued at about $4,142,000. Phocas Financial Corp. lifted its holdings in Prologis by 78.5% in the fourth quarter. Phocas Financial Corp. now owns 35,214 shares of the real estate investment trust’s stock valued at $2,068,000 after acquiring an additional 15,491 shares during the period. Candriam Luxembourg S.C.A. lifted its holdings in Prologis by 3.3% in the fourth quarter. Candriam Luxembourg S.C.A. now owns 88,103 shares of the real estate investment trust’s stock valued at $5,173,000 after acquiring an additional 2,819 shares during the period. Finally, State Treasurer State of Michigan lifted its holdings in Prologis by 0.8% in the first quarter. State Treasurer State of Michigan now owns 181,611 shares of the real estate investment trust’s stock valued at $13,067,000 after acquiring an additional 1,400 shares during the period. 95.41% of the stock is currently owned by institutional investors.
Prologis Company Profile
Prologis, Inc is the global leader in logistics real estate with a focus on high-barrier, high-growth markets. As of December 31, 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 768 million square feet (71 million square meters) in 19 countries.
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