Prologis, Inc. (NYSE:PLD) – Research analysts at Jefferies Financial Group decreased their Q1 2023 earnings per share (EPS) estimates for Prologis in a research report issued on Monday, January 10th. Jefferies Financial Group analyst J. Petersen now forecasts that the real estate investment trust will post earnings per share of $1.15 for the quarter, down from their previous forecast of $1.16. Jefferies Financial Group also issued estimates for Prologis’ Q4 2023 earnings at $1.22 EPS, FY2023 earnings at $4.85 EPS and FY2024 earnings at $5.14 EPS.
Other equities research analysts have also issued research reports about the company. BTIG Research upped their price target on Prologis from $146.00 to $161.00 and gave the company a “buy” rating in a research report on Wednesday, October 20th. Raymond James upped their price target on Prologis from $155.00 to $180.00 and gave the stock a “strong-buy” rating in a research note on Monday. The Goldman Sachs Group raised Prologis from a “buy” rating to a “conviction-buy” rating and upped their price target for the stock from $166.00 to $180.00 in a research note on Thursday, October 21st. Royal Bank of Canada upped their price target on Prologis from $144.00 to $164.00 and gave the stock an “outperform” rating in a research note on Monday, November 8th. Finally, Barclays upped their price target on Prologis from $159.00 to $161.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 19th. Two analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, Prologis has an average rating of “Buy” and an average target price of $152.07.
Prologis (NYSE:PLD) last released its quarterly earnings results on Thursday, October 14th. The real estate investment trust reported $0.97 EPS for the quarter, missing analysts’ consensus estimates of $1.03 by ($0.06). Prologis had a net margin of 42.95% and a return on equity of 5.42%. The company had revenue of $1.04 billion during the quarter, compared to the consensus estimate of $1.03 billion. During the same quarter last year, the firm posted $0.90 EPS. The company’s quarterly revenue was up 5.9% on a year-over-year basis.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. MV Capital Management Inc. increased its holdings in shares of Prologis by 64.8% in the third quarter. MV Capital Management Inc. now owns 201 shares of the real estate investment trust’s stock worth $25,000 after buying an additional 79 shares during the period. Financial Management Professionals Inc. increased its holdings in shares of Prologis by 147.7% in the third quarter. Financial Management Professionals Inc. now owns 218 shares of the real estate investment trust’s stock worth $27,000 after buying an additional 130 shares during the period. Strategic Blueprint LLC bought a new stake in shares of Prologis in the second quarter worth about $30,000. Benjamin Edwards Inc. bought a new stake in shares of Prologis in the third quarter worth about $33,000. Finally, Jacobi Capital Management LLC grew its stake in shares of Prologis by 810.8% in the third quarter. Jacobi Capital Management LLC now owns 337 shares of the real estate investment trust’s stock worth $42,000 after purchasing an additional 300 shares during the last quarter. Institutional investors and hedge funds own 92.23% of the company’s stock.
In related news, CEO Hamid R. Moghadam sold 305,645 shares of Prologis stock in a transaction on Friday, October 22nd. The stock was sold at an average price of $144.24, for a total transaction of $44,086,234.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Hamid R. Moghadam sold 14,355 shares of Prologis stock in a transaction on Monday, October 25th. The shares were sold at an average price of $144.64, for a total value of $2,076,307.20. The disclosure for this sale can be found here. Over the last three months, insiders have sold 323,335 shares of company stock valued at $46,681,516. 0.87% of the stock is owned by corporate insiders.
The company also recently disclosed a quarterly dividend, which was paid on Friday, December 31st. Shareholders of record on Tuesday, December 14th were issued a dividend of $0.63 per share. This represents a $2.52 annualized dividend and a yield of 1.64%. The ex-dividend date was Monday, December 13th. Prologis’s dividend payout ratio (DPR) is 95.09%.
Prologis Company Profile
Prologis, Inc engages in the provision of real estate investment trust services. It operates through Real Estate Operations and Strategic Capital segments. The Real Estate Operations segment represents the ownership and development of logistics properties and also includes rental revenues, recoveries and expenses recognized from its consolidated properties.
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