Prologis (NYSE:PLD) Price Target Lowered to $141.00 at Barclays

Prologis (NYSE:PLD) had its price target reduced by Barclays from $153.00 to $141.00 in a research note released on Wednesday, Benzinga reports. They currently have an overweight rating on the real estate investment trust’s stock.

PLD has been the subject of several other research reports. Evercore ISI reissued an in-line rating and issued a $136.00 price objective on shares of Prologis in a report on Monday, March 18th. Scotiabank upped their price target on Prologis from $134.00 to $143.00 and gave the stock a sector outperform rating in a report on Friday, December 15th. Royal Bank of Canada upped their price target on Prologis from $128.00 to $145.00 and gave the stock an outperform rating in a report on Friday, February 16th. Mizuho upped their price target on Prologis from $125.00 to $130.00 and gave the stock a neutral rating in a report on Wednesday, January 10th. Finally, TheStreet raised Prologis from a c+ rating to a b- rating in a report on Friday, January 26th. Four equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Prologis has an average rating of Moderate Buy and an average price target of $141.67.

Prologis Stock Performance

Shares of PLD stock opened at $128.87 on Wednesday. The stock has a market cap of $119.21 billion, a PE ratio of 39.17, a price-to-earnings-growth ratio of 2.54 and a beta of 1.00. The business has a 50-day simple moving average of $130.52 and a 200-day simple moving average of $121.64. The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 0.50. Prologis has a 52-week low of $96.64 and a 52-week high of $137.52.

Prologis (NYSE:PLD) last issued its quarterly earnings data on Wednesday, January 17th. The real estate investment trust reported $0.68 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.26 by ($0.58). The company had revenue of $1.89 billion during the quarter, compared to analyst estimates of $1.85 billion. Prologis had a net margin of 38.13% and a return on equity of 5.29%. The business’s quarterly revenue was up 7.8% compared to the same quarter last year. During the same period last year, the firm earned $1.24 EPS. On average, equities analysts expect that Prologis will post 5.5 EPS for the current year.

Prologis Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 29th. Stockholders of record on Monday, March 18th will be given a $0.96 dividend. The ex-dividend date of this dividend is Friday, March 15th. This is a positive change from Prologis’s previous quarterly dividend of $0.87. This represents a $3.84 dividend on an annualized basis and a dividend yield of 2.98%. Prologis’s dividend payout ratio is 116.72%.

Institutional Investors Weigh In On Prologis

A number of large investors have recently made changes to their positions in PLD. Norges Bank purchased a new stake in shares of Prologis in the fourth quarter valued at approximately $980,759,000. Capital World Investors grew its position in Prologis by 1,252.9% in the fourth quarter. Capital World Investors now owns 7,305,582 shares of the real estate investment trust’s stock worth $973,834,000 after acquiring an additional 6,765,582 shares during the period. Morgan Stanley grew its position in Prologis by 48.0% in the fourth quarter. Morgan Stanley now owns 14,577,827 shares of the real estate investment trust’s stock worth $1,643,359,000 after acquiring an additional 4,729,040 shares during the period. Moneta Group Investment Advisors LLC purchased a new position in Prologis in the fourth quarter worth approximately $232,205,000. Finally, Legal & General Group Plc grew its position in Prologis by 22.4% in the fourth quarter. Legal & General Group Plc now owns 11,130,145 shares of the real estate investment trust’s stock worth $1,254,702,000 after acquiring an additional 2,038,187 shares during the period. 93.50% of the stock is currently owned by hedge funds and other institutional investors.

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.