Prologis (NYSE:PLD) Given New $128.00 Price Target at Evercore ISI

Prologis (NYSE:PLD) had its price target lifted by Evercore ISI from $124.00 to $128.00 in a research note issued to investors on Monday, Benzinga reports. They currently have an in-line rating on the real estate investment trust’s stock.

PLD has been the topic of a number of other reports. Royal Bank of Canada lowered shares of Prologis from an outperform rating to a sector perform rating and increased their target price for the stock from $124.00 to $127.00 in a report on Monday, August 5th. Bank of America reiterated a neutral rating and issued a $128.00 price objective on shares of Prologis in a research note on Monday, August 12th. Barclays boosted their target price on Prologis from $123.00 to $142.00 and gave the stock an overweight rating in a research note on Tuesday, July 30th. Argus increased their price target on Prologis from $120.00 to $135.00 and gave the company a buy rating in a research report on Tuesday, July 23rd. Finally, Mizuho lowered their price objective on Prologis from $130.00 to $120.00 and set a neutral rating for the company in a research report on Friday, May 31st. Seven analysts have rated the stock with a hold rating, ten have assigned 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 a consensus target price of $133.35.

Prologis Trading Down 1.4 %

Shares of NYSE PLD opened at $127.05 on Monday. The company has a current ratio of 0.36, a quick ratio of 0.36 and a debt-to-equity ratio of 0.52. The stock has a market capitalization of $117.63 billion, a PE ratio of 37.15, a PEG ratio of 3.36 and a beta of 1.07. Prologis has a twelve month low of $96.64 and a twelve month high of $137.52. The stock has a fifty day simple moving average of $125.21 and a 200-day simple moving average of $118.73.

Prologis (NYSE:PLD) last released its earnings results on Wednesday, July 17th. The real estate investment trust reported $0.92 earnings per share for the quarter, missing the consensus estimate of $1.33 by ($0.41). The firm had revenue of $2.01 billion during the quarter, compared to analyst estimates of $1.86 billion. Prologis had a net margin of 36.37% and a return on equity of 4.88%. The business’s revenue was down 18.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.83 earnings per share. On average, equities analysts forecast that Prologis will post 5.42 earnings per share for the current year.

Prologis Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Monday, September 16th will be paid a $0.96 dividend. The ex-dividend date of this dividend is Monday, September 16th. This represents a $3.84 annualized dividend and a yield of 3.02%. Prologis’s dividend payout ratio is presently 112.28%.

Insider Activity

In related news, CIO Joseph Ghazal sold 5,200 shares of the company’s stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $129.07, for a total value of $671,164.00. Following the completion of the sale, the executive now directly owns 13,187 shares of the company’s stock, valued at approximately $1,702,046.09. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Company insiders own 0.50% of the company’s stock.

Institutional Trading of Prologis

A number of large investors have recently bought and sold shares of the business. Nordea Investment Management AB boosted its stake in shares of Prologis by 380.0% during the first quarter. Nordea Investment Management AB now owns 333,022 shares of the real estate investment trust’s stock worth $43,046,000 after buying an additional 263,649 shares during the period. Swedbank AB lifted its position in Prologis by 9.2% during the 2nd quarter. Swedbank AB now owns 5,002,274 shares of the real estate investment trust’s stock worth $561,805,000 after acquiring an additional 420,687 shares during the period. Envestnet Portfolio Solutions Inc. grew its stake in shares of Prologis by 36.1% in the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 162,990 shares of the real estate investment trust’s stock valued at $18,305,000 after purchasing an additional 43,235 shares during the last quarter. Atalanta Sosnoff Capital LLC acquired a new position in shares of Prologis in the fourth quarter valued at approximately $18,551,000. Finally, US Bancorp DE raised its stake in shares of Prologis by 6.5% during the first quarter. US Bancorp DE now owns 676,912 shares of the real estate investment trust’s stock worth $88,148,000 after purchasing an additional 41,469 shares during the last quarter. Institutional investors and hedge funds own 93.50% of the company’s stock.

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.