Prologis Inc. (PLD) Upgraded to Buy by Evercore ISI
Evercore ISI upgraded shares of Prologis Inc. (NYSE:PLD) from a hold rating to a buy rating in a research report sent to investors on Tuesday morning. The firm currently has $56.00 target price on the stock.
A number of other research analysts also recently commented on the stock. Capital One Financial Corp. raised shares of Prologis from an underweight rating to an equal weight rating and set a $53.00 price target for the company in a report on Monday. Morgan Stanley set a $58.00 price target on shares of Prologis and gave the company a buy rating in a report on Tuesday, September 6th. Wells Fargo & Co. reaffirmed a neutral rating on shares of Prologis in a report on Sunday, September 4th. BTIG Research began coverage on shares of Prologis in a research note on Thursday, August 25th. They issued a buy rating and a $60.00 price objective for the company. Finally, Robert W. Baird downgraded shares of Prologis from an outperform rating to a neutral rating and raised their price objective for the stock from $52.00 to $54.00 in a research note on Wednesday, August 17th. One analyst has rated the stock with a sell rating, twelve have given a hold rating and eleven have issued a buy rating to the company’s stock. The company has a consensus rating of Hold and a consensus price target of $50.86.
Prologis (NYSE:PLD) remained flat at $52.07 on Tuesday. The company had a trading volume of 283,010 shares. Prologis has a 52-week low of $35.25 and a 52-week high of $54.87. The company has a market capitalization of $27.44 billion, a price-to-earnings ratio of 31.79 and a beta of 1.31. The company’s 50 day moving average is $52.34 and its 200 day moving average is $50.00.
The business also recently announced a quarterly dividend, which was paid on Friday, September 30th. Stockholders of record on Monday, September 19th were paid a dividend of $0.42 per share. The ex-dividend date was Thursday, September 15th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 3.23%. Prologis’s dividend payout ratio is currently 103.07%.
In other news, CEO Gary E. Anderson sold 33,043 shares of the business’s stock in a transaction dated Friday, August 12th. The shares were sold at an average price of $54.28, for a total transaction of $1,793,574.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Hamid R. Moghadam sold 446,991 shares of the business’s stock in a transaction dated Friday, July 29th. The stock was sold at an average price of $54.35, for a total transaction of $24,293,960.85. Following the sale, the chief executive officer now directly owns 446,991 shares of the company’s stock, valued at approximately $24,293,960.85. The disclosure for this sale can be found here. Insiders own 1.29% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its stake in shares of Prologis by 2.3% in the second quarter. Vanguard Group Inc. now owns 73,654,987 shares of the company’s stock valued at $3,612,041,000 after buying an additional 1,623,990 shares in the last quarter. Cohen & Steers Inc. boosted its stake in shares of Prologis by 194.7% in the second quarter. Cohen & Steers Inc. now owns 31,179,168 shares of the company’s stock valued at $1,529,026,000 after buying an additional 20,598,621 shares in the last quarter. State Street Corp boosted its stake in shares of Prologis by 1.0% in the first quarter. State Street Corp now owns 29,936,310 shares of the company’s stock valued at $1,322,589,000 after buying an additional 287,136 shares in the last quarter. FMR LLC boosted its stake in shares of Prologis by 22.4% in the second quarter. FMR LLC now owns 18,463,142 shares of the company’s stock valued at $905,433,000 after buying an additional 3,379,560 shares in the last quarter. Finally, BlackRock Fund Advisors boosted its stake in shares of Prologis by 1.7% in the second quarter. BlackRock Fund Advisors now owns 15,560,078 shares of the company’s stock valued at $763,066,000 after buying an additional 265,092 shares in the last quarter. 99.83% of the stock is owned by institutional investors and hedge funds.
Prologis Company Profile
Prologis, Inc is engaged in logistics real estate business, focused on markets across the Americas, Europe and Asia. The Company owns or has investments in, on a basis or through co-investment ventures, properties and development projects in over 20 countries. Its segments include Real Estate Operations and Strategic Capital.
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