Prologis, Inc. (PLD) Upgraded at Zacks Investment Research
Zacks Investment Research upgraded shares of Prologis, Inc. (NYSE:PLD) from a hold rating to a buy rating in a research report released on Monday morning. They currently have $71.00 target price on the real estate investment trust’s stock.
According to Zacks, “Shares of Prologis have outperformed the industry it belongs to, year to date. The stock has seen the Zacks Consensus Estimate for current-year funds from operations (FFO) per share being revised upward in two months’ time. In August, the company completed the acquisition of its partner’s stake in the Brazil portfolio. This move enabled the company gain full ownership of Prologis CCP, which was a joint venture between Prologis and Cyrela Commercial Properties. Further, the company’s build-to-suit activity also remained solid in 2017, with the company completing 20 such development projects in the first half. These projects included over 7 million square feet of space. Amid an improving industrial market, Prologis is well poised to benefit from its capacity to offer modern distribution facilities in strategic infill locations. However, increase in supply of new facilities and hike in interest rates remain concerns.”
A number of other analysts have also weighed in on PLD. Stifel Nicolaus reiterated a buy rating and issued a $65.00 price objective on shares of Prologis in a research note on Thursday, September 21st. BidaskClub upgraded shares of Prologis from a hold rating to a buy rating in a research note on Tuesday, August 1st. Jefferies Group LLC reiterated a hold rating and issued a $66.00 price objective (up previously from $59.00) on shares of Prologis in a research note on Thursday, August 24th. Royal Bank Of Canada reiterated a buy rating and issued a $59.00 price objective on shares of Prologis in a research note on Thursday, June 8th. Finally, KeyCorp increased their price objective on shares of Prologis from $62.00 to $65.00 and gave the stock a buy rating in a research note on Tuesday, July 25th. Four research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company. The stock has a consensus rating of Buy and an average price target of $61.69.
Shares of Prologis (PLD) opened at 62.91 on Monday. The company has a market cap of $33.46 billion, a P/E ratio of 28.24 and a beta of 0.93. The stock’s 50 day moving average is $62.54 and its 200-day moving average is $57.16. Prologis has a 12 month low of $45.93 and a 12 month high of $65.49.
Prologis (NYSE:PLD) last posted its quarterly earnings results on Tuesday, July 18th. The real estate investment trust reported $0.84 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.78 by $0.06. The business had revenue of $766.18 million during the quarter, compared to analysts’ expectations of $576.00 million. Prologis had a net margin of 43.99% and a return on equity of 6.65%. The business’s quarterly revenue was up 27.2% on a year-over-year basis. During the same quarter last year, the company posted $0.60 earnings per share. On average, equities analysts forecast that Prologis will post ($0.27) EPS for the current year.
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The company also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Monday, September 18th will be given a dividend of $0.44 per share. The ex-dividend date is Friday, September 15th. This represents a $1.76 annualized dividend and a yield of 2.80%. Prologis’s dividend payout ratio is presently 79.28%.
In related news, Director Carl B. Webb sold 20,000 shares of the firm’s stock in a transaction on Friday, July 28th. The shares were sold at an average price of $61.38, for a total transaction of $1,227,600.00. Following the sale, the director now owns 66,078 shares in the company, valued at $4,055,867.64. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 1.31% of the stock is currently owned by company insiders.
Hedge funds have recently added to or reduced their stakes in the stock. Brookfield Asset Management Inc. acquired a new stake in Prologis during the first quarter valued at $227,403,000. Wesbanco Bank Inc. lifted its holdings in Prologis by 76.9% during the second quarter. Wesbanco Bank Inc. now owns 29,900 shares of the real estate investment trust’s stock valued at $1,753,000 after purchasing an additional 13,000 shares in the last quarter. Swiss National Bank lifted its holdings in Prologis by 3.2% during the second quarter. Swiss National Bank now owns 1,933,060 shares of the real estate investment trust’s stock valued at $113,355,000 after purchasing an additional 60,000 shares in the last quarter. Cipher Capital LP lifted its holdings in Prologis by 98.1% during the second quarter. Cipher Capital LP now owns 44,673 shares of the real estate investment trust’s stock valued at $2,620,000 after purchasing an additional 22,120 shares in the last quarter. Finally, OMERS ADMINISTRATION Corp purchased a new position in Prologis during the second quarter valued at $1,448,000. Institutional investors own 95.91% of the company’s stock.
Prologis Company Profile
Prologis, Inc is a real estate investment trust (REIT) company. The Company is engaged in logistics real estate business. The Company’s segments include Real Estate Operations and Strategic Capital. The Real estate operations segment consists of rental operations and development. The Company’s strategic capital segment includes asset management services, as well as services performed for unconsolidated co-investment ventures.
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