Barclays Trims Prologis (NYSE:PLD) Target Price to $135.00

Prologis (NYSE:PLD) had its target price trimmed by Barclays from $141.00 to $135.00 in a research note released on Wednesday, Benzinga reports. The firm currently has an overweight rating on the real estate investment trust’s stock.

A number of other brokerages have also issued reports on PLD. Royal Bank of Canada upped their target price on Prologis from $128.00 to $145.00 and gave the company an outperform rating in a research report on Friday, February 16th. Raymond James upped their target price on Prologis from $130.00 to $145.00 and gave the company a strong-buy rating in a research report on Wednesday, January 24th. Mizuho restated a neutral rating and set a $130.00 price objective on shares of Prologis in a research note on Tuesday, April 2nd. TheStreet upgraded Prologis from a c+ rating to a b- rating in a research note on Friday, January 26th. Finally, Evercore ISI restated an in-line rating and set a $136.00 price objective on shares of Prologis in a research note on Monday, March 18th. Four analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of Moderate Buy and a consensus target price of $137.86.

Prologis Stock Performance

Shares of PLD opened at $103.49 on Wednesday. The business’s 50 day moving average is $127.87 and its two-hundred day moving average is $122.02. Prologis has a 52-week low of $96.64 and a 52-week high of $137.52. The firm has a market cap of $95.73 billion, a price-to-earnings ratio of 30.26, a PEG ratio of 2.14 and a beta of 1.00. The company has a quick ratio of 0.30, a current ratio of 0.08 and a debt-to-equity ratio of 0.51.

Prologis (NYSE:PLD) last announced its earnings results on Wednesday, January 17th. The real estate investment trust reported $0.68 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.26 by ($0.58). Prologis had a net margin of 38.73% and a return on equity of 5.49%. The business had revenue of $1.89 billion during the quarter, compared to analyst estimates of $1.85 billion. During the same period in the previous year, the company earned $1.24 earnings per share. The business’s revenue for the quarter was up 7.8% on a year-over-year basis. Analysts forecast that Prologis will post 5.47 EPS for the current fiscal year.

Prologis Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Monday, March 18th were paid a $0.96 dividend. This represents a $3.84 dividend on an annualized basis and a yield of 3.71%. This is a boost from Prologis’s previous quarterly dividend of $0.87. The ex-dividend date was Friday, March 15th. Prologis’s dividend payout ratio (DPR) is presently 112.28%.

Institutional Investors Weigh In On Prologis

A number of hedge funds have recently added to or reduced their stakes in the stock. Maryland State Retirement & Pension System lifted its stake in Prologis by 0.9% in the first quarter. Maryland State Retirement & Pension System now owns 72,438 shares of the real estate investment trust’s stock valued at $9,433,000 after buying an additional 614 shares during the last quarter. American National Bank & Trust Co. VA acquired a new position in shares of Prologis during the first quarter valued at $418,000. RBA Wealth Management LLC increased its holdings in shares of Prologis by 1.2% during the first quarter. RBA Wealth Management LLC now owns 33,474 shares of the real estate investment trust’s stock valued at $4,359,000 after purchasing an additional 412 shares during the period. Legacy Wealth Asset Management LLC increased its holdings in shares of Prologis by 2.9% during the first quarter. Legacy Wealth Asset Management LLC now owns 7,167 shares of the real estate investment trust’s stock valued at $933,000 after purchasing an additional 204 shares during the period. Finally, First Trust Direct Indexing L.P. increased its holdings in shares of Prologis by 19.9% during the first quarter. First Trust Direct Indexing L.P. now owns 24,339 shares of the real estate investment trust’s stock valued at $3,169,000 after purchasing an additional 4,035 shares during the period. 93.50% of the stock is currently owned by 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.