Prologis (NYSE:PLD) Stock Gets Price Target Cut from Wells Fargo & Company

Prologis (NYSE:PLD) had its price target lowered by Wells Fargo & Company from $166.00 to $158.00 in a research note issued to investors on Monday,Benzinga reports. Wells Fargo & Company currently has an overweight rating on the real estate investment trust’s stock.

Several other brokerages have also recently issued reports on PLD. Raymond James Financial upgraded Prologis from a “market perform” rating to an “outperform” rating and set a $163.00 price objective on the stock in a research note on Wednesday, October 21st. UBS Group set a $150.00 target price on shares of Prologis in a research note on Friday, October 16th. KeyCorp reissued a “sector weight” rating on shares of Prologis in a report on Monday, October 19th. Mizuho raised their price target on shares of Prologis from $150.00 to $159.00 and gave the stock an “outperform” rating in a research report on Friday, July 17th. Finally, Robert W. Baird reduced their price target on shares of Prologis from $140.00 to $136.00 and set a “neutral” rating on the stock in a research report on Tuesday, October 20th. One analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $154.05.

Prologis Price Performance

Shares of PLD opened at $131.37 on Monday. Prologis has a 52 week low of $121.40 and a 52 week high of $153.35. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.61. The firm has a market cap of $124.87 billion, a price-to-earnings ratio of 20.92, a PEG ratio of 1.47 and a beta of 1.27. The stock has a 50 day moving average of $132.18 and a 200-day moving average of $137.75.

Prologis Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, September 30th. Stockholders of record on Wednesday, September 16th were given a dividend of $1.07 per share. The ex-dividend date was Wednesday, September 16th. This represents a $4.28 annualized dividend and a dividend yield of 3.3%. Prologis’s dividend payout ratio is currently 94.48%.

Institutional Trading of Prologis

Large investors have recently modified their holdings of the company. Allspring Global Investments Holdings LLC lifted its holdings in Prologis by 1.2% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 649,939 shares of the real estate investment trust’s stock worth $83,309,000 after purchasing an additional 7,765 shares during the last quarter. AlphaCentric Advisors LLC bought a new stake in shares of Prologis during the 3rd quarter worth $262,000. Parallel Advisors LLC grew its stake in Prologis by 6.5% in the 3rd quarter. Parallel Advisors LLC now owns 13,536 shares of the real estate investment trust’s stock valued at $1,758,000 after buying an additional 827 shares during the last quarter. Guidance Capital Inc. raised its holdings in Prologis by 3.3% in the 3rd quarter. Guidance Capital Inc. now owns 7,980 shares of the real estate investment trust’s stock worth $1,035,000 after acquiring an additional 257 shares during the period. Finally, International Assets Investment Management LLC lifted its position in Prologis by 2,862.3% during the 3rd quarter. International Assets Investment Management LLC now owns 67,452 shares of the real estate investment trust’s stock worth $8,758,000 after acquiring an additional 65,175 shares during the last quarter. Institutional investors and hedge funds own 93.50% of the company’s stock.

About Prologis

Prologis, Inc is a global real estate investment trust that owns, develops, acquires and manages logistics properties. Its portfolio primarily includes warehouses, distribution centers and fulfillment facilities used by retailers, manufacturers, transportation companies and other businesses to support supply-chain operations and e-commerce.

The company also provides property management, development and leasing services, along with related supply-chain and customer solutions. Through its Prologis Essentials platform, it offers services and technologies designed to help customers improve warehouse operations, including energy, mobility and operational solutions.

Prologis serves major population centers and trade corridors across North America, Europe, Asia and Latin America.