Zacks Investment Research upgraded shares of Prologis (NYSE:PLD) from a hold rating to a buy rating in a research note published on Wednesday. Zacks Investment Research currently has $72.00 price objective on the real estate investment trust’s stock.
According to Zacks, “Shares of Prologis have outperformed its industry in the past six months. Further, the trend in estimate revisions of current-year funds from operations (FFO) per share indicates a favorable earnings outlook for the company. In April, Prologis announced that it has entered into a definitive agreement with DCT Industrial Trust to acquire the latter in an $8.4-billion stock-for-stock deal. The combined portfolio will enable the company to realize significant synergies and strengthen its position in key markets. Notably, the industrial real estate market is enjoying elevated demand for logistics infrastructure amid e-commerce boom, recovering economy and job market, as well as healthy manufacturing environment. Given Prologis’ solid capacity, it remains well poised to capitalize on this trend. However, with rising supply of industrial real estate space, there is lesser scope for robust rent and occupancy growth. Rate hike adds to its woes.”
Other analysts have also issued research reports about the stock. BMO Capital Markets restated a buy rating and issued a $68.00 target price on shares of Prologis in a research report on Tuesday, April 17th. Jefferies Financial Group upgraded shares of Prologis from a hold rating to a buy rating in a research report on Thursday, April 12th. Citigroup restated a buy rating on shares of Prologis in a research report on Monday, April 30th. ValuEngine lowered shares of Prologis from a buy rating to a hold rating in a research report on Thursday, May 17th. Finally, Robert W. Baird set a $73.00 target price on shares of Prologis and gave the company a buy rating in a research report on Tuesday, April 24th. Two analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the stock. Prologis has a consensus rating of Buy and an average target price of $68.94.
Shares of Prologis opened at $64.31 on Wednesday, Marketbeat reports. The company has a market capitalization of $34.10 billion, a P/E ratio of 21.46, a PEG ratio of 4.30 and a beta of 0.82. The company has a current ratio of 0.66, a quick ratio of 0.66 and a debt-to-equity ratio of 0.51. Prologis has a 1 year low of $56.59 and a 1 year high of $67.53.
Prologis (NYSE:PLD) last announced its quarterly earnings data on Tuesday, April 17th. The real estate investment trust reported $0.68 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.35 by $0.33. The business had revenue of $555.90 million for the quarter, compared to analysts’ expectations of $552.42 million. Prologis had a net margin of 67.65% and a return on equity of 9.86%. The firm’s quarterly revenue was down 1.9% compared to the same quarter last year. During the same period last year, the firm posted $0.63 earnings per share. equities analysts predict that Prologis will post 3 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, June 29th. Stockholders of record on Thursday, June 14th will be issued a dividend of $0.48 per share. The ex-dividend date of this dividend is Wednesday, June 13th. This represents a $1.92 dividend on an annualized basis and a dividend yield of 2.99%. Prologis’s dividend payout ratio (DPR) is presently 68.33%.
In other news, Director William D. Zollars sold 4,750 shares of Prologis stock in a transaction on Friday, June 15th. The shares were sold at an average price of $64.06, for a total transaction of $304,285.00. Following the transaction, the director now owns 19,510 shares in the company, valued at $1,249,810.60. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Michael S. Curless sold 14,465 shares of Prologis stock in a transaction on Wednesday, March 28th. The stock was sold at an average price of $62.49, for a total transaction of $903,917.85. Following the transaction, the insider now owns 102 shares in the company, valued at approximately $6,373.98. The disclosure for this sale can be found here. In the last quarter, insiders have sold 41,121 shares of company stock worth $2,650,648. 1.31% of the stock is owned by company insiders.
Several large investors have recently modified their holdings of PLD. Centersquare Investment Management LLC acquired a new position in shares of Prologis during the first quarter worth $370,841,000. Deutsche Bank AG lifted its holdings in shares of Prologis by 77.4% during the fourth quarter. Deutsche Bank AG now owns 6,099,545 shares of the real estate investment trust’s stock worth $393,473,000 after purchasing an additional 2,661,525 shares during the period. BlackRock Inc. lifted its holdings in shares of Prologis by 2.4% during the first quarter. BlackRock Inc. now owns 54,695,555 shares of the real estate investment trust’s stock worth $3,445,272,000 after purchasing an additional 1,307,023 shares during the period. Amundi Pioneer Asset Management Inc. lifted its holdings in shares of Prologis by 577.3% during the fourth quarter. Amundi Pioneer Asset Management Inc. now owns 1,150,785 shares of the real estate investment trust’s stock worth $74,238,000 after purchasing an additional 980,885 shares during the period. Finally, Nuveen Asset Management LLC lifted its holdings in shares of Prologis by 53.0% during the first quarter. Nuveen Asset Management LLC now owns 2,329,409 shares of the real estate investment trust’s stock worth $146,729,000 after purchasing an additional 807,035 shares during the period. Institutional investors own 94.19% of the company’s stock.
Prologis Company Profile
Prologis, Inc is the global leader in logistics real estate with a focus on high-barrier, high-growth markets. As of March 31, 2018, 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 683 million square feet (63 million square meters) in 19 countries.
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