Prologis (NYSE:PLD) Cut to Sector Perform at Royal Bank of Canada

Royal Bank of Canada downgraded shares of Prologis (NYSE:PLD) from an outperform rating to a sector perform rating in a research report sent to investors on Monday morning, Marketbeat reports. The brokerage currently has $127.00 target price on the real estate investment trust’s stock, up from their previous target price of $124.00.

Several other research analysts have also recently commented on PLD. Scotiabank cut their price target on Prologis from $149.00 to $130.00 and set a sector outperform rating on the stock in a research note on Thursday, May 16th. Barclays increased their price objective on shares of Prologis from $123.00 to $142.00 and gave the company an overweight rating in a research note on Tuesday, July 30th. The Goldman Sachs Group boosted their target price on shares of Prologis from $140.00 to $156.00 and gave the stock a buy rating in a research report on Thursday, July 25th. Mizuho reduced their price target on shares of Prologis from $130.00 to $120.00 and set a neutral rating on the stock in a research report on Friday, May 31st. Finally, Robert W. Baird decreased their price target on Prologis from $137.00 to $117.00 and set a neutral rating for the company in a research note on Wednesday, May 1st. Six research analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of Moderate Buy and a consensus price target of $132.27.

Prologis Trading Up 1.7 %

PLD stock traded up $2.04 during midday trading on Monday, reaching $120.98. 4,016,151 shares of the company’s stock traded hands, compared to its average volume of 3,766,779. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.36 and a quick ratio of 0.29. Prologis has a fifty-two week low of $96.64 and a fifty-two week high of $137.52. The business has a 50-day moving average price of $115.37 and a two-hundred day moving average price of $119.61. The company has a market capitalization of $112.01 billion, a P/E ratio of 34.78, a PEG ratio of 3.02 and a beta of 1.06.

Prologis (NYSE:PLD) last announced its quarterly earnings results on Wednesday, July 17th. The real estate investment trust reported $0.92 earnings per share for the quarter, missing analysts’ consensus estimates of $1.33 by ($0.41). Prologis had a return on equity of 4.88% and a net margin of 36.37%. The business had revenue of $2.01 billion for the quarter, compared to analysts’ expectations of $1.86 billion. During the same period last year, the company posted $1.83 earnings per share. The firm’s revenue for the quarter was down 18.1% on a year-over-year basis. Equities research analysts forecast that Prologis will post 5.43 EPS for the current fiscal year.

Prologis Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Monday, June 17th were given a dividend of $0.96 per share. The ex-dividend date was Monday, June 17th. This represents a $3.84 dividend on an annualized basis and a yield of 3.17%. Prologis’s dividend payout ratio (DPR) is presently 112.28%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Optimum Investment Advisors acquired a new stake in Prologis in the first quarter worth about $26,000. American Capital Advisory LLC acquired a new stake in shares of Prologis in the 2nd quarter worth approximately $26,000. True Wealth Design LLC bought a new position in shares of Prologis in the fourth quarter valued at approximately $27,000. Central Valley Advisors LLC acquired a new position in shares of Prologis during the second quarter valued at approximately $29,000. Finally, JFS Wealth Advisors LLC raised its holdings in Prologis by 254.5% during the fourth quarter. JFS Wealth Advisors LLC now owns 234 shares of the real estate investment trust’s stock worth $31,000 after purchasing an additional 168 shares in the last quarter. Institutional investors own 93.50% 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. At March 31, 2024, 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.