Prologis (NYSE:PLD) Given New $100.00 Price Target at Scotiabank

Prologis (NYSE:PLD) had its price target increased by Scotiabank from $97.00 to $100.00 in a report issued on Monday,Benzinga reports. The brokerage currently has a sector underperform rating on the real estate investment trust’s stock.

A number of other research analysts have also recently weighed in on PLD. Evercore ISI cut their price objective on shares of Prologis from $111.00 to $106.00 and set an “in-line” rating on the stock in a research report on Thursday, April 17th. Wolfe Research cut shares of Prologis from an “outperform” rating to a “peer perform” rating in a research report on Monday, April 21st. Royal Bank of Canada cut their price objective on shares of Prologis from $128.00 to $117.00 and set a “sector perform” rating on the stock in a research report on Tuesday, April 29th. BTIG Research dropped their price objective on Prologis from $154.00 to $134.00 and set a “buy” rating for the company in a report on Friday, January 17th. Finally, Raymond James restated a “market perform” rating on shares of Prologis in a report on Monday, February 3rd. One analyst has rated the stock with a sell rating, eight have given a hold rating, ten have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $121.84.

Prologis Stock Up 3.2%

Shares of NYSE PLD opened at $110.30 on Monday. The firm’s 50-day moving average price is $105.67 and its 200-day moving average price is $111.25. The company has a current ratio of 0.75, a quick ratio of 0.43 and a debt-to-equity ratio of 0.53. The stock has a market capitalization of $102.35 billion, a price-to-earnings ratio of 27.58, a P/E/G ratio of 2.70 and a beta of 1.25. Prologis has a 12-month low of $85.35 and a 12-month high of $132.57.

Prologis (NYSE:PLD) last announced its earnings results on Wednesday, April 16th. The real estate investment trust reported $1.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.38 by $0.04. The firm had revenue of $1.99 billion for the quarter, compared to analysts’ expectations of $1.99 billion. Prologis had a net margin of 45.50% and a return on equity of 6.44%. On average, equities research analysts anticipate that Prologis will post 5.73 EPS for the current fiscal year.

Prologis Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Tuesday, June 17th will be issued a $1.01 dividend. The ex-dividend date of this dividend is Tuesday, June 17th. This represents a $4.04 annualized dividend and a dividend yield of 3.66%. Prologis’s dividend payout ratio is currently 101.00%.

Institutional Investors Weigh In On Prologis

Several large investors have recently modified their holdings of PLD. Empirical Asset Management LLC boosted its position in Prologis by 339.0% during the fourth quarter. Empirical Asset Management LLC now owns 68,584 shares of the real estate investment trust’s stock valued at $7,249,000 after purchasing an additional 52,963 shares in the last quarter. Cardano Risk Management B.V. boosted its position in Prologis by 2.9% during the fourth quarter. Cardano Risk Management B.V. now owns 893,009 shares of the real estate investment trust’s stock valued at $94,391,000 after purchasing an additional 25,266 shares in the last quarter. Aviva PLC boosted its position in Prologis by 36.6% during the fourth quarter. Aviva PLC now owns 695,187 shares of the real estate investment trust’s stock valued at $73,481,000 after purchasing an additional 186,187 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Prologis by 29.8% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 784,360 shares of the real estate investment trust’s stock valued at $82,907,000 after purchasing an additional 179,880 shares in the last quarter. Finally, Allstate Corp boosted its position in Prologis by 111.7% during the fourth quarter. Allstate Corp now owns 74,518 shares of the real estate investment trust’s stock valued at $7,877,000 after purchasing an additional 39,321 shares in the last quarter. Institutional investors own 93.50% of the company’s stock.

About Prologis

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.