Prologis (NYSE:PLD) Cut to “Peer Perform” at Wolfe Research

Wolfe Research cut shares of Prologis (NYSE:PLD) from an outperform rating to a peer perform rating in a report released on Monday morning, Marketbeat.com reports.

PLD has been the subject of a number of other research reports. BNP Paribas raised shares of Prologis to a “strong-buy” rating in a research note on Wednesday, January 22nd. Evercore ISI lowered their price target on Prologis from $111.00 to $106.00 and set an “in-line” rating on the stock in a report on Thursday, April 17th. Raymond James reiterated a “market perform” rating on shares of Prologis in a report on Monday, February 3rd. UBS Group raised their target price on shares of Prologis from $121.00 to $137.00 and gave the stock a “buy” rating in a report on Tuesday, January 28th. Finally, Royal Bank of Canada raised their price target on Prologis from $125.00 to $128.00 and gave the stock a “sector perform” rating in a research note on Monday, January 27th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, ten have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $123.32.

Prologis Stock Performance

Shares of PLD stock opened at $101.55 on Monday. The firm has a market capitalization of $94.13 billion, a price-to-earnings ratio of 25.39, a PEG ratio of 2.70 and a beta of 1.20. The stock has a fifty day moving average of $110.21 and a 200 day moving average of $112.79. Prologis has a 52 week low of $85.35 and a 52 week high of $132.57. The company has a quick ratio of 0.43, a current ratio of 0.75 and a debt-to-equity ratio of 0.53.

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

Prologis Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Tuesday, March 18th were paid a $1.01 dividend. The ex-dividend date of this dividend was Tuesday, March 18th. This is a boost from Prologis’s previous quarterly dividend of $0.96. This represents a $4.04 dividend on an annualized basis and a dividend yield of 3.98%. Prologis’s dividend payout ratio is 101.00%.

Insider Activity at Prologis

In other Prologis news, CIO Joseph Ghazal sold 10,997 shares of the firm’s stock in a transaction dated Wednesday, February 5th. The stock was sold at an average price of $118.74, for a total transaction of $1,305,783.78. Following the sale, the executive now directly owns 7,977 shares of the company’s stock, valued at $947,188.98. This trade represents a 57.96 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.57% of the stock is owned by corporate insiders.

Institutional Trading of Prologis

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Murphy & Mullick Capital Management Corp purchased a new position in shares of Prologis during the fourth quarter valued at about $26,000. Crowley Wealth Management Inc. purchased a new position in shares of Prologis in the 4th quarter worth $27,000. Centricity Wealth Management LLC purchased a new stake in Prologis during the fourth quarter valued at approximately $30,000. REAP Financial Group LLC lifted its stake in shares of Prologis by 40.0% in the 4th quarter. REAP Financial Group LLC now owns 294 shares of the real estate investment trust’s stock valued at $31,000 after purchasing an additional 84 shares during the last quarter. Finally, Promus Capital LLC bought a new position in Prologis during the fourth quarter valued at $34,000. 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.