Prologis (NYSE:PLD) Raised to "Sector Perform" at Scotiabank

Key Points

• Prologis has been upgraded from a "strong sell" to a "hold" rating by Scotiabank, reflecting a significant shift in analyst sentiment about the company's stock.
• Prologis reported an EPS of $1.46 for the last quarter, exceeding analyst estimates of $1.41, and its revenue for the quarter matched expectations at $2.03 billion.
• The company has a consensus rating of "Moderate Buy" among analysts, with a current price target of $121.83, despite mixed ratings from different research firms.

Scotiabank upgraded shares of Prologis (NYSE:PLD - Free Report) from a sector underperform rating to a sector perform rating in a report published on Wednesday morning, Marketbeat.com reports. They currently have $114.00 price objective on the real estate investment trust's stock, up from their prior price objective of $100.00.

A number of other equities research analysts have also weighed in on the company. Robert W. Baird cut their price objective on Prologis from $126.00 to $120.00 and set an "outperform" rating on the stock in a research report on Wednesday, May 7th. Barclays reduced their price objective on Prologis from $132.00 to $119.00 and set an "overweight" rating for the company in a research report on Wednesday, April 30th. UBS Group increased their target price on Prologis from $106.00 to $120.00 and gave the company a "buy" rating in a research note on Tuesday, July 8th. Wells Fargo & Company set a $137.00 price target on Prologis and gave the company an "overweight" rating in a report on Sunday, July 13th. Finally, Citigroup lowered their price target on Prologis from $150.00 to $140.00 and set a "buy" rating on the stock in a report on Wednesday, July 23rd. Two investment analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and six have given a Hold rating to the company's stock. According to data from MarketBeat.com, Prologis currently has an average rating of "Moderate Buy" and an average price target of $121.83.

Prologis Trading Up 1.1%

Prologis stock traded up $1.29 during trading hours on Wednesday, reaching $113.93. The company had a trading volume of 2,827,596 shares, compared to its average volume of 3,019,988. The firm has a market cap of $105.76 billion, a price-to-earnings ratio of 30.88, a P/E/G ratio of 2.85 and a beta of 1.26. Prologis has a 12-month low of $85.35 and a 12-month high of $132.57. The company has a 50-day moving average price of $107.91 and a 200 day moving average price of $108.44. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.65 and a quick ratio of 0.65.

Prologis (NYSE:PLD - Get Free Report) last issued its quarterly earnings data on Wednesday, July 16th. The real estate investment trust reported $1.46 earnings per share for the quarter, topping analysts' consensus estimates of $1.41 by $0.05. The firm had revenue of $2.03 billion for the quarter, compared to analyst estimates of $2.03 billion. Prologis had a return on equity of 5.96% and a net margin of 40.29%.The business's quarterly revenue was up 8.8% compared to the same quarter last year. During the same period last year, the company earned $1.34 EPS. Prologis has set its FY 2025 guidance at 5.750-5.800 EPS. Equities analysts forecast that Prologis will post 5.73 earnings per share for the current year.

Prologis Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 16th will be paid a $1.01 dividend. This represents a $4.04 annualized dividend and a dividend yield of 3.5%. Prologis's dividend payout ratio (DPR) is 109.49%.

Insider Activity at Prologis

In other news, CAO Lori A. Palazzolo sold 25,000 shares of the company's stock in a transaction on Tuesday, August 26th. The stock was sold at an average price of $111.33, for a total value of $2,783,250.00. Following the completion of the sale, the chief accounting officer directly owned 414 shares in the company, valued at $46,090.62. This represents a 98.37% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. 0.57% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of PLD. Nuveen LLC bought a new position in Prologis in the 1st quarter worth $1,456,768,000. Norges Bank bought a new stake in shares of Prologis in the 2nd quarter worth about $1,288,936,000. Franklin Resources Inc. increased its holdings in shares of Prologis by 216.0% in the 2nd quarter. Franklin Resources Inc. now owns 10,050,843 shares of the real estate investment trust's stock worth $1,056,545,000 after buying an additional 6,870,479 shares during the last quarter. Valeo Financial Advisors LLC increased its holdings in shares of Prologis by 282.5% in the 1st quarter. Valeo Financial Advisors LLC now owns 3,875,386 shares of the real estate investment trust's stock worth $433,229,000 after buying an additional 2,862,183 shares during the last quarter. Finally, Barrow Hanley Mewhinney & Strauss LLC increased its holdings in shares of Prologis by 83.8% in the 4th quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 3,779,830 shares of the real estate investment trust's stock worth $399,528,000 after buying an additional 1,723,129 shares during 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.