ProLogis, Inc. (NYSE:PLD) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Wednesday.

According to Zacks, “Shares of Prologis have outperformed the Zacks categorized REIT and Equity Trust – Other industry in the past three months. The company also recently reported solid build-to-suit activity for 2016, completing 34 such projects in the year. The square footage of its 2016 build-to-suit starts escalated over 15% from 2015 level, which is encouraging. Amid a consistent shift toward e-commerce and supply chain strategy transformations, Prologis is well poised to benefit from its capacity to offer modern distribution facilities in strategic in-fill locations. However, anticipated rise in the number of new facilities in 2017, competitive landscape and hike in interest rates are likely to limit the growth tempo to some extent. In addition, its estimates for fourth quarter and full-year 2016 funds from operations (FFO) per share remained unchanged over the past 30 days.”

PLD has been the subject of several other research reports. Capital One Financial Corporation raised ProLogis from an “underweight” rating to an “equal weight” rating and set a $53.00 price target for the company in a research note on Monday, October 17th. Evercore ISI raised ProLogis from a “hold” rating to a “buy” rating and set a $56.00 price target for the company in a research note on Tuesday, October 18th. BTIG Research reissued a “positive” rating on shares of ProLogis in a research note on Thursday, October 20th. Cantor Fitzgerald set a $55.00 price target on ProLogis and gave the stock a “buy” rating in a research note on Thursday, October 20th. Finally, Robert W. Baird raised ProLogis from a “neutral” rating to an “outperform” rating and set a $55.00 price target for the company in a research note on Monday, November 28th. Ten analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. The company has a consensus rating of “Buy” and an average target price of $52.32.

Analyst Recommendations for ProLogis (NYSE:PLD)

Shares of ProLogis (NYSE:PLD) opened at 52.69 on Wednesday. The stock has a market cap of $27.85 billion, a PE ratio of 31.48 and a beta of 1.10. ProLogis has a 52-week low of $35.25 and a 52-week high of $54.87. The company’s 50-day moving average price is $52.05 and its 200-day moving average price is $51.79.

ProLogis (NYSE:PLD) last issued its quarterly earnings data on Thursday, October 20th. The company reported $0.73 EPS for the quarter, topping the Zacks’ consensus estimate of $0.70 by $0.03. The firm earned $705 million during the quarter, compared to the consensus estimate of $221.07 million. ProLogis had a return on equity of 4.86% and a net margin of 34.73%. The firm’s revenue was up 21.3% on a year-over-year basis. During the same period in the prior year, the business earned $0.58 EPS. Analysts expect that ProLogis will post ($0.27) earnings per share for the current year.

The company also recently announced a quarterly dividend, which was paid on Friday, December 30th. Shareholders of record on Monday, December 19th were given a $0.42 dividend. This represents a $1.68 annualized dividend and a yield of 3.19%. The ex-dividend date of this dividend was Thursday, December 15th. ProLogis’s payout ratio is currently 101.21%.

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A number of hedge funds and other institutional investors have recently modified their holdings of PLD. Evercore Wealth Management LLC raised its position in shares of ProLogis by 7.6% in the second quarter. Evercore Wealth Management LLC now owns 2,065 shares of the company’s stock valued at $101,000 after buying an additional 145 shares during the last quarter. Solaris Asset Management LLC purchased a new position in shares of ProLogis during the third quarter valued at $131,000. Tower Research Capital LLC TRC purchased a new position in shares of ProLogis during the second quarter valued at $149,000. Bridgewater Wealth & Financial Management LLC purchased a new position in shares of ProLogis during the third quarter valued at $210,000. Finally, HighPoint Advisor Group LLC purchased a new position in shares of ProLogis during the third quarter valued at $205,000. 99.08% of the stock is currently owned by institutional investors.

ProLogis Company Profile

Prologis, Inc is engaged in logistics real estate business, focused on markets across the Americas, Europe and Asia. The Company owns or has investments in, on a basis or through co-investment ventures, properties and development projects in over 20 countries. Its segments include Real Estate Operations and Strategic Capital.

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