Prologis (NYSE:PLD) Sets New 52-Week High Following Analyst Upgrade

Prologis, Inc. (NYSE:PLD)’s stock price hit a new 52-week high during trading on Monday after Morgan Stanley raised their price target on the stock from $138.00 to $165.00. Morgan Stanley currently has an overweight rating on the stock. Prologis traded as high as $152.34 and last traded at $151.77, with a volume of 17848 shares. The stock had previously closed at $150.22.

A number of other research firms have also recently commented on PLD. Barclays lifted their price target on shares of Prologis from $159.00 to $161.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 19th. Raymond James lifted their price target on shares of Prologis from $143.00 to $155.00 and gave the stock a “strong-buy” rating in a research note on Wednesday, October 20th. Royal Bank of Canada lifted their price target on shares of Prologis from $144.00 to $164.00 and gave the stock an “outperform” rating in a research note on Monday, November 8th. Truist Securities lifted their price objective on shares of Prologis from $123.00 to $137.00 and gave the company a “buy” rating in a report on Saturday, July 31st. Finally, Wells Fargo & Company lifted their price objective on shares of Prologis from $160.00 to $175.00 and gave the company an “overweight” rating in a report on Friday. Two investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Buy” and an average target price of $149.73.

In other news, Director William D. Zollars sold 1,380 shares of Prologis stock in a transaction that occurred on Monday, November 8th. The shares were sold at an average price of $146.20, for a total value of $201,756.00. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Irving F. Lyons III sold 24,000 shares of Prologis stock in a transaction that occurred on Monday, August 30th. The stock was sold at an average price of $133.53, for a total transaction of $3,204,720.00. The disclosure for this sale can be found here. In the last 90 days, insiders sold 345,380 shares of company stock valued at $49,569,018. Company insiders own 0.87% of the company’s stock.

A number of large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its holdings in shares of Prologis by 0.8% in the 2nd quarter. Vanguard Group Inc. now owns 95,403,510 shares of the real estate investment trust’s stock valued at $11,403,582,000 after acquiring an additional 753,189 shares during the last quarter. State Street Corp lifted its stake in shares of Prologis by 1.3% in the 2nd quarter. State Street Corp now owns 42,372,276 shares of the real estate investment trust’s stock valued at $5,064,758,000 after purchasing an additional 543,417 shares during the period. FMR LLC lifted its stake in shares of Prologis by 7.9% in the 2nd quarter. FMR LLC now owns 22,666,349 shares of the real estate investment trust’s stock valued at $2,709,309,000 after purchasing an additional 1,655,815 shares during the period. Price T Rowe Associates Inc. MD raised its position in Prologis by 1.8% during the second quarter. Price T Rowe Associates Inc. MD now owns 18,100,523 shares of the real estate investment trust’s stock worth $2,163,556,000 after acquiring an additional 327,627 shares during the period. Finally, Geode Capital Management LLC raised its position in Prologis by 1.6% during the third quarter. Geode Capital Management LLC now owns 13,382,116 shares of the real estate investment trust’s stock worth $1,674,090,000 after acquiring an additional 204,568 shares during the period. 92.23% of the stock is currently owned by institutional investors.

The company has a quick ratio of 0.41, a current ratio of 0.41 and a debt-to-equity ratio of 0.47. The stock’s 50-day simple moving average is $138.54 and its two-hundred day simple moving average is $130.14. The company has a market capitalization of $111.56 billion, a price-to-earnings ratio of 56.94, a PEG ratio of 4.58 and a beta of 0.78.

Prologis (NYSE:PLD) last posted its quarterly earnings data on Thursday, October 14th. The real estate investment trust reported $0.97 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.03 by ($0.06). The company had revenue of $1.04 billion for the quarter, compared to analyst estimates of $1.03 billion. Prologis had a return on equity of 5.42% and a net margin of 42.95%. The business’s revenue was up 5.9% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.90 earnings per share. On average, sell-side analysts forecast that Prologis, Inc. will post 4.12 EPS for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 30th. Shareholders of record on Friday, September 17th were given a dividend of $0.63 per share. This represents a $2.52 dividend on an annualized basis and a yield of 1.67%. The ex-dividend date of this dividend was Thursday, September 16th. Prologis’s dividend payout ratio is presently 95.09%.

About Prologis (NYSE:PLD)

Prologis, Inc engages in the provision of real estate investment trust services. It operates through Real Estate Operations and Strategic Capital segments. The Real Estate Operations segment represents the ownership and development of logistics properties and also includes rental revenues, recoveries and expenses recognized from its consolidated properties.

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