Prologis (PLD) Given New $78.50 Price Target at Morgan Stanley
Prologis (NYSE:PLD) had its target price hoisted by Morgan Stanley from $75.00 to $78.50 in a report published on Monday morning, BenzingaRatingsTable reports. The brokerage currently has an overweight rating on the real estate investment trust’s stock.
PLD has been the topic of several other reports. Zacks Investment Research lowered Prologis from a buy rating to a hold rating in a research note on Friday, May 10th. BMO Capital Markets reiterated a buy rating and issued a $70.00 price objective on shares of Prologis in a research note on Sunday, April 21st. Goldman Sachs Group assumed coverage on Prologis in a research note on Wednesday, May 15th. They issued a conviction-buy rating on the stock. Citigroup upped their price objective on Prologis from $73.00 to $86.00 and gave the company a buy rating in a research note on Tuesday, April 30th. Finally, Robert W. Baird lowered Prologis from an outperform rating to a neutral rating and lowered their price objective for the company from $73.00 to $71.00 in a research note on Friday, March 1st. Four equities research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has given a strong buy rating to the stock. Prologis presently has a consensus rating of Buy and an average target price of $74.46.
Prologis stock opened at $75.10 on Monday. The company has a quick ratio of 0.36, a current ratio of 0.36 and a debt-to-equity ratio of 0.42. The company has a market capitalization of $46.91 billion, a price-to-earnings ratio of 24.79, a PEG ratio of 4.10 and a beta of 1.00. Prologis has a 12 month low of $55.21 and a 12 month high of $78.56.
The firm also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Thursday, June 13th will be given a dividend of $0.53 per share. The ex-dividend date is Wednesday, June 12th. This represents a $2.12 dividend on an annualized basis and a yield of 2.82%. Prologis’s dividend payout ratio (DPR) is presently 69.97%.
In related news, insider Edward S. Nekritz sold 30,671 shares of the stock in a transaction that occurred on Wednesday, April 24th. The stock was sold at an average price of $75.01, for a total transaction of $2,300,631.71. Following the sale, the insider now directly owns 21,121 shares in the company, valued at approximately $1,584,286.21. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Edward S. Nekritz sold 16,059 shares of the stock in a transaction that occurred on Thursday, March 21st. The stock was sold at an average price of $71.86, for a total value of $1,153,999.74. Following the sale, the insider now owns 51,792 shares in the company, valued at $3,721,773.12. The disclosure for this sale can be found here. 1.10% of the stock is owned by corporate insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Berman Capital Advisors LLC boosted its position in Prologis by 105.3% in the 1st quarter. Berman Capital Advisors LLC now owns 388 shares of the real estate investment trust’s stock valued at $27,000 after buying an additional 199 shares during the last quarter. Cresset Asset Management LLC bought a new position in Prologis in the 1st quarter valued at $29,000. Benjamin F. Edwards & Company Inc. boosted its position in Prologis by 134.5% in the 4th quarter. Benjamin F. Edwards & Company Inc. now owns 523 shares of the real estate investment trust’s stock valued at $31,000 after buying an additional 300 shares during the last quarter. Lindbrook Capital LLC bought a new position in Prologis in the 4th quarter valued at $33,000. Finally, PRW Wealth Management LLC bought a new position in Prologis in the 4th quarter valued at $33,000. Institutional investors and hedge funds own 95.43% of the company’s stock.
Prologis, Inc is the global leader in logistics real estate with a focus on high-barrier, high-growth markets. As of December 31, 2018, 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 768 million square feet (71 million square meters) in 19 countries.
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