Prologis Inc (PLD) Rating Lowered to Hold at Zacks Investment Research
Prologis Inc (NYSE:PLD) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Friday.
According to Zacks, “Shares of Prologis outperformed the Zacks categorized REIT and Equity Trust – Other industry over the past three months. Also, funds from operations (FFO) per share estimates for full-year 2017 moved north over the past 30 days. In April, the company reported better-than expected first-quarter 2017 core FFO per share figure, backed by growth in revenues and occupancy gains. Further, it raised core FFO per share outlook for 2017. Amid a consistent shift toward e-commerce and supply chain strategy transformations, Prologis’ occupancy remained high. Demand for the company’s facilities was driven by growth in the housing, construction and e-commerce businesses. However, anticipated rise in the number of new facilities in the upcoming period, competitive landscape and hike in interest rates remain concerns for the company.”
Several other brokerages also recently commented on PLD. Barclays PLC raised their target price on Prologis from $54.00 to $56.00 and gave the company an “overweight” rating in a report on Wednesday, February 8th. BTIG Research reiterated a “buy” rating and set a $57.00 target price on shares of Prologis in a report on Tuesday, April 11th. Evercore ISI raised their target price on Prologis from $58.00 to $59.00 and gave the company an “outperform” rating in a report on Wednesday, April 19th. Citigroup Inc raised their target price on Prologis from $50.00 to $56.00 and gave the company a “neutral” rating in a report on Tuesday, April 25th. Finally, Jefferies Group LLC reiterated a “hold” rating and set a $52.00 target price on shares of Prologis in a report on Tuesday, February 14th. Nine equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Prologis has an average rating of “Buy” and an average price target of $54.44.
Prologis (NYSE:PLD) traded up 0.86% during trading on Friday, reaching $55.24. The company’s stock had a trading volume of 3,047,779 shares. Prologis has a 1-year low of $45.93 and a 1-year high of $55.93. The company has a market capitalization of $29.24 billion, a P/E ratio of 24.35 and a beta of 1.05. The company’s 50-day moving average is $54.17 and its 200-day moving average is $51.62.
Prologis (NYSE:PLD) last released its quarterly earnings data on Tuesday, April 18th. The real estate investment trust reported $0.63 EPS for the quarter, topping analysts’ consensus estimates of $0.62 by $0.01. The company had revenue of $629.16 million for the quarter, compared to the consensus estimate of $555.37 million. Prologis had a return on equity of 6.62% and a net margin of 47.76%. The company’s quarterly revenue was up 3.8% compared to the same quarter last year. During the same period last year, the business posted $0.61 EPS. Equities analysts anticipate that Prologis will post ($0.27) EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, June 30th. Investors of record on Wednesday, June 14th will be issued a $0.44 dividend. This represents a $1.76 annualized dividend and a dividend yield of 3.21%. The ex-dividend date is Monday, June 12th. Prologis’s dividend payout ratio (DPR) is 74.67%.
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In related news, insider Edward S. Nekritz sold 84,434 shares of the firm’s stock in a transaction that occurred on Monday, March 20th. The stock was sold at an average price of $51.45, for a total value of $4,344,129.30. Following the sale, the insider now owns 202,115 shares of the company’s stock, valued at approximately $10,398,816.75. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Edward S. Nekritz sold 25,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 17th. The stock was sold at an average price of $55.31, for a total value of $1,382,750.00. Following the completion of the sale, the insider now directly owns 199,950 shares in the company, valued at approximately $11,059,234.50. The disclosure for this sale can be found here. In the last three months, insiders sold 280,628 shares of company stock worth $14,827,890. Company insiders own 1.29% of the company’s stock.
Hedge funds have recently made changes to their positions in the company. Mizuho Trust & Banking Co. Ltd. increased its stake in shares of Prologis by 3.9% in the third quarter. Mizuho Trust & Banking Co. Ltd. now owns 960,667 shares of the real estate investment trust’s stock valued at $51,434,000 after buying an additional 35,883 shares during the period. LMR Partners LLP bought a new stake in shares of Prologis during the third quarter valued at about $1,801,000. Mutual of America Capital Management LLC increased its stake in shares of Prologis by 6.4% in the third quarter. Mutual of America Capital Management LLC now owns 99,776 shares of the real estate investment trust’s stock valued at $5,342,000 after buying an additional 5,981 shares during the period. BB&T Corp increased its stake in shares of Prologis by 8.1% in the third quarter. BB&T Corp now owns 178,265 shares of the real estate investment trust’s stock valued at $9,544,000 after buying an additional 13,290 shares during the period. Finally, Bridgewater Wealth & Financial Management LLC bought a new stake in shares of Prologis during the third quarter valued at about $210,000.
Prologis Company Profile
Prologis, Inc is a real estate investment trust (REIT) company. The Company is engaged in logistics real estate business. The Company’s segments include Real Estate Operations and Strategic Capital. The Real estate operations segment consists of rental operations and development. The Company’s strategic capital segment includes asset management services, as well as services performed for unconsolidated co-investment ventures.
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