ProLogis, Inc. (NYSE:PLD) Announces Earnings Results
ProLogis, Inc. (NYSE:PLD) issued its quarterly earnings data on Tuesday. The real estate investment trust reported $0.84 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.78 by $0.06, Bloomberg Earnings reports. ProLogis had a net margin of 47.15% and a return on equity of 6.66%. The firm had revenue of $766.18 million for the quarter, compared to the consensus estimate of $576 million. During the same quarter in the previous year, the firm earned $0.60 EPS. The company’s quarterly revenue was up 27.2% compared to the same quarter last year. ProLogis updated its FY17 guidance to $2.78-2.82 EPS.
ProLogis (NYSE PLD) traded up 2.7259% during trading on Tuesday, hitting $60.1152. The company had a trading volume of 2,345,747 shares. ProLogis has a 12-month low of $45.93 and a 12-month high of $60.47. The company has a market capitalization of $31.88 billion, a price-to-earnings ratio of 26.6941 and a beta of 0.94. The firm has a 50-day moving average of $56.72 and a 200 day moving average of $53.15.
The company also recently announced a quarterly dividend, which was paid on Friday, June 30th. Investors of record on Wednesday, June 14th were paid a dividend of $0.44 per share. The ex-dividend date of this dividend was Monday, June 12th. This represents a $1.76 annualized dividend and a yield of 3.01%. ProLogis’s dividend payout ratio is currently 78.57%.
A number of brokerages have recently issued reports on PLD. Evercore ISI lifted their price objective on shares of ProLogis from $58.00 to $59.00 and gave the stock an “outperform” rating in a research report on Wednesday, April 19th. Zacks Investment Research raised shares of ProLogis from a “hold” rating to a “buy” rating and set a $62.00 target price on the stock in a research report on Monday, May 22nd. Citigroup Inc. upped their price objective on shares of ProLogis from $50.00 to $56.00 and gave the company a “neutral” rating in a report on Tuesday, April 25th. Royal Bank Of Canada reiterated a “buy” rating and issued a $59.00 target price on shares of ProLogis in a research note on Thursday, June 8th. Finally, BidaskClub cut shares of ProLogis from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, June 21st. Five analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. The company has a consensus rating of “Buy” and a consensus target price of $57.47.
In other news, CEO Gary E. Anderson sold 65,000 shares of the business’s stock in a transaction dated Thursday, June 15th. The stock was sold at an average price of $58.55, for a total value of $3,805,750.00. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Lori A. Palazzolo sold 6,540 shares of the business’s stock in a transaction dated Wednesday, May 3rd. The shares were sold at an average price of $53.95, for a total value of $352,833.00. Following the completion of the sale, the insider now owns 3,315 shares in the company, valued at $178,844.25. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 565,001 shares of company stock valued at $31,723,862. 1.31% of the stock is owned by insiders.
Hedge funds have recently modified their holdings of the stock. Louisiana State Employees Retirement System raised its stake in ProLogis by 1.2% in the second quarter. Louisiana State Employees Retirement System now owns 32,900 shares of the real estate investment trust’s stock valued at $1,929,000 after buying an additional 400 shares during the last quarter. Nisa Investment Advisors LLC raised its stake in ProLogis by 12.3% in the second quarter. Nisa Investment Advisors LLC now owns 240,056 shares of the real estate investment trust’s stock valued at $13,951,000 after buying an additional 26,210 shares in the last quarter. LS Investment Advisors LLC raised its stake in ProLogis by 0.5% in the second quarter. LS Investment Advisors LLC now owns 15,478 shares of the real estate investment trust’s stock valued at $908,000 after buying an additional 76 shares in the last quarter. Exane Derivatives acquired a new stake in ProLogis during the second quarter valued at about $2,368,000. Finally, Eqis Capital Management Inc. acquired a new stake in ProLogis during the second quarter valued at about $255,000. Institutional investors own 95.55% of the company’s stock.
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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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