Zacks Investment Research upgraded shares of Prologis (NYSE:PLD) from a hold rating to a buy rating in a research note released on Monday morning, Zacks.com reports. Zacks Investment Research currently has $100.00 price objective on the real estate investment trust’s stock.
According to Zacks, “Shares of Prologis have outperformed its industry in the past year. In early January, the company completed its buyout of warehouse owner Industrial Property Trust Inc. (IPT) in an all-cash deal worth $4 billion, including debt, from Black Creek Group. The transaction will boost Prologis' presence in strategic markets across the United States, including Southern California, the San Francisco Bay Area, Chicago, Atlanta, Dallas, Seattle and New Jersey. Further, it indicates Prologis’ efforts to bank on growth opportunities amid healthy operating fundamentals in the industrial real estate markets. Given its balance-sheet strength, the company remains well poised to capitalize on this favorable trend. However, higher supply in future will impact rent and occupancy growth. Any protectionist trade policies will add to the company’s woes.”
PLD has been the topic of a number of other research reports. Citigroup lifted their target price on shares of Prologis from $86.00 to $101.00 and gave the company a buy rating in a research note on Tuesday, October 22nd. ValuEngine lowered shares of Prologis from a buy rating to a hold rating in a research note on Wednesday, October 2nd. Stifel Nicolaus set a $95.00 target price on shares of Prologis and gave the company a buy rating in a research note on Tuesday, October 15th. Barclays set a $92.00 target price on shares of Prologis and gave the company a buy rating in a research note on Friday, October 11th. Finally, SunTrust Banks lifted their target price on shares of Prologis from $89.00 to $95.00 and gave the company a buy rating in a research note on Friday, October 18th. Three investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the stock. The stock has an average rating of Buy and a consensus price target of $93.39.
Prologis (NYSE:PLD) last announced its quarterly earnings results on Wednesday, January 22nd. The real estate investment trust reported $0.84 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.84. The business had revenue of $728.00 million for the quarter, compared to analyst estimates of $727.32 million. Prologis had a net margin of 53.87% and a return on equity of 6.92%. The company’s revenue was up 6.9% on a year-over-year basis. During the same quarter last year, the firm earned $0.80 EPS. As a group, sell-side analysts expect that Prologis will post 3.3 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Thursday, December 19th were paid a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a yield of 2.22%. The ex-dividend date was Wednesday, December 18th. Prologis’s payout ratio is currently 69.97%.
Institutional investors have recently modified their holdings of the business. Sandy Spring Bank purchased a new position in Prologis in the third quarter worth about $33,000. Prestige Wealth Management Group LLC purchased a new position in shares of Prologis during the second quarter valued at approximately $39,000. HM Payson & Co. purchased a new position in shares of Prologis during the second quarter valued at approximately $43,000. Covington Capital Management raised its holdings in shares of Prologis by 57.2% during the third quarter. Covington Capital Management now owns 503 shares of the real estate investment trust’s stock valued at $43,000 after purchasing an additional 183 shares during the last quarter. Finally, Marshall Wace LLP purchased a new position in shares of Prologis during the first quarter valued at approximately $57,000. 95.05% of the stock is owned by institutional investors and hedge funds.
Prologis Company Profile
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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