Prologis (NYSE:PLD) Reaches New 52-Week High on Analyst Upgrade

Prologis, Inc. (NYSE:PLD)’s share price reached a new 52-week high 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 traded. The stock had previously closed at $150.22.

PLD has been the subject of several other reports. Deutsche Bank Aktiengesellschaft boosted their price target on shares of Prologis from $126.00 to $150.00 and gave the stock a “buy” rating in a research note on Wednesday, August 18th. Wells Fargo & Company upped their price objective on shares of Prologis from $160.00 to $175.00 and gave the company an “overweight” rating in a research note on Friday. Barclays upped their price objective on shares of Prologis from $159.00 to $161.00 and gave the company an “overweight” rating in a research note on Tuesday, October 19th. Truist Securities upped their price objective on shares of Prologis from $123.00 to $137.00 and gave the company a “buy” rating in a research note on Saturday, July 31st. Finally, Royal Bank of Canada upped their price objective on shares of Prologis from $144.00 to $164.00 and gave the company an “outperform” rating in a research note on Monday, November 8th. Two analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $149.73.

In other Prologis news, Director William D. Zollars sold 1,380 shares of the company’s stock in a transaction dated 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 legal filing with the SEC, which is available at the SEC website. Also, Director Irving F. Lyons III sold 24,000 shares of the stock in a transaction that occurred on Monday, August 30th. The shares were 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 worth $49,569,018. Corporate insiders own 0.87% of the company’s stock.

Several large investors have recently bought and sold shares of the company. Orleans Capital Management Corp LA grew its holdings in shares of Prologis by 40.8% during the third quarter. Orleans Capital Management Corp LA now owns 16,631 shares of the real estate investment trust’s stock valued at $2,086,000 after buying an additional 4,818 shares during the last quarter. Kentucky Retirement Systems Insurance Trust Fund bought a new position in Prologis during the third quarter valued at approximately $2,437,000. Kentucky Retirement Systems lifted its position in Prologis by 0.9% during the third quarter. Kentucky Retirement Systems now owns 43,479 shares of the real estate investment trust’s stock valued at $5,454,000 after purchasing an additional 401 shares during the period. Colony Group LLC lifted its position in Prologis by 0.5% during the third quarter. Colony Group LLC now owns 65,309 shares of the real estate investment trust’s stock valued at $8,192,000 after purchasing an additional 356 shares during the period. Finally, Phocas Financial Corp. lifted its position in Prologis by 0.7% during the third quarter. Phocas Financial Corp. now owns 30,158 shares of the real estate investment trust’s stock valued at $3,783,000 after purchasing an additional 217 shares during the period. Hedge funds and other institutional investors own 92.23% of the company’s stock.

The company has a market cap of $111.56 billion, a P/E ratio of 56.94, a P/E/G ratio of 4.58 and a beta of 0.78. The stock’s 50-day moving average is $138.54 and its two-hundred day moving average is $130.14. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.41 and a quick ratio of 0.41.

Prologis (NYSE:PLD) last issued 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 the consensus estimate of $1.03 billion. Prologis had a net margin of 42.95% and a return on equity of 5.42%. The firm’s revenue for the quarter was up 5.9% on a year-over-year basis. During the same quarter last year, the company earned $0.90 EPS. On average, analysts predict that Prologis, Inc. will post 4.12 EPS for the current year.

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 30th. Shareholders of record on Friday, September 17th were given a $0.63 dividend. The ex-dividend date was Thursday, September 16th. This represents a $2.52 annualized dividend and a yield of 1.67%. Prologis’s 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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