Prologis (PLD) Downgraded to “Hold” at Zacks Investment Research
Zacks Investment Research lowered shares of Prologis (NYSE:PLD) from a buy rating to a hold rating in a research report released on Tuesday morning.
According to Zacks, “Shares of Prologis have outperformed its industry over the past three months. Further, the trend in estimate revisions of current-year funds from operations (FFO) per share indicates a favorable outlook for the company. Recently, the company rolled out the Prologis Community Workforce Initiative (CWI), and a Southern California non-profit organization — EXP — has been signed as the first CWI partner of the former. This move comes amid e-commerce boom, growth of the logistic real estate market at a substantial pace, while shortage of labor remains a pressing concern. Moreover, its acquisition of DCT Industrial will be conducive to FFO per share. However, with rising supply of industrial real estate space, there is lesser scope for robust rent increase. Also, any protectionist trade policies will have an adverse impact on economic growth, as well as the company’s business over the long term. Rate hike remains another concern.”
Several other brokerages have also recently issued reports on PLD. Deutsche Bank upped their price objective on Prologis from $66.00 to $68.00 and gave the stock a hold rating in a report on Friday, August 24th. Robert W. Baird reissued a buy rating and set a $73.00 target price on shares of Prologis in a research report on Monday, July 23rd. Jefferies Financial Group reissued a $62.97 rating and set a $79.00 target price on shares of Prologis in a research report on Wednesday, July 18th. SunTrust Banks set a $70.00 target price on Prologis and gave the company a buy rating in a research report on Tuesday, August 7th. Finally, JPMorgan Chase & Co. set a $72.00 target price on Prologis and gave the company a buy rating in a research report on Thursday, August 23rd. Four investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. Prologis presently has a consensus rating of Buy and an average price target of $71.13.
Prologis (NYSE:PLD) last issued its quarterly earnings data on Tuesday, July 17th. The real estate investment trust reported $0.71 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.71. The business had revenue of $621.00 million for the quarter, compared to analysts’ expectations of $557.43 million. Prologis had a return on equity of 10.11% and a net margin of 74.17%. The company’s revenue for the quarter was down 18.9% on a year-over-year basis. During the same period in the prior year, the firm earned $0.84 EPS. equities analysts forecast that Prologis will post 3.02 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, September 28th. Stockholders of record on Monday, September 17th will be given a dividend of $0.48 per share. This represents a $1.92 annualized dividend and a dividend yield of 2.88%. The ex-dividend date of this dividend is Friday, September 14th. Prologis’s dividend payout ratio is currently 68.33%.
In other Prologis news, insider Edward S. Nekritz sold 22,213 shares of the company’s stock in a transaction on Thursday, June 28th. The stock was sold at an average price of $64.87, for a total value of $1,440,957.31. Following the transaction, the insider now owns 124,201 shares of the company’s stock, valued at approximately $8,056,918.87. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director William D. Zollars sold 8,020 shares of the company’s stock in a transaction on Monday, July 23rd. The shares were sold at an average price of $62.45, for a total value of $500,849.00. Following the completion of the transaction, the director now directly owns 11,490 shares in the company, valued at approximately $717,550.50. The disclosure for this sale can be found here. Insiders sold a total of 36,996 shares of company stock worth $2,385,662 in the last ninety days. 1.32% of the stock is currently owned by corporate insiders.
A number of institutional investors have recently made changes to their positions in the business. BlackRock Inc. grew its position in Prologis by 4.9% in the 2nd quarter. BlackRock Inc. now owns 57,370,073 shares of the real estate investment trust’s stock valued at $3,768,639,000 after acquiring an additional 2,674,518 shares during the last quarter. Northern Trust Corp grew its position in Prologis by 2.9% in the 1st quarter. Northern Trust Corp now owns 9,336,537 shares of the real estate investment trust’s stock valued at $588,109,000 after acquiring an additional 263,787 shares during the last quarter. Cbre Clarion Securities LLC grew its position in Prologis by 2.7% in the 2nd quarter. Cbre Clarion Securities LLC now owns 7,919,441 shares of the real estate investment trust’s stock valued at $520,228,000 after acquiring an additional 210,819 shares during the last quarter. Dimensional Fund Advisors LP grew its position in Prologis by 1.2% in the 2nd quarter. Dimensional Fund Advisors LP now owns 7,900,910 shares of the real estate investment trust’s stock valued at $519,006,000 after acquiring an additional 90,370 shares during the last quarter. Finally, Bank of America Corp DE grew its position in Prologis by 7.1% in the 2nd quarter. Bank of America Corp DE now owns 6,028,563 shares of the real estate investment trust’s stock valued at $396,017,000 after acquiring an additional 400,104 shares during the last quarter. 80.57% of the stock is currently owned by institutional investors.
Prologis Company Profile
Prologis, Inc is the global leader in logistics real estate with a focus on high-barrier, high-growth markets. As of June 30, 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 685 million square feet (64 million square meters) in 19 countries.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Prologis Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Prologis and related companies with MarketBeat.com's FREE daily email newsletter.