Truist Financial Cuts Prologis (NYSE:PLD) Price Target to $121.00

Prologis (NYSE:PLD) had its price target decreased by Truist Financial from $132.00 to $121.00 in a report published on Friday morning. Truist Financial currently has a buy rating on the real estate investment trust’s stock.

PLD has been the subject of several other research reports. Barclays increased their price objective on Prologis from $131.00 to $132.00 and gave the company an “overweight” rating in a report on Monday, November 18th. The Goldman Sachs Group reissued a “neutral” rating and issued a $132.00 price objective (down previously from $142.00) on shares of Prologis in a report on Monday, October 21st. Mizuho cut their price objective on Prologis from $119.00 to $117.00 and set a “neutral” rating for the company in a report on Wednesday, January 8th. JPMorgan Chase & Co. cut their price objective on Prologis from $138.00 to $131.00 and set an “overweight” rating for the company in a report on Monday, October 21st. Finally, Robert W. Baird raised Prologis from a “neutral” rating to an “outperform” rating and cut their price target for the company from $124.00 to $123.00 in a report on Monday, January 6th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Prologis presently has a consensus rating of “Moderate Buy” and an average price target of $128.67.

Prologis Price Performance

Shares of PLD opened at $109.51 on Friday. The stock has a market capitalization of $101.43 billion, a P/E ratio of 33.09, a P/E/G ratio of 2.85 and a beta of 1.09. The company has a quick ratio of 0.43, a current ratio of 0.43 and a debt-to-equity ratio of 0.56. Prologis has a twelve month low of $100.82 and a twelve month high of $135.76. The company has a 50 day moving average of $110.34 and a 200-day moving average of $118.33.

Prologis Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Monday, December 16th were issued a dividend of $0.96 per share. This represents a $3.84 dividend on an annualized basis and a dividend yield of 3.51%. The ex-dividend date was Monday, December 16th. Prologis’s dividend payout ratio is currently 116.01%.

Institutional Investors Weigh In On Prologis

Hedge funds and other institutional investors have recently modified their holdings of the company. Coronation Fund Managers Ltd. bought a new position in shares of Prologis in the second quarter worth $878,000. Edgestream Partners L.P. bought a new position in Prologis in the second quarter valued at about $241,000. Mercer Global Advisors Inc. ADV grew its position in Prologis by 7.7% in the second quarter. Mercer Global Advisors Inc. ADV now owns 103,621 shares of the real estate investment trust’s stock valued at $11,601,000 after acquiring an additional 7,385 shares during the last quarter. Argent Trust Co grew its position in Prologis by 4.9% in the second quarter. Argent Trust Co now owns 8,378 shares of the real estate investment trust’s stock valued at $941,000 after acquiring an additional 394 shares during the last quarter. Finally, Blair William & Co. IL boosted its stake in shares of Prologis by 6.1% during the second quarter. Blair William & Co. IL now owns 30,965 shares of the real estate investment trust’s stock valued at $3,478,000 after purchasing an additional 1,779 shares in the last quarter. Institutional investors and hedge funds own 93.50% of the company’s stock.

Prologis Company Profile

Prologis, Inc is the global leader in logistics real estate with a focus on high-barrier, high-growth markets. At March 31, 2024, 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 1.2 billion square feet (115 million square meters) in 19 countries.