Prologis (NYSE:PLD) Price Target Raised to $123.00 at Truist Financial

Prologis (NYSE:PLD) had its price target boosted by Truist Financial from $121.00 to $123.00 in a research note released on Monday,Benzinga reports. Truist Financial currently has a buy rating on the real estate investment trust’s stock.

PLD has been the subject of a number of other research reports. Robert W. Baird upgraded shares of Prologis from a “neutral” rating to an “outperform” rating and decreased their price objective for the stock from $124.00 to $123.00 in a report on Monday, January 6th. Raymond James restated an “outperform” rating and set a $125.00 price objective (down previously from $130.00) on shares of Prologis in a report on Wednesday, December 11th. Scotiabank decreased their price objective on shares of Prologis from $134.00 to $133.00 and set a “sector outperform” rating for the company in a report on Monday. Barclays raised their price objective on shares of Prologis from $131.00 to $132.00 and gave the stock an “overweight” rating in a report on Monday, November 18th. Finally, BNP Paribas upgraded shares of Prologis to a “strong-buy” rating in a report on Wednesday, January 22nd. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, twelve have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $128.78.

Prologis Stock Up 2.0 %

PLD opened at $121.29 on Monday. The company has a debt-to-equity ratio of 0.53, a current ratio of 0.23 and a quick ratio of 0.43. The company’s 50-day moving average is $110.49 and its 200 day moving average is $118.41. Prologis has a fifty-two week low of $100.82 and a fifty-two week high of $135.76. The firm has a market capitalization of $112.33 billion, a P/E ratio of 30.32, a PEG ratio of 3.19 and a beta of 1.09.

Prologis Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Monday, December 16th were paid a dividend of $0.96 per share. The ex-dividend date of this dividend was Monday, December 16th. This represents a $3.84 annualized dividend and a yield of 3.17%. Prologis’s dividend payout ratio is currently 96.00%.

Hedge Funds Weigh In On Prologis

Several hedge funds have recently bought and sold shares of PLD. Coronation Fund Managers Ltd. purchased a new position in Prologis during the second quarter valued at approximately $878,000. Mackenzie Financial Corp lifted its position in Prologis by 4.2% during the second quarter. Mackenzie Financial Corp now owns 121,838 shares of the real estate investment trust’s stock valued at $13,684,000 after purchasing an additional 4,952 shares during the last quarter. Creative Planning lifted its position in Prologis by 1.7% during the second quarter. Creative Planning now owns 84,644 shares of the real estate investment trust’s stock valued at $9,506,000 after purchasing an additional 1,401 shares during the last quarter. Magnolia Capital Advisors LLC bought a new stake in Prologis during the second quarter valued at approximately $1,826,000. Finally, NewEdge Advisors LLC lifted its position in Prologis by 16.6% during the second quarter. NewEdge Advisors LLC now owns 75,000 shares of the real estate investment trust’s stock valued at $8,423,000 after purchasing an additional 10,687 shares during the last quarter. Hedge funds and other institutional investors own 93.50% of the company’s stock.

About Prologis

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.