BMO Capital Markets Downgrades Prologis (NYSE:PLD) to Market Perform

BMO Capital Markets lowered shares of Prologis (NYSE:PLD) from an outperform rating to a market perform rating in a report released on Monday, MarketBeat reports. The firm currently has $112.00 price target on the real estate investment trust’s stock, down from their previous price target of $145.00.

Several other brokerages also recently weighed in on PLD. Raymond James increased their target price on shares of Prologis from $130.00 to $145.00 and gave the stock a strong-buy rating in a research note on Wednesday, January 24th. Evercore ISI decreased their target price on shares of Prologis from $136.00 to $123.00 and set an in-line rating for the company in a research note on Thursday, April 18th. Barclays decreased their target price on shares of Prologis from $141.00 to $135.00 and set an overweight rating for the company in a research note on Wednesday, April 17th. TheStreet upgraded shares of Prologis from a c+ rating to a b- rating in a research note on Friday, January 26th. Finally, UBS Group decreased their target price on shares of Prologis from $151.00 to $138.00 and set a buy rating for the company in a research note on Thursday, April 18th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Prologis has an average rating of Moderate Buy and a consensus price target of $135.41.

Prologis Stock Performance

NYSE PLD opened at $103.18 on Monday. The company has a debt-to-equity ratio of 0.51, a current ratio of 0.08 and a quick ratio of 0.30. Prologis has a 1 year low of $96.64 and a 1 year high of $137.52. The company has a market capitalization of $95.45 billion, a PE ratio of 30.17, a P/E/G ratio of 2.10 and a beta of 1.00. The company has a fifty day moving average of $126.24 and a two-hundred day moving average of $122.03.

Prologis Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Monday, March 18th were given a dividend of $0.96 per share. This is an increase from Prologis’s previous quarterly dividend of $0.87. This represents a $3.84 annualized dividend and a dividend yield of 3.72%. The ex-dividend date was Friday, March 15th. Prologis’s payout ratio is currently 112.28%.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Valeo Financial Advisors LLC raised its position in shares of Prologis by 182,067.2% during the 1st quarter. Valeo Financial Advisors LLC now owns 48,877,279 shares of the real estate investment trust’s stock worth $6,364,799,000 after purchasing an additional 48,850,448 shares during the last quarter. Massachusetts Financial Services Co. MA raised its position in shares of Prologis by 6.7% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 16,519,324 shares of the real estate investment trust’s stock worth $1,853,633,000 after purchasing an additional 1,034,211 shares during the last quarter. FMR LLC raised its position in shares of Prologis by 1.2% during the 3rd quarter. FMR LLC now owns 16,224,729 shares of the real estate investment trust’s stock worth $1,820,577,000 after purchasing an additional 197,693 shares during the last quarter. Northern Trust Corp raised its position in shares of Prologis by 0.7% during the 3rd quarter. Northern Trust Corp now owns 12,721,262 shares of the real estate investment trust’s stock worth $1,427,453,000 after purchasing an additional 92,036 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD raised its position in shares of Prologis by 3.0% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 12,532,773 shares of the real estate investment trust’s stock worth $1,670,621,000 after purchasing an additional 365,904 shares during the last quarter. 93.50% of the stock is currently owned by institutional investors and hedge funds.

About Prologis

Prologis, Inc is the global leader in logistics real estate with a focus on high-barrier, high-growth markets. At December 31, 2023, 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.