Truist Financial Forecasts Strong Price Appreciation for Prologis (NYSE:PLD) Stock

Prologis (NYSE:PLD) had its price objective upped by Truist Financial from $121.00 to $123.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage currently has a “buy” rating on the real estate investment trust’s stock. Truist Financial’s price objective points to a potential upside of 1.62% from the stock’s current price.

A number of other analysts have also recently issued reports on the stock. Robert W. Baird raised shares of Prologis from a “neutral” rating to an “outperform” rating and reduced their price objective for the stock from $124.00 to $123.00 in a research note on Monday, January 6th. BNP Paribas raised Prologis to a “strong-buy” rating in a research report on Wednesday, January 22nd. Scotiabank reduced their target price on shares of Prologis from $134.00 to $133.00 and set a “sector outperform” rating for the company in a report on Monday. The Goldman Sachs Group restated a “neutral” rating and set a $132.00 price objective (down previously from $142.00) on shares of Prologis in a report on Monday, October 21st. Finally, Wolfe Research decreased their target price on shares of Prologis from $135.00 to $128.00 and set an “overweight” rating for the company in a research report on Friday, January 17th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, twelve have issued a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat, Prologis currently has an average rating of “Moderate Buy” and an average target price of $128.72.

Prologis Stock Up 1.8 %

Shares of NYSE PLD traded up $2.11 during midday trading on Monday, hitting $121.04. The stock had a trading volume of 1,711,668 shares, compared to its average volume of 4,635,353. The company has a market cap of $112.10 billion, a P/E ratio of 30.29, a PEG ratio of 3.19 and a beta of 1.09. The business’s 50 day moving average is $110.49 and its 200-day moving average is $118.41. Prologis has a 52 week low of $100.82 and a 52 week high of $135.76. The company has a quick ratio of 0.43, a current ratio of 0.23 and a debt-to-equity ratio of 0.53.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. Coronation Fund Managers Ltd. acquired a new position in Prologis during the 2nd quarter worth approximately $878,000. Mackenzie Financial Corp raised its stake 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 buying an additional 4,952 shares in the last quarter. Creative Planning boosted its holdings in Prologis by 1.7% in the second quarter. Creative Planning now owns 84,644 shares of the real estate investment trust’s stock worth $9,506,000 after purchasing an additional 1,401 shares during the period. Magnolia Capital Advisors LLC acquired a new position in shares of Prologis during the second quarter worth approximately $1,826,000. Finally, NewEdge Advisors LLC raised its stake in Prologis by 16.6% during the 2nd quarter. NewEdge Advisors LLC now owns 75,000 shares of the real estate investment trust’s stock valued at $8,423,000 after acquiring an additional 10,687 shares in 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.