Dai ichi Life Insurance Company Ltd Lowers Stock Position in Prologis, Inc. (NYSE:PLD)

Dai ichi Life Insurance Company Ltd reduced its position in Prologis, Inc. (NYSE:PLD) by 72.2% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 22,143 shares of the real estate investment trust’s stock after selling 57,453 shares during the quarter. Dai ichi Life Insurance Company Ltd’s holdings in Prologis were worth $2,487,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of PLD. Nordea Investment Management AB increased its stake in Prologis by 380.0% in the 1st quarter. Nordea Investment Management AB now owns 333,022 shares of the real estate investment trust’s stock worth $43,046,000 after buying an additional 263,649 shares in the last quarter. Swedbank AB grew its position in shares of Prologis by 9.2% during the second quarter. Swedbank AB now owns 5,002,274 shares of the real estate investment trust’s stock worth $561,805,000 after purchasing an additional 420,687 shares in the last quarter. Envestnet Portfolio Solutions Inc. lifted its holdings in Prologis by 36.1% in the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 162,990 shares of the real estate investment trust’s stock worth $18,305,000 after purchasing an additional 43,235 shares in the last quarter. Atalanta Sosnoff Capital LLC bought a new position in Prologis in the 4th quarter worth approximately $18,551,000. Finally, US Bancorp DE grew its holdings in Prologis by 6.5% during the 1st quarter. US Bancorp DE now owns 676,912 shares of the real estate investment trust’s stock valued at $88,148,000 after buying an additional 41,469 shares in the last quarter. 93.50% of the stock is owned by hedge funds and other institutional investors.

Prologis Trading Down 0.2 %

Shares of NYSE PLD opened at $129.98 on Monday. The business’s 50 day moving average price is $124.42 and its 200-day moving average price is $118.74. Prologis, Inc. has a fifty-two week low of $96.64 and a fifty-two week high of $137.52. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.36 and a current ratio of 0.36. The company has a market cap of $120.34 billion, a price-to-earnings ratio of 38.01, a PEG ratio of 3.36 and a beta of 1.07.

Prologis (NYSE:PLD) last released its earnings results on Wednesday, July 17th. The real estate investment trust reported $0.92 earnings per share for the quarter, missing the consensus estimate of $1.33 by ($0.41). The business had revenue of $2.01 billion for the quarter, compared to the consensus estimate of $1.86 billion. Prologis had a return on equity of 4.88% and a net margin of 36.37%. The firm’s revenue for the quarter was down 18.1% compared to the same quarter last year. During the same quarter last year, the business posted $1.83 earnings per share. On average, sell-side analysts expect that Prologis, Inc. will post 5.42 earnings per share for the current year.

Prologis Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Monday, September 16th will be given a dividend of $0.96 per share. This represents a $3.84 dividend on an annualized basis and a dividend yield of 2.95%. The ex-dividend date of this dividend is Monday, September 16th. Prologis’s dividend payout ratio (DPR) is presently 112.28%.

Insider Activity

In related news, CIO Joseph Ghazal sold 5,200 shares of the stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $129.07, for a total value of $671,164.00. Following the transaction, the executive now owns 13,187 shares of the company’s stock, valued at $1,702,046.09. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders own 0.50% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently weighed in on PLD. Argus upped their target price on shares of Prologis from $120.00 to $135.00 and gave the stock a “buy” rating in a research report on Tuesday, July 23rd. Royal Bank of Canada lowered Prologis from an “outperform” rating to a “sector perform” rating and raised their price objective for the company from $124.00 to $127.00 in a research report on Monday, August 5th. BMO Capital Markets reissued a “market perform” rating and set a $115.00 price target on shares of Prologis in a research note on Monday, July 15th. Morgan Stanley lifted their price objective on Prologis from $132.00 to $133.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 14th. Finally, The Goldman Sachs Group increased their target price on Prologis from $140.00 to $156.00 and gave the company a “buy” rating in a research report on Thursday, July 25th. Seven research analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Prologis currently has an average rating of “Moderate Buy” and an average target price of $133.12.

Prologis 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.