Cornerstone Advisors LLC Cuts Position in Prologis, Inc. (NYSE:PLD)

Cornerstone Advisors LLC lowered its holdings in shares of Prologis, Inc. (NYSE:PLD) by 21.4% during the second quarter, HoldingsChannel.com reports. The firm owned 2,200 shares of the real estate investment trust’s stock after selling 600 shares during the period. Cornerstone Advisors LLC’s holdings in Prologis were worth $247,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the business. True Wealth Design LLC purchased a new position in shares of Prologis during the 4th quarter valued at approximately $27,000. Optimum Investment Advisors purchased a new position in Prologis during the first quarter valued at $26,000. American Capital Advisory LLC acquired a new stake in shares of Prologis in the second quarter valued at about $26,000. Clear Investment Research LLC increased its stake in shares of Prologis by 188.1% during the fourth quarter. Clear Investment Research LLC now owns 242 shares of the real estate investment trust’s stock worth $32,000 after purchasing an additional 158 shares in the last quarter. Finally, Central Valley Advisors LLC acquired a new position in shares of Prologis during the 2nd quarter worth about $29,000. 93.50% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Prologis

In other news, CIO Joseph Ghazal sold 5,200 shares of the company’s stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $129.07, for a total value of $671,164.00. Following the transaction, the executive now directly owns 13,187 shares in the company, valued at approximately $1,702,046.09. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.50% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on PLD shares. Royal Bank of Canada cut Prologis from an “outperform” rating to a “sector perform” rating and lifted their price objective for the stock from $124.00 to $127.00 in a report on Monday, August 5th. Mizuho dropped their price target on Prologis from $130.00 to $120.00 and set a “neutral” rating for the company in a research report on Friday, May 31st. Bank of America restated a “neutral” rating and issued a $128.00 price objective on shares of Prologis in a report on Monday, August 12th. Evercore ISI upped their target price on shares of Prologis from $124.00 to $128.00 and gave the stock an “in-line” rating in a report on Monday. Finally, Truist Financial raised their price target on shares of Prologis from $125.00 to $137.00 and gave the stock a “buy” rating in a research note on Monday, August 5th. Seven research analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $133.35.

Prologis Stock Down 0.3 %

Shares of NYSE PLD opened at $128.91 on Wednesday. Prologis, Inc. has a 1 year low of $96.64 and a 1 year high of $137.52. The company has a market capitalization of $119.35 billion, a P/E ratio of 37.69, a P/E/G ratio of 3.36 and a beta of 1.07. The company has a 50 day simple moving average of $125.00 and a 200-day simple moving average of $118.68. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.36 and a quick ratio of 0.36.

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

Prologis Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Monday, September 16th will be paid a dividend of $0.96 per share. This represents a $3.84 annualized dividend and a yield of 2.98%. The ex-dividend date is Monday, September 16th. Prologis’s dividend payout ratio (DPR) is presently 112.28%.

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.