Employees Retirement System of Texas Acquires 142,600 Shares of Prologis, Inc. (NYSE:PLD)

Employees Retirement System of Texas grew its holdings in Prologis, Inc. (NYSE:PLD) by 18.1% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 932,055 shares of the real estate investment trust’s stock after purchasing an additional 142,600 shares during the period. Prologis comprises about 1.0% of Employees Retirement System of Texas’ investment portfolio, making the stock its 17th biggest holding. Employees Retirement System of Texas owned 0.10% of Prologis worth $104,679,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of the business. Vanguard Group Inc. increased its holdings in Prologis by 1.2% in the 1st quarter. Vanguard Group Inc. now owns 120,945,384 shares of the real estate investment trust’s stock worth $15,749,508,000 after buying an additional 1,460,229 shares in the last quarter. Valeo Financial Advisors LLC raised its holdings in shares of Prologis by 182,067.2% during the first quarter. Valeo Financial Advisors LLC now owns 48,877,279 shares of the real estate investment trust’s stock valued at $6,364,799,000 after purchasing an additional 48,850,448 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in Prologis by 2.5% during the second quarter. Dimensional Fund Advisors LP now owns 13,209,926 shares of the real estate investment trust’s stock valued at $1,483,594,000 after purchasing an additional 317,815 shares during the period. Price T Rowe Associates Inc. MD boosted its holdings in Prologis by 3.0% in the fourth 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. Finally, Principal Financial Group Inc. grew its position in Prologis by 1.4% in the 2nd quarter. Principal Financial Group Inc. now owns 12,265,926 shares of the real estate investment trust’s stock worth $1,377,588,000 after purchasing an additional 167,131 shares during the period. Hedge funds and other institutional investors own 93.50% of the company’s stock.

Insider Transactions at Prologis

In related news, CIO Joseph Ghazal sold 5,200 shares of the firm’s stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $129.07, for a total transaction of $671,164.00. Following the completion of the transaction, the executive now directly owns 13,187 shares of the company’s stock, valued at $1,702,046.09. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.50% of the company’s stock.

Prologis Stock Down 1.0 %

PLD opened at $125.45 on Thursday. 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 stock has a market cap of $116.16 billion, a price-to-earnings ratio of 36.68, a price-to-earnings-growth ratio of 3.25 and a beta of 1.07. The firm’s fifty day moving average is $125.70 and its 200 day moving average is $118.45.

Prologis (NYSE:PLD) last released its quarterly earnings data on Wednesday, July 17th. The real estate investment trust reported $0.92 earnings per share 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 the consensus estimate of $1.86 billion. Prologis had a return on equity of 4.88% and a net margin of 36.37%. The business’s revenue was down 18.1% on a year-over-year basis. During the same period last year, the company earned $1.83 EPS. On average, sell-side analysts forecast that Prologis, Inc. will post 5.42 earnings per share for the current fiscal year.

Prologis Dividend Announcement

The business also recently disclosed 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 annualized dividend and a dividend yield of 3.06%. The ex-dividend date is Monday, September 16th. Prologis’s payout ratio is currently 112.28%.

Analyst Ratings Changes

PLD has been the topic of a number of research reports. Evercore ISI raised their price target on Prologis from $124.00 to $128.00 and gave the stock an “in-line” rating in a research note on Monday, September 16th. Argus raised their target price on Prologis from $120.00 to $135.00 and gave the stock a “buy” rating in a research report on Tuesday, July 23rd. Scotiabank upped their price target on shares of Prologis from $135.00 to $142.00 and gave the company a “sector outperform” rating in a research report on Monday, August 26th. Bank of America reissued a “neutral” rating and issued a $128.00 price objective on shares of Prologis in a report on Monday, August 12th. Finally, BMO Capital Markets reaffirmed a “market perform” rating and set a $115.00 target price on shares of Prologis in a report on Monday, July 15th. Seven investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $133.35.

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.