Peddock Capital Advisors LLC Increases Stock Position in Prologis, Inc. (NYSE:PLD)

Peddock Capital Advisors LLC grew its stake in Prologis, Inc. (NYSE:PLD) by 24.0% in the 3rd quarter, Holdings Channel reports. The firm owned 3,308 shares of the real estate investment trust’s stock after purchasing an additional 641 shares during the period. Peddock Capital Advisors LLC’s holdings in Prologis were worth $418,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in PLD. Arbor Capital Management Inc. ADV boosted its holdings in shares of Prologis by 0.8% during the 2nd quarter. Arbor Capital Management Inc. ADV now owns 11,602 shares of the real estate investment trust’s stock valued at $1,299,000 after acquiring an additional 87 shares during the last quarter. Mitchell Sinkler & Starr PA grew its position in Prologis by 5.1% during the second quarter. Mitchell Sinkler & Starr PA now owns 1,860 shares of the real estate investment trust’s stock valued at $228,000 after buying an additional 90 shares during the period. Destination Wealth Management grew its position in Prologis by 4.7% during the second quarter. Destination Wealth Management now owns 2,033 shares of the real estate investment trust’s stock valued at $228,000 after buying an additional 92 shares during the period. CVA Family Office LLC grew its position in Prologis by 21.4% during the first quarter. CVA Family Office LLC now owns 534 shares of the real estate investment trust’s stock valued at $70,000 after buying an additional 94 shares during the period. Finally, Tiemann Investment Advisors LLC grew its position in Prologis by 2.4% during the first quarter. Tiemann Investment Advisors LLC now owns 4,218 shares of the real estate investment trust’s stock valued at $549,000 after buying an additional 100 shares during the period. 93.50% of the stock is currently owned by institutional investors.

Prologis Price Performance

Prologis stock traded down $1.00 during mid-day trading on Wednesday, reaching $118.34. 601,198 shares of the company’s stock traded hands, compared to its average volume of 3,616,408. The company has a market cap of $109.56 billion, a price-to-earnings ratio of 34.89, a PEG ratio of 3.25 and a beta of 1.07. The stock has a 50 day moving average of $125.64 and a two-hundred day moving average of $117.95. The company has a quick ratio of 0.36, a current ratio of 0.36 and a debt-to-equity ratio of 0.52. Prologis, Inc. has a 12-month low of $96.64 and a 12-month high of $137.52.

Prologis (NYSE:PLD) last released its quarterly earnings results on Wednesday, July 17th. The real estate investment trust reported $0.92 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.33 by ($0.41). The business had revenue of $2.01 billion for 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 period in the previous year, the company earned $1.83 EPS. Equities analysts forecast that Prologis, Inc. will post 5.42 earnings per share for the current year.

Prologis Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Monday, September 16th were paid a dividend of $0.96 per share. This represents a $3.84 dividend on an annualized basis and a yield of 3.24%. The ex-dividend date was Monday, September 16th. Prologis’s payout ratio is 112.28%.

Insider Activity at Prologis

In other Prologis news, CIO Joseph Ghazal sold 5,200 shares of the business’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 transaction, the executive now owns 13,187 shares in the company, valued at $1,702,046.09. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.50% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on PLD shares. The Goldman Sachs Group lifted their price target on shares of Prologis from $140.00 to $156.00 and gave the company a “buy” rating in a report on Thursday, July 25th. Scotiabank lifted their price target on shares of Prologis from $135.00 to $142.00 and gave the company a “sector outperform” rating in a report on Monday, August 26th. Morgan Stanley lifted their price target on shares of Prologis from $132.00 to $133.00 and gave the company an “overweight” rating in a report on Wednesday, August 14th. Royal Bank of Canada downgraded shares of Prologis from an “outperform” rating to a “sector perform” rating and lifted their price target for the company from $124.00 to $127.00 in a report on Monday, August 5th. Finally, Barclays boosted their target price on shares of Prologis from $123.00 to $142.00 and gave the stock an “overweight” rating in a report on Tuesday, July 30th. Seven equities research 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 stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $133.35.

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.