Prologis, Inc. (NYSE:PLD) Position Cut by RiverFront Investment Group LLC

RiverFront Investment Group LLC cut its position in Prologis, Inc. (NYSE:PLD) by 0.4% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 189,534 shares of the real estate investment trust’s stock after selling 674 shares during the quarter. RiverFront Investment Group LLC’s holdings in Prologis were worth $21,287,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Campbell & CO Investment Adviser LLC bought a new stake in shares of Prologis in the 4th quarter worth approximately $474,000. The Manufacturers Life Insurance Company boosted its position in shares of Prologis by 3.4% in the 4th quarter. The Manufacturers Life Insurance Company now owns 855,903 shares of the real estate investment trust’s stock valued at $114,092,000 after purchasing an additional 28,340 shares during the period. Rafferty Asset Management LLC boosted its position in shares of Prologis by 20.1% in the 4th quarter. Rafferty Asset Management LLC now owns 123,931 shares of the real estate investment trust’s stock valued at $16,520,000 after purchasing an additional 20,724 shares during the period. Lake Street Advisors Group LLC purchased a new position in Prologis in the 4th quarter worth about $966,000. Finally, Capital Research Global Investors raised its holdings in Prologis by 15.8% during the 4th quarter. Capital Research Global Investors now owns 5,296,833 shares of the real estate investment trust’s stock worth $706,068,000 after buying an additional 723,807 shares during the period. 93.50% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Prologis

In other news, CIO Joseph Ghazal sold 5,200 shares of Prologis 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 directly 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 is available at the SEC website. Insiders own 0.50% of the company’s stock.

Prologis Stock Performance

PLD stock opened at $124.63 on Wednesday. Prologis, Inc. has a twelve month low of $96.64 and a twelve month high of $137.52. The company has a quick ratio of 0.36, a current ratio of 0.36 and a debt-to-equity ratio of 0.52. The company has a market cap of $115.39 billion, a P/E ratio of 36.44, a price-to-earnings-growth ratio of 3.25 and a beta of 1.07. The business’s fifty day moving average is $125.80 and its 200-day moving average is $118.20.

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 company had revenue of $2.01 billion during the quarter, compared to analyst estimates of $1.86 billion. Prologis had a net margin of 36.37% and a return on equity of 4.88%. The company’s quarterly revenue was down 18.1% compared to the same quarter last year. During the same period in the previous year, the company posted $1.83 EPS. Equities research analysts forecast that Prologis, Inc. will post 5.42 EPS for the current year.

Prologis Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Monday, September 16th were issued a dividend of $0.96 per share. This represents a $3.84 dividend on an annualized basis and a yield of 3.08%. The ex-dividend date was Monday, September 16th. Prologis’s dividend payout ratio is currently 112.28%.

Analysts Set New Price Targets

PLD has been the topic of several analyst reports. StockNews.com raised shares of Prologis from a “sell” rating to a “hold” rating in a research report on Thursday, July 18th. Scotiabank upped their price target on Prologis from $135.00 to $142.00 and gave the company a “sector outperform” rating in a research report on Monday, August 26th. The Goldman Sachs Group increased their price objective on Prologis from $140.00 to $156.00 and gave the stock a “buy” rating in a research note on Thursday, July 25th. Evercore ISI lifted their target price on Prologis from $124.00 to $128.00 and gave the company an “in-line” rating in a research note on Monday, September 16th. Finally, Bank of America reissued a “neutral” rating and issued a $128.00 price target on shares of Prologis in a research report on Monday, August 12th. Seven investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $133.35.

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.