Forbes J M & Co. LLP Sells 767 Shares of Prologis, Inc. (NYSE:PLD)

Forbes J M & Co. LLP lowered its stake in Prologis, Inc. (NYSE:PLD) by 1.3% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 57,867 shares of the real estate investment trust’s stock after selling 767 shares during the period. Forbes J M & Co. LLP’s holdings in Prologis were worth $7,307,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Nordea Investment Management AB boosted its position in Prologis by 380.0% in the first quarter. Nordea Investment Management AB now owns 333,022 shares of the real estate investment trust’s stock valued at $43,046,000 after buying an additional 263,649 shares in the last quarter. Swedbank AB boosted its position in Prologis by 9.2% in the second quarter. Swedbank AB now owns 5,002,274 shares of the real estate investment trust’s stock valued at $561,805,000 after buying an additional 420,687 shares in the last quarter. Envestnet Portfolio Solutions Inc. boosted its position in Prologis by 36.1% in the second quarter. Envestnet Portfolio Solutions Inc. now owns 162,990 shares of the real estate investment trust’s stock valued at $18,305,000 after buying an additional 43,235 shares in the last quarter. US Bancorp DE boosted its position in Prologis by 6.5% in the first 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. Finally, Sunflower Bank N.A. acquired a new stake in Prologis in the third quarter valued at approximately $249,000. Institutional investors and hedge funds own 93.50% of the company’s stock.

Prologis Stock Up 0.1 %

PLD traded up $0.11 during midday trading on Monday, hitting $117.65. The company had a trading volume of 466,986 shares, compared to its average volume of 3,631,225. Prologis, Inc. has a 52 week low of $96.96 and a 52 week 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 capitalization of $108.93 billion, a price-to-earnings ratio of 34.64, a PEG ratio of 3.05 and a beta of 1.07. The stock’s 50 day moving average price is $125.06 and its 200 day moving average price is $117.41.

Prologis (NYSE:PLD) last posted its quarterly earnings results on Wednesday, October 16th. The real estate investment trust reported $1.08 earnings per share for the quarter, missing the consensus estimate of $1.37 by ($0.29). Prologis had a net margin of 36.37% and a return on equity of 4.88%. The company had revenue of $1.90 billion during the quarter, compared to the consensus estimate of $1.91 billion. During the same period last year, the firm posted $1.30 earnings per share. The company’s revenue for the quarter was up 6.9% on a year-over-year basis. On average, research analysts anticipate that Prologis, Inc. will post 5.42 earnings per share for the current fiscal year.

Prologis Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Monday, September 16th were given a dividend of $0.96 per share. This represents a $3.84 annualized dividend and a dividend yield of 3.26%. The ex-dividend date of this dividend was Monday, September 16th. Prologis’s payout ratio is presently 112.28%.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on PLD. Wells Fargo & Company raised their target price on shares of Prologis from $142.00 to $146.00 and gave the company an “overweight” rating in a research report on Wednesday, August 28th. Truist Financial lifted their price target on shares of Prologis from $125.00 to $137.00 and gave the stock a “buy” rating in a report on Monday, August 5th. Royal Bank of Canada lowered shares of Prologis from an “outperform” rating to a “sector perform” rating and lifted their price target for the stock from $124.00 to $127.00 in a report on Monday, August 5th. Evercore ISI lifted their price target on shares of Prologis from $124.00 to $128.00 and gave the stock an “in-line” rating in a report on Monday, September 16th. Finally, Morgan Stanley lifted their price target on shares of Prologis from $132.00 to $133.00 and gave the stock an “overweight” rating in a report on Wednesday, August 14th. Eight analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Prologis has a consensus rating of “Moderate Buy” and a consensus target price of $131.12.

Insider Transactions at Prologis

In other news, CIO Joseph Ghazal sold 5,200 shares of the business’s stock in a transaction dated 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 sale, the executive now directly owns 13,187 shares of the company’s stock, 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 currently owned by insiders.

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.