Private Trust Co. NA lifted its stake in shares of Prologis, Inc. (NYSE:PLD) by 14.1% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 4,171 shares of the real estate investment trust’s stock after purchasing an additional 515 shares during the period. Private Trust Co. NA’s holdings in Prologis were worth $523,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Bridgewater Associates LP bought a new stake in shares of Prologis during the second quarter worth $1,358,000. abrdn plc raised its stake in Prologis by 20.0% in the 2nd quarter. abrdn plc now owns 1,713,019 shares of the real estate investment trust’s stock worth $204,757,000 after purchasing an additional 285,900 shares in the last quarter. Bank of Montreal Can increased its holdings in Prologis by 89.9% in the 2nd quarter. Bank of Montreal Can now owns 2,910,616 shares of the real estate investment trust’s stock valued at $354,018,000 after buying an additional 1,377,517 shares during the period. Livforsakringsbolaget Skandia Omsesidigt grew its holdings in shares of Prologis by 37.7% during the 2nd quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 14,970 shares of the real estate investment trust’s stock valued at $1,789,000 after purchasing an additional 4,100 shares during the last quarter. Finally, Neuberger Berman Group LLC grew its holdings in shares of Prologis by 11.8% during the 2nd quarter. Neuberger Berman Group LLC now owns 2,417,602 shares of the real estate investment trust’s stock valued at $287,894,000 after purchasing an additional 255,152 shares during the last quarter. Institutional investors and hedge funds own 92.23% of the company’s stock.
In related news, CEO Hamid R. Moghadam sold 305,645 shares of the company’s stock in a transaction dated Friday, October 22nd. The stock was sold at an average price of $144.24, for a total value of $44,086,234.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Hamid R. Moghadam sold 14,355 shares of the stock in a transaction that occurred on Monday, October 25th. The stock was sold at an average price of $144.64, for a total value of $2,076,307.20. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 345,380 shares of company stock worth $49,569,018. 0.87% of the stock is owned by company insiders.
Prologis (NYSE:PLD) last announced its quarterly earnings results on Thursday, October 14th. The real estate investment trust reported $0.97 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.03 by ($0.06). The business had revenue of $1.04 billion during the quarter, compared to analyst estimates of $1.03 billion. Prologis had a net margin of 42.95% and a return on equity of 5.42%. The business’s revenue for the quarter was up 5.9% on a year-over-year basis. During the same period last year, the company earned $0.90 EPS. As a group, analysts expect that Prologis, Inc. will post 4.12 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Thursday, September 30th. Shareholders of record on Friday, September 17th were issued a dividend of $0.63 per share. The ex-dividend date of this dividend was Thursday, September 16th. This represents a $2.52 annualized dividend and a yield of 1.69%. Prologis’s dividend payout ratio (DPR) is 95.09%.
A number of research analysts recently issued reports on the stock. BTIG Research boosted their target price on shares of Prologis from $146.00 to $161.00 and gave the company a “buy” rating in a research report on Wednesday, October 20th. Robert W. Baird increased their price target on shares of Prologis from $108.00 to $124.00 and gave the stock a “neutral” rating in a report on Tuesday, July 20th. Raymond James raised their target price on shares of Prologis from $143.00 to $155.00 and gave the company a “strong-buy” rating in a research note on Wednesday, October 20th. The Goldman Sachs Group upgraded shares of Prologis from a “buy” rating to a “conviction-buy” rating and increased their price target for the company from $166.00 to $180.00 in a research report on Thursday, October 21st. Finally, Deutsche Bank Aktiengesellschaft raised their target price on shares of Prologis from $126.00 to $150.00 and gave the stock a “buy” rating in a report on Wednesday, August 18th. Two analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $146.47.
Prologis, Inc engages in the provision of real estate investment trust services. It operates through Real Estate Operations and Strategic Capital segments. The Real Estate Operations segment represents the ownership and development of logistics properties and also includes rental revenues, recoveries and expenses recognized from its consolidated properties.
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