NN Investment Partners Holdings N.V. trimmed its stake in shares of Prologis, Inc. (NYSE:PLD) by 2.5% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 717,261 shares of the real estate investment trust’s stock after selling 18,479 shares during the quarter. NN Investment Partners Holdings N.V. owned approximately 0.10% of Prologis worth $89,966,000 at the end of the most recent reporting period.
A number of other hedge funds also recently added to or reduced their stakes in PLD. Financial Management Professionals Inc. increased its position in Prologis by 147.7% during the 3rd quarter. Financial Management Professionals Inc. now owns 218 shares of the real estate investment trust’s stock worth $27,000 after purchasing an additional 130 shares in the last quarter. Strategic Blueprint LLC acquired a new position in Prologis in the 2nd quarter valued at approximately $30,000. Benjamin Edwards Inc. acquired a new position in Prologis in the 3rd quarter valued at approximately $33,000. TCI Wealth Advisors Inc. increased its position in Prologis by 26.0% in the 3rd quarter. TCI Wealth Advisors Inc. now owns 339 shares of the real estate investment trust’s stock valued at $43,000 after acquiring an additional 70 shares during the period. Finally, Albion Financial Group UT acquired a new position in Prologis in the 2nd quarter valued at approximately $48,000. Institutional investors and hedge funds own 92.23% of the company’s stock.
PLD has been the subject of several recent research reports. Barclays upped their price target on shares of Prologis from $159.00 to $161.00 and gave the company an “overweight” rating in a research report on Tuesday, October 19th. Truist upped their price objective on shares of Prologis from $137.00 to $158.00 and gave the company a “buy” rating in a research note on Monday, October 25th. They noted that the move was a valuation call. Raymond James upped their price objective on shares of Prologis from $155.00 to $180.00 and gave the company a “strong-buy” rating in a research note on Monday. Royal Bank of Canada upped their price objective on shares of Prologis from $144.00 to $164.00 and gave the company an “outperform” rating in a research note on Monday, November 8th. Finally, Morgan Stanley upped their price objective on shares of Prologis from $165.00 to $175.00 and gave the company an “overweight” rating in a research note on Wednesday, December 15th. Two investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $152.07.
Prologis (NYSE:PLD) last released its quarterly earnings data on Thursday, October 14th. The real estate investment trust reported $0.97 earnings per share for the quarter, missing analysts’ consensus estimates of $1.03 by ($0.06). Prologis had a net margin of 42.95% and a return on equity of 5.42%. The business had revenue of $1.04 billion during the quarter, compared to the consensus estimate of $1.03 billion. During the same period last year, the business posted $0.90 earnings per share. The firm’s quarterly revenue was up 5.9% on a year-over-year basis. As a group, research analysts forecast that Prologis, Inc. will post 4.12 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Friday, December 31st. Stockholders of record on Tuesday, December 14th were issued a $0.63 dividend. The ex-dividend date was Monday, December 13th. This represents a $2.52 annualized dividend and a dividend yield of 1.63%. Prologis’s dividend payout ratio is currently 95.09%.
In related news, CEO Hamid R. Moghadam sold 14,355 shares of the firm’s stock in a transaction dated Monday, October 25th. The shares were sold at an average price of $144.64, for a total transaction of $2,076,307.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Hamid R. Moghadam sold 305,645 shares of Prologis stock in a transaction dated Friday, October 22nd. The stock was sold at an average price of $144.24, for a total transaction of $44,086,234.80. The disclosure for this sale can be found here. In the last quarter, insiders sold 323,335 shares of company stock valued at $46,681,516. 0.87% of the stock is currently owned by corporate insiders.
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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