Westover Capital Advisors LLC Buys Shares of 2,972 Prologis, Inc. (NYSE:PLD)

Westover Capital Advisors LLC purchased a new position in shares of Prologis, Inc. (NYSE:PLD) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 2,972 shares of the real estate investment trust’s stock, valued at approximately $334,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Nordea Investment Management AB boosted its stake in Prologis by 380.0% during the 1st quarter. Nordea Investment Management AB now owns 333,022 shares of the real estate investment trust’s stock valued at $43,046,000 after acquiring an additional 263,649 shares during the last quarter. Swedbank AB lifted its position in shares of Prologis by 9.2% during the second quarter. Swedbank AB now owns 5,002,274 shares of the real estate investment trust’s stock worth $561,805,000 after purchasing an additional 420,687 shares during the last quarter. Envestnet Portfolio Solutions Inc. grew its stake 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 worth $18,305,000 after purchasing an additional 43,235 shares in the last quarter. Atalanta Sosnoff Capital LLC bought a new stake in Prologis in the fourth quarter valued at about $18,551,000. Finally, US Bancorp DE raised its stake in Prologis by 6.5% during 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. Institutional investors own 93.50% of the company’s stock.

Analyst Upgrades and Downgrades

PLD has been the subject of several research reports. Barclays lifted their target price on Prologis from $123.00 to $142.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 30th. BMO Capital Markets reiterated a “market perform” rating and set a $115.00 target price on shares of Prologis in a research note on Monday, July 15th. Truist Financial raised their price target on shares of Prologis from $125.00 to $137.00 and gave the stock a “buy” rating in a research report on Monday, August 5th. Bank of America reaffirmed a “neutral” rating and set a $128.00 price objective on shares of Prologis in a research report on Monday, August 12th. Finally, Royal Bank of Canada cut shares of Prologis from an “outperform” rating to a “sector perform” rating and raised their target price for the stock from $124.00 to $127.00 in a report on Monday, August 5th. Seven equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $133.12.

Insider Activity

In related news, CIO Joseph Ghazal sold 5,200 shares of Prologis stock in a transaction dated Friday, August 23rd. The stock was 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 transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders own 0.50% of the company’s stock.

Prologis Stock Performance

Shares of PLD opened at $129.98 on Friday. The firm has a market capitalization of $120.34 billion, a PE ratio of 38.01, a P/E/G ratio of 3.36 and a beta of 1.07. 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 firm has a 50-day moving average price of $124.42 and a 200 day moving average price of $118.85. Prologis, Inc. has a 52-week low of $96.64 and a 52-week high of $137.52.

Prologis (NYSE:PLD) last posted its quarterly earnings data on Wednesday, July 17th. The real estate investment trust reported $0.92 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.33 by ($0.41). Prologis had a net margin of 36.37% and a return on equity of 4.88%. The company had revenue of $2.01 billion during the quarter, compared to the consensus estimate of $1.86 billion. During the same quarter last year, the business earned $1.83 earnings per share. The company’s revenue was down 18.1% on a year-over-year basis. On average, sell-side analysts anticipate that Prologis, Inc. will post 5.42 earnings per share for the current fiscal year.

Prologis Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Monday, September 16th will be paid a $0.96 dividend. This represents a $3.84 dividend on an annualized basis and a dividend yield of 2.95%. The ex-dividend date of this dividend is Monday, September 16th. Prologis’s dividend payout ratio is presently 112.28%.

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.