Eastern Bank Purchases 224,579 Shares of Prologis, Inc. (NYSE:PLD)

Eastern Bank lifted its holdings in shares of Prologis, Inc. (NYSE:PLD) by 153.0% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 371,362 shares of the real estate investment trust’s stock after buying an additional 224,579 shares during the quarter. Eastern Bank’s holdings in Prologis were worth $46,896,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Arbor Capital Management Inc. ADV lifted its holdings in shares of Prologis by 0.8% in the second quarter. Arbor Capital Management Inc. ADV now owns 11,602 shares of the real estate investment trust’s stock worth $1,299,000 after acquiring an additional 87 shares during the last quarter. CX Institutional lifted its holdings in Prologis by 2.7% during the third quarter. CX Institutional now owns 3,347 shares of the real estate investment trust’s stock valued at $423,000 after purchasing an additional 88 shares during the last quarter. Mitchell Sinkler & Starr PA increased its position in shares of Prologis by 5.1% in the second quarter. Mitchell Sinkler & Starr PA now owns 1,860 shares of the real estate investment trust’s stock worth $228,000 after purchasing an additional 90 shares during the last quarter. Destination Wealth Management grew its position in Prologis by 4.7% during the second quarter. Destination Wealth Management now owns 2,033 shares of the real estate investment trust’s stock valued at $228,000 after acquiring an additional 92 shares during the last quarter. Finally, Tiemann Investment Advisors LLC boosted its stake in shares of Prologis by 2.4% during the first quarter. Tiemann Investment Advisors LLC now owns 4,218 shares of the real estate investment trust’s stock valued at $549,000 after purchasing an additional 100 shares during the period. Institutional investors and hedge funds own 93.50% of the company’s stock.

Insider Activity

In other news, CIO Joseph Ghazal sold 5,200 shares of the business’s stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $129.07, for a total value of $671,164.00. Following the completion of the transaction, the executive now owns 13,187 shares of the company’s stock, valued at $1,702,046.09. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Company insiders own 0.50% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently commented on PLD. JPMorgan Chase & Co. reduced their price objective on Prologis from $138.00 to $131.00 and set an “overweight” rating for the company in a report on Monday. BMO Capital Markets reissued a “market perform” rating and issued a $115.00 price objective on shares of Prologis in a research report on Monday, July 15th. The Goldman Sachs Group reaffirmed a “neutral” rating and issued a $132.00 price target (down previously from $142.00) on shares of Prologis in a research report on Monday. Morgan Stanley upped their price target on shares of Prologis from $132.00 to $133.00 and gave the company an “overweight” rating in a research note on Wednesday, August 14th. Finally, Wells Fargo & Company increased their price objective on shares of Prologis from $142.00 to $146.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 28th. Eight investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Prologis currently has an average rating of “Moderate Buy” and an average price target of $131.47.

Prologis Stock Performance

PLD traded up $1.09 during trading hours on Tuesday, hitting $118.86. The stock had a trading volume of 879,687 shares, compared to its average volume of 3,630,489. Prologis, Inc. has a 1 year low of $96.64 and a 1 year high of $137.52. The company’s fifty day simple moving average is $125.39 and its 200 day simple moving average is $117.56. 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 stock has a market cap of $110.05 billion, a PE ratio of 34.44, a price-to-earnings-growth ratio of 3.05 and a beta of 1.07.

Prologis (NYSE:PLD) last released 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 firm had revenue of $1.90 billion for the quarter, compared to the consensus estimate of $1.91 billion. During the same quarter in the prior year, the firm earned $1.30 earnings per share. The company’s revenue for the quarter was up 6.9% compared to the same quarter last year. Equities analysts anticipate that Prologis, Inc. will post 5.42 earnings per share for the current year.

Prologis Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Monday, September 16th were issued a dividend of $0.96 per share. The ex-dividend date of this dividend was Monday, September 16th. This represents a $3.84 annualized dividend and a yield of 3.23%. Prologis’s payout ratio is currently 112.28%.

Prologis 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.