State of New Jersey Common Pension Fund D Cuts Stake in Prologis, Inc. (NYSE:PLD)

State of New Jersey Common Pension Fund D reduced its stake in Prologis, Inc. (NYSE:PLD) by 33.8% during the second quarter, HoldingsChannel reports. The fund owned 801,585 shares of the real estate investment trust’s stock after selling 409,634 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Prologis were worth $90,026,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of PLD. Valeo Financial Advisors LLC grew its stake in shares of Prologis by 182,067.2% in the first quarter. Valeo Financial Advisors LLC now owns 48,877,279 shares of the real estate investment trust’s stock worth $6,364,799,000 after acquiring an additional 48,850,448 shares during the last quarter. Norges Bank purchased a new stake in shares of Prologis during the fourth quarter valued at $1,074,648,000. Capital World Investors boosted its position in shares of Prologis by 1,252.9% during the fourth quarter. Capital World Investors now owns 7,305,582 shares of the real estate investment trust’s stock valued at $973,834,000 after buying an additional 6,765,582 shares during the last quarter. Swedbank AB purchased a new stake in shares of Prologis during the first quarter valued at $596,614,000. Finally, Alphinity Investment Management Pty Ltd purchased a new stake in shares of Prologis during the first quarter valued at $465,659,000. 93.50% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

PLD has been the topic of several recent analyst reports. BMO Capital Markets reaffirmed a “market perform” rating and set a $115.00 price objective on shares of Prologis in a research report on Monday, July 15th. Truist Financial raised their target price on Prologis from $125.00 to $137.00 and gave the stock a “buy” rating in a research report on Monday, August 5th. Royal Bank of Canada cut 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 research report on Monday, August 5th. Morgan Stanley raised their target price on Prologis from $132.00 to $133.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 14th. Finally, Wells Fargo & Company raised their target price on Prologis from $142.00 to $146.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 28th. Seven analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Prologis has a consensus rating of “Moderate Buy” and a consensus price target of $133.12.

Prologis Stock Performance

NYSE PLD opened at $130.69 on Thursday. The stock has a market capitalization of $121.00 billion, a PE ratio of 38.21, a P/E/G ratio of 3.27 and a beta of 1.07. The business has a 50 day simple moving average of $123.77 and a two-hundred day simple moving average of $118.88. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.36 and a quick ratio of 0.36. Prologis, Inc. has a 1-year low of $96.64 and a 1-year high of $137.52.

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

Prologis Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Monday, September 16th will be given a dividend of $0.96 per share. This represents a $3.84 annualized dividend and a dividend yield of 2.94%. The ex-dividend date of this dividend is Monday, September 16th. Prologis’s dividend payout ratio is currently 112.28%.

Insider Activity

In other news, CIO Joseph Ghazal sold 5,200 shares of the business’s stock in a transaction that occurred on 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 owns 13,187 shares of the company’s stock, valued at approximately $1,702,046.09. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 0.50% of the company’s stock.

About Prologis

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.