Naviter Wealth LLC Raises Stake in Prologis, Inc. (NYSE:PLD)

Naviter Wealth LLC boosted its stake in Prologis, Inc. (NYSE:PLD) by 4.5% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 71,527 shares of the real estate investment trust’s stock after acquiring an additional 3,102 shares during the period. Prologis accounts for about 1.3% of Naviter Wealth LLC’s holdings, making the stock its 15th biggest position. Naviter Wealth LLC’s holdings in Prologis were worth $9,032,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in PLD. Valeo Financial Advisors LLC increased 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 purchasing an additional 48,850,448 shares in the last quarter. Swedbank AB purchased a new position in Prologis in the 1st quarter valued at approximately $596,614,000. Alphinity Investment Management Pty Ltd bought a new stake in Prologis during the 1st quarter valued at $465,659,000. Barrow Hanley Mewhinney & Strauss LLC purchased a new stake in shares of Prologis during the second quarter worth $203,223,000. Finally, Vanguard Group Inc. boosted its holdings in shares of Prologis by 1.2% in the first quarter. Vanguard Group Inc. now owns 120,945,384 shares of the real estate investment trust’s stock worth $15,749,508,000 after acquiring an additional 1,460,229 shares during the period. 93.50% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on PLD shares. Royal Bank of Canada downgraded shares of Prologis from an “outperform” rating to a “sector perform” rating and raised their target price for the company from $124.00 to $127.00 in a research note on Monday, August 5th. Scotiabank raised their price objective on shares of Prologis from $135.00 to $142.00 and gave the company a “sector outperform” rating in a research report on Monday, August 26th. Evercore ISI upped their target price on shares of Prologis from $124.00 to $128.00 and gave the stock an “in-line” rating in a research report on Monday, September 16th. Barclays lowered their price target on Prologis from $142.00 to $131.00 and set an “overweight” rating on the stock in a research report on Thursday, October 10th. Finally, Bank of America reaffirmed a “neutral” rating and set a $128.00 price target on shares of Prologis in a research note on Monday, August 12th. Seven analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $132.71.

Prologis Trading Down 1.1 %

NYSE:PLD traded down $1.42 during midday trading on Thursday, reaching $125.55. 620,220 shares of the stock traded hands, compared to its average volume of 3,618,690. The stock has a market capitalization of $116.24 billion, a P/E ratio of 36.71, a PEG ratio of 3.05 and a beta of 1.07. Prologis, Inc. has a 12 month low of $96.64 and a 12 month high of $137.52. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.36 and a current ratio of 0.36. The company has a fifty day moving average of $125.40 and a 200 day moving average of $117.72.

Prologis (NYSE:PLD) last posted its earnings results on Wednesday, October 16th. The real estate investment trust reported $1.08 earnings per share for the quarter, missing analysts’ consensus estimates of $1.37 by ($0.29). The firm had revenue of $1.90 billion for the quarter, compared to analysts’ expectations of $1.91 billion. Prologis had a return on equity of 4.88% and a net margin of 36.37%. The business’s revenue for the quarter was up 6.9% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.30 earnings per share. On average, research analysts predict that Prologis, Inc. will post 5.42 EPS for the current year.

Prologis Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Monday, September 16th were given a $0.96 dividend. The ex-dividend date of this dividend was Monday, September 16th. This represents a $3.84 dividend on an annualized basis and a dividend yield of 3.06%. Prologis’s dividend payout ratio is currently 112.28%.

Insider Buying and Selling at Prologis

In other Prologis news, CIO Joseph Ghazal sold 5,200 shares of Prologis 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 sale, the executive now directly owns 13,187 shares of the company’s stock, valued at approximately $1,702,046.09. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 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.