Covington Investment Advisors Inc. Grows Stock Holdings in Prologis, Inc. (NYSE:PLD)

Covington Investment Advisors Inc. grew its stake in shares of Prologis, Inc. (NYSE:PLD) by 2.4% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 46,294 shares of the real estate investment trust’s stock after acquiring an additional 1,086 shares during the period. Covington Investment Advisors Inc.’s holdings in Prologis were worth $5,846,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the stock. American Capital Advisory LLC bought a new position in Prologis in the 2nd quarter worth about $26,000. Semmax Financial Advisors Inc. purchased a new stake in shares of Prologis in the second quarter worth about $27,000. Central Valley Advisors LLC purchased a new position in Prologis during the second quarter valued at approximately $29,000. Sunbelt Securities Inc. increased its holdings in Prologis by 640.0% during the 2nd quarter. Sunbelt Securities Inc. now owns 259 shares of the real estate investment trust’s stock worth $29,000 after acquiring an additional 224 shares during the period. Finally, Wetzel Investment Advisors Inc. purchased a new stake in Prologis in the 2nd quarter worth approximately $31,000. Hedge funds and other institutional investors own 93.50% of the company’s stock.

Analyst Ratings Changes

A number of research firms have recently commented on PLD. JPMorgan Chase & Co. reduced their price target on shares of Prologis from $138.00 to $131.00 and set an “overweight” rating for the company in a research report on Monday, October 21st. Bank of America reaffirmed a “neutral” rating and issued a $128.00 price target on shares of Prologis in a report on Monday, August 12th. The Goldman Sachs Group reissued a “neutral” rating and set a $132.00 price objective (down previously from $142.00) on shares of Prologis in a report on Monday, October 21st. Morgan Stanley raised their target price 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, Truist Financial boosted their price target on shares of Prologis from $125.00 to $137.00 and gave the stock a “buy” rating in a research note on Monday, August 5th. Eight investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $131.25.

Prologis Stock Up 1.9 %

PLD opened at $118.05 on Tuesday. Prologis, Inc. has a 12 month low of $101.11 and a 12 month high of $137.52. The company has a current ratio of 0.43, a quick ratio of 0.43 and a debt-to-equity ratio of 0.56. The business’s 50-day moving average price is $119.53 and its 200-day moving average price is $118.55. The company has a market cap of $109.33 billion, a P/E ratio of 35.66, a P/E/G ratio of 3.05 and a beta of 1.08.

Prologis (NYSE:PLD) last announced its quarterly earnings results on Wednesday, October 16th. The real estate investment trust reported $1.08 EPS for the quarter, missing analysts’ consensus estimates of $1.37 by ($0.29). The company had revenue of $1.90 billion during the quarter, compared to analysts’ expectations of $1.91 billion. Prologis had a return on equity of 5.34% and a net margin of 39.08%. Prologis’s revenue for the quarter was up 6.9% on a year-over-year basis. During the same period last year, the firm earned $1.30 earnings per share. On average, equities analysts expect that Prologis, Inc. will post 5.45 EPS for the current year.

Prologis Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, September 30th. Investors 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 dividend on an annualized basis and a yield of 3.25%. Prologis’s dividend payout ratio is currently 116.01%.

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.