United Services Automobile Association Decreases Holdings in Prologis, Inc. (NYSE:PLD)

United Services Automobile Association lowered its stake in shares of Prologis, Inc. (NYSE:PLD) by 18.3% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 21,332 shares of the real estate investment trust’s stock after selling 4,788 shares during the period. United Services Automobile Association’s holdings in Prologis were worth $2,694,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently modified their holdings of PLD. Insigneo Advisory Services LLC acquired a new position in shares of Prologis during the third quarter valued at approximately $282,000. Voya Financial Advisors Inc. increased its position in shares of Prologis by 22.1% during the third quarter. Voya Financial Advisors Inc. now owns 4,709 shares of the real estate investment trust’s stock worth $591,000 after purchasing an additional 852 shares in the last quarter. Worldquant Millennium Advisors LLC acquired a new position in Prologis in the 3rd quarter valued at $1,051,000. Wahed Invest LLC lifted its holdings in Prologis by 10.7% in the 3rd quarter. Wahed Invest LLC now owns 22,445 shares of the real estate investment trust’s stock valued at $2,834,000 after purchasing an additional 2,173 shares in the last quarter. Finally, Texas Capital Bank Wealth Management Services Inc boosted its stake in Prologis by 3.2% during the 3rd quarter. Texas Capital Bank Wealth Management Services Inc now owns 59,734 shares of the real estate investment trust’s stock worth $7,543,000 after purchasing an additional 1,879 shares during the last quarter. Institutional investors and hedge funds own 93.50% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on PLD. Bank of America reissued a “neutral” rating and issued a $128.00 price target on shares of Prologis in a research note on Monday, August 12th. Morgan Stanley raised their target price on shares of Prologis from $132.00 to $133.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 14th. The Goldman Sachs Group restated a “neutral” rating and issued a $132.00 price target (down from $142.00) on shares of Prologis in a research report on Monday, October 21st. BMO Capital Markets downgraded Prologis from a “market perform” rating to an “underperform” rating and reduced their price objective for the stock from $120.00 to $104.00 in a research report on Friday. Finally, Scotiabank dropped their target price on Prologis from $136.00 to $134.00 and set a “sector outperform” rating for the company in a report on Wednesday. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Prologis currently has a consensus rating of “Moderate Buy” and an average target price of $130.13.

Prologis Stock Down 1.6 %

Shares of NYSE PLD opened at $112.00 on Friday. The company has a quick ratio of 0.43, a current ratio of 0.43 and a debt-to-equity ratio of 0.56. The business’s 50 day moving average is $117.57 and its two-hundred day moving average is $118.86. Prologis, Inc. has a 52-week low of $101.11 and a 52-week high of $137.52. The firm has a market cap of $103.73 billion, a price-to-earnings ratio of 33.84, a PEG ratio of 3.36 and a beta of 1.07.

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

Prologis Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Monday, December 16th will be issued a $0.96 dividend. This represents a $3.84 dividend on an annualized basis and a dividend yield of 3.43%. The ex-dividend date of this dividend is Monday, December 16th. Prologis’s dividend payout ratio (DPR) 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.