Prologis, Inc. (NYSE:PLD) Shares Sold by Payden & Rygel

Payden & Rygel cut its position in Prologis, Inc. (NYSE:PLD) by 11.2% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 117,700 shares of the real estate investment trust’s stock after selling 14,900 shares during the quarter. Payden & Rygel’s holdings in Prologis were worth $14,863,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the company. CreativeOne Wealth LLC boosted its holdings in shares of Prologis by 86.7% in the first quarter. CreativeOne Wealth LLC now owns 5,432 shares of the real estate investment trust’s stock valued at $707,000 after acquiring an additional 2,522 shares during the period. EP Wealth Advisors LLC boosted its stake in Prologis by 13.2% during the 1st quarter. EP Wealth Advisors LLC now owns 12,344 shares of the real estate investment trust’s stock worth $1,607,000 after purchasing an additional 1,442 shares during the period. Capital International Inc. CA boosted its stake in Prologis by 24.4% during the 1st quarter. Capital International Inc. CA now owns 33,825 shares of the real estate investment trust’s stock worth $4,405,000 after purchasing an additional 6,624 shares during the period. Capital Research Global Investors grew its position in Prologis by 0.8% during the 1st quarter. Capital Research Global Investors now owns 5,340,371 shares of the real estate investment trust’s stock worth $695,423,000 after purchasing an additional 43,538 shares during the last quarter. Finally, Truvestments Capital LLC increased its stake in Prologis by 60.8% in the first quarter. Truvestments Capital LLC now owns 1,770 shares of the real estate investment trust’s stock valued at $230,000 after purchasing an additional 669 shares during the period. Hedge funds and other institutional investors own 93.50% of the company’s stock.

Insider Activity

In other news, CIO Joseph Ghazal sold 5,200 shares of the company’s stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $129.07, for a total value of $671,164.00. Following the sale, the executive now directly owns 13,187 shares in the company, valued at $1,702,046.09. This represents a 28.28 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.56% of the company’s stock.

Analyst Upgrades and Downgrades

PLD has been the subject of several recent research reports. Scotiabank decreased their target price on shares of Prologis from $142.00 to $136.00 and set a “sector outperform” rating for the company in a research note on Friday, October 25th. Morgan Stanley increased their price objective on Prologis from $132.00 to $133.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 14th. The Goldman Sachs Group reiterated a “neutral” rating and issued a $132.00 target price (down from $142.00) on shares of Prologis in a research note on Monday, October 21st. Bank of America restated a “neutral” rating and set a $128.00 price target on shares of Prologis in a research note on Monday, August 12th. Finally, JPMorgan Chase & Co. lowered their price objective on shares of Prologis from $138.00 to $131.00 and set an “overweight” rating on the stock in a research report on Monday, October 21st. Eight equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $131.18.

Prologis Stock Performance

NYSE PLD opened at $114.54 on Thursday. The business has a 50 day moving average price of $120.36 and a 200 day moving average price of $118.27. The company has a market capitalization of $106.08 billion, a P/E ratio of 34.60, a PEG ratio of 2.98 and a beta of 1.08. Prologis, Inc. has a 1-year low of $101.11 and a 1-year high of $137.52. The company has a debt-to-equity ratio of 0.56, a current ratio of 0.43 and a quick ratio of 0.43.

Prologis (NYSE:PLD) last announced its quarterly 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). Prologis had a net margin of 39.08% and a return on equity of 5.34%. The firm had revenue of $1.90 billion during the quarter, compared to analysts’ expectations of $1.91 billion. During the same quarter in the prior year, the business earned $1.30 EPS. The company’s quarterly revenue was up 6.9% compared to the same quarter last year. Sell-side analysts expect that Prologis, Inc. will post 5.45 EPS for the current fiscal year.

Prologis Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Monday, September 16th were issued a $0.96 dividend. This represents a $3.84 annualized dividend and a dividend yield of 3.35%. The ex-dividend date of this dividend was Monday, September 16th. Prologis’s dividend payout ratio (DPR) is presently 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.