Independence Bank of Kentucky Buys 1,425 Shares of Prologis, Inc. (NYSE:PLD)

Independence Bank of Kentucky grew its position in Prologis, Inc. (NYSE:PLD) by 25.0% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 7,114 shares of the real estate investment trust’s stock after buying an additional 1,425 shares during the period. Independence Bank of Kentucky’s holdings in Prologis were worth $795,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in PLD. Murphy & Mullick Capital Management Corp bought a new stake in shares of Prologis in the fourth quarter worth approximately $26,000. Crowley Wealth Management Inc. bought a new stake in Prologis during the 4th quarter worth approximately $27,000. Centricity Wealth Management LLC purchased a new position in shares of Prologis during the 4th quarter valued at $30,000. REAP Financial Group LLC lifted its position in shares of Prologis by 40.0% in the fourth quarter. REAP Financial Group LLC now owns 294 shares of the real estate investment trust’s stock valued at $31,000 after acquiring an additional 84 shares in the last quarter. Finally, Promus Capital LLC purchased a new position in Prologis in the 4th quarter worth approximately $34,000. 93.50% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

PLD has been the topic of several recent research reports. Scotiabank upped their price objective on Prologis from $97.00 to $100.00 and gave the stock a “sector underperform” rating in a report on Monday, May 12th. BMO Capital Markets reduced their target price on shares of Prologis from $105.00 to $95.00 and set an “outperform” rating on the stock in a report on Monday, April 14th. Robert W. Baird decreased their target price on shares of Prologis from $126.00 to $120.00 and set an “outperform” rating on the stock in a research report on Wednesday, May 7th. Truist Financial dropped their price target on Prologis from $123.00 to $120.00 and set a “buy” rating for the company in a research report on Monday, May 5th. Finally, Barclays reduced their price objective on Prologis from $132.00 to $119.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 30th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, ten have assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, Prologis currently has an average rating of “Moderate Buy” and an average target price of $120.42.

Prologis Price Performance

PLD opened at $108.91 on Friday. The business has a fifty day moving average of $103.68 and a 200 day moving average of $110.38. The stock has a market cap of $101.06 billion, a P/E ratio of 27.23, a PEG ratio of 2.70 and a beta of 1.25. The company has a quick ratio of 0.43, a current ratio of 0.75 and a debt-to-equity ratio of 0.53. Prologis, Inc. has a 52-week low of $85.35 and a 52-week high of $132.57.

Prologis (NYSE:PLD) last released its earnings results on Wednesday, April 16th. The real estate investment trust reported $1.42 earnings per share for the quarter, topping the consensus estimate of $1.38 by $0.04. The business had revenue of $1.99 billion during the quarter, compared to the consensus estimate of $1.99 billion. Prologis had a return on equity of 6.44% and a net margin of 45.50%. As a group, sell-side analysts anticipate that Prologis, Inc. will post 5.73 EPS for the current year.

Prologis Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Tuesday, June 17th will be paid a $1.01 dividend. The ex-dividend date is Tuesday, June 17th. This represents a $4.04 dividend on an annualized basis and a yield of 3.71%. Prologis’s dividend payout ratio is currently 101.00%.

Prologis Profile

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.