Arizona State Retirement System Acquires 3,028 Shares of Prologis, Inc. (NYSE:PLD)

Arizona State Retirement System lifted its holdings in Prologis, Inc. (NYSE:PLD) by 1.1% in the second quarter, HoldingsChannel.com reports. The fund owned 268,177 shares of the real estate investment trust’s stock after buying an additional 3,028 shares during the quarter. Arizona State Retirement System’s holdings in Prologis were worth $30,119,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in PLD. Valeo Financial Advisors LLC boosted 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 acquiring an additional 48,850,448 shares during the period. Norges Bank bought a new position in Prologis during the fourth quarter valued at approximately $1,074,648,000. Capital World Investors boosted its stake in Prologis by 1,252.9% during the fourth quarter. Capital World Investors now owns 7,305,582 shares of the real estate investment trust’s stock valued at $973,834,000 after buying an additional 6,765,582 shares during the last quarter. Swedbank AB bought a new position in Prologis during the first quarter valued at approximately $596,614,000. Finally, Alphinity Investment Management Pty Ltd bought a new position in Prologis during the first quarter valued at approximately $465,659,000. Institutional investors own 93.50% of the company’s stock.

Insiders Place Their Bets

In other Prologis news, CIO Joseph Ghazal sold 5,200 shares of the firm’s stock in a transaction 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 transaction, the executive now directly owns 13,187 shares in the company, valued at approximately $1,702,046.09. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.50% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of brokerages recently commented on PLD. Evercore ISI increased their price target on Prologis from $122.00 to $124.00 and gave the company an “in-line” rating in a research note on Wednesday, August 28th. BMO Capital Markets reissued a “market perform” rating and set a $115.00 price target on shares of Prologis in a research note on Monday, July 15th. Royal Bank of Canada lowered Prologis from an “outperform” rating to a “sector perform” rating and increased their price target for the company from $124.00 to $127.00 in a research note on Monday, August 5th. Truist Financial increased their price target on Prologis from $125.00 to $137.00 and gave the company a “buy” rating in a research note on Monday, August 5th. Finally, Argus raised their price objective on Prologis from $120.00 to $135.00 and gave the company a “buy” rating in a research note on Tuesday, July 23rd. 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 stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $133.12.

Prologis Trading Down 0.3 %

Shares of NYSE PLD opened at $127.03 on Friday. 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 business’s 50 day moving average price is $122.37 and its 200-day moving average price is $119.07. Prologis, Inc. has a fifty-two week low of $96.64 and a fifty-two week high of $137.52. The company has a market cap of $117.61 billion, a price-to-earnings ratio of 37.25, a PEG ratio of 3.28 and a beta of 1.07.

Prologis (NYSE:PLD) last issued its quarterly earnings results on Wednesday, July 17th. The real estate investment trust reported $0.92 earnings per share for the quarter, missing the consensus estimate of $1.33 by ($0.41). The business had revenue of $2.01 billion during the quarter, compared to analysts’ expectations of $1.86 billion. Prologis had a return on equity of 4.88% and a net margin of 36.37%. The company’s quarterly revenue was down 18.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.83 earnings per share. On average, sell-side analysts expect that Prologis, Inc. will post 5.42 earnings per share for the current year.

Prologis Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Monday, September 16th will be issued a dividend of $0.96 per share. The ex-dividend date of this dividend is Monday, September 16th. This represents a $3.84 annualized dividend and a yield of 3.02%. Prologis’s payout ratio is currently 112.28%.

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.