Jennison Associates LLC Trims Stock Position in Prologis, Inc. (NYSE:PLD)

Jennison Associates LLC reduced its stake in Prologis, Inc. (NYSE:PLD) by 56.3% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 209,829 shares of the real estate investment trust’s stock after selling 270,357 shares during the period. Jennison Associates LLC’s holdings in Prologis were worth $26,497,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of PLD. Swedbank AB lifted its stake in Prologis by 9.2% during the second quarter. Swedbank AB now owns 5,002,274 shares of the real estate investment trust’s stock worth $561,805,000 after purchasing an additional 420,687 shares during the last quarter. Envestnet Portfolio Solutions Inc. increased its position in Prologis by 36.1% during the second quarter. Envestnet Portfolio Solutions Inc. now owns 162,990 shares of the real estate investment trust’s stock worth $18,305,000 after buying an additional 43,235 shares during the period. Sunflower Bank N.A. purchased a new stake in Prologis in the third quarter valued at approximately $249,000. Cetera Advisors LLC boosted its holdings in shares of Prologis by 118.7% in the first quarter. Cetera Advisors LLC now owns 37,992 shares of the real estate investment trust’s stock valued at $4,947,000 after acquiring an additional 20,623 shares during the period. Finally, Abundance Wealth Counselors purchased a new position in shares of Prologis during the second quarter worth approximately $973,000. Institutional investors and hedge funds own 93.50% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have issued reports on PLD shares. Truist Financial raised their price objective on shares of Prologis from $125.00 to $137.00 and gave the stock a “buy” rating in a research report on Monday, August 5th. JPMorgan Chase & Co. reduced their price objective on Prologis from $138.00 to $131.00 and set an “overweight” rating for the company 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. Royal Bank of Canada lowered shares of Prologis from an “outperform” rating to a “sector perform” rating and lifted their price objective for the company from $124.00 to $127.00 in a research report on Monday, August 5th. Finally, Barclays raised their target price on shares of Prologis from $131.00 to $132.00 and gave the stock an “overweight” rating in a research note on Monday, November 18th. Eight research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Prologis has a consensus rating of “Moderate Buy” and an average target price of $131.25.

Prologis Stock Up 1.6 %

Shares of NYSE PLD opened at $115.76 on Friday. The firm’s 50-day moving average is $119.75 and its two-hundred day moving average is $118.32. The company has a market capitalization of $107.21 billion, a PE ratio of 34.97, a price-to-earnings-growth ratio of 3.03 and a beta of 1.08. Prologis, Inc. has a 12-month low of $101.11 and a 12-month 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 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). Prologis had a net margin of 39.08% and a return on equity of 5.34%. The company had revenue of $1.90 billion for the quarter, compared to analyst estimates of $1.91 billion. During the same quarter last year, the company posted $1.30 EPS. Prologis’s quarterly revenue was up 6.9% compared to the same quarter last year. Equities analysts anticipate that Prologis, Inc. will post 5.45 EPS for the current fiscal year.

Prologis Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 30th. Stockholders 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 dividend yield of 3.32%. Prologis’s dividend payout ratio (DPR) is presently 116.01%.

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.