Everence Capital Management Inc. Trims Stock Holdings in Prologis, Inc. (NYSE:PLD)

Everence Capital Management Inc. lowered its holdings in shares of Prologis, Inc. (NYSE:PLD) by 38.2% in the third quarter, Holdings Channel.com reports. The fund owned 21,628 shares of the real estate investment trust’s stock after selling 13,370 shares during the quarter. Everence Capital Management Inc.’s holdings in Prologis were worth $2,731,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Valeo Financial Advisors LLC boosted its stake in shares of Prologis by 182,067.2% during the first quarter. Valeo Financial Advisors LLC now owns 48,877,279 shares of the real estate investment trust’s stock valued at $6,364,799,000 after purchasing an additional 48,850,448 shares during the period. Swedbank AB purchased a new stake in Prologis in the 1st quarter valued at about $596,614,000. Alphinity Investment Management Pty Ltd bought a new position in Prologis in the 1st quarter worth about $465,659,000. Barrow Hanley Mewhinney & Strauss LLC purchased a new position in shares of Prologis during the second quarter worth approximately $203,223,000. Finally, Vanguard Group Inc. raised its stake in shares of Prologis by 1.2% during the first quarter. Vanguard Group Inc. now owns 120,945,384 shares of the real estate investment trust’s stock valued at $15,749,508,000 after acquiring an additional 1,460,229 shares in the last quarter. Institutional investors own 93.50% of the company’s stock.

Prologis Stock Performance

Shares of PLD traded down $4.54 during trading hours on Monday, reaching $117.96. 1,261,831 shares of the company traded hands, compared to its average volume of 3,631,211. The stock has a market capitalization of $109.21 billion, a P/E ratio of 34.81, a P/E/G ratio of 3.05 and a beta of 1.07. The company has a quick ratio of 0.36, a current ratio of 0.36 and a debt-to-equity ratio of 0.52. The business has a fifty day moving average price of $125.43 and a 200-day moving average price of $117.60. Prologis, Inc. has a 12-month low of $96.64 and a 12-month high of $137.52.

Prologis (NYSE:PLD) last announced its quarterly earnings data 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). The firm had revenue of $1.90 billion during the quarter, compared to analysts’ expectations of $1.91 billion. Prologis had a return on equity of 4.88% and a net margin of 36.37%. The company’s revenue for the quarter was up 6.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.30 earnings per share. Equities analysts anticipate that Prologis, Inc. will post 5.42 EPS for the current fiscal year.

Prologis Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Monday, September 16th were issued a $0.96 dividend. This represents a $3.84 annualized dividend and a dividend yield of 3.26%. The ex-dividend date was Monday, September 16th. Prologis’s dividend payout ratio (DPR) is currently 112.28%.

Insider Transactions at Prologis

In related news, CIO Joseph Ghazal sold 5,200 shares of the business’s stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $129.07, for a total transaction of $671,164.00. Following the completion of the transaction, the executive now directly owns 13,187 shares in the company, valued at $1,702,046.09. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 0.50% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have weighed in on PLD. Barclays decreased their target price on Prologis from $142.00 to $131.00 and set an “overweight” rating for the company in a research report on Thursday, October 10th. Morgan Stanley increased their target price on shares of Prologis from $132.00 to $133.00 and gave the stock an “overweight” rating in a report on Wednesday, August 14th. Evercore ISI boosted their price target on shares of Prologis from $124.00 to $128.00 and gave the company an “in-line” rating in a report on Monday, September 16th. JPMorgan Chase & Co. dropped their price objective on shares of Prologis from $138.00 to $131.00 and set an “overweight” rating on the stock in a research note on Monday. Finally, Wells Fargo & Company upped their target price on Prologis from $142.00 to $146.00 and gave the stock an “overweight” rating in a report on Wednesday, August 28th. Eight investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $131.47.

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.