MAI Capital Management Sells 3,574 Shares of Prologis, Inc. (NYSE:PLD)

MAI Capital Management cut its stake in shares of Prologis, Inc. (NYSE:PLD) by 13.2% in the 3rd quarter, HoldingsChannel reports. The firm owned 23,587 shares of the real estate investment trust’s stock after selling 3,574 shares during the period. MAI Capital Management’s holdings in Prologis were worth $2,979,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Semmax Financial Advisors Inc. bought a new stake in Prologis during the second quarter valued at approximately $27,000. American Capital Advisory LLC bought a new stake in Prologis during the second quarter valued at approximately $26,000. Central Valley Advisors LLC bought a new stake in Prologis during the second quarter valued at approximately $29,000. Sunbelt Securities Inc. lifted its position in Prologis by 640.0% during the second quarter. Sunbelt Securities Inc. now owns 259 shares of the real estate investment trust’s stock valued at $29,000 after purchasing an additional 224 shares during the last quarter. Finally, Wetzel Investment Advisors Inc. bought a new stake in Prologis during the second quarter valued at approximately $31,000. 93.50% of the stock is currently owned by institutional investors.

Insider Activity

In other 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 sale, the executive now owns 13,187 shares in the company, valued at approximately $1,702,046.09. The trade was a 28.28 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 0.56% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on PLD shares. Barclays boosted their price objective on shares of Prologis from $131.00 to $132.00 and gave the stock an “overweight” rating in a report on Monday. The Goldman Sachs Group restated a “neutral” rating and issued a $132.00 price objective (down from $142.00) on shares of Prologis in a report on Monday, October 21st. Morgan Stanley boosted their price objective on shares of Prologis from $132.00 to $133.00 and gave the stock an “overweight” rating in a report on Wednesday, August 14th. Royal Bank of Canada lowered shares of Prologis from an “outperform” rating to a “sector perform” rating and boosted their price objective for the stock from $124.00 to $127.00 in a report on Monday, August 5th. Finally, Scotiabank lowered their price objective on shares of Prologis from $142.00 to $136.00 and set a “sector outperform” rating for the company in a report on Friday, October 25th. Eight research analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Prologis currently has an average rating of “Moderate Buy” and an average price target of $131.18.

Prologis Stock Up 0.4 %

Shares of Prologis stock opened at $115.13 on Wednesday. The company has a current ratio of 0.43, a quick ratio of 0.43 and a debt-to-equity ratio of 0.56. The company’s fifty day simple moving average is $120.69 and its two-hundred day simple moving average is $118.30. The company has a market cap of $106.63 billion, a P/E ratio of 34.78, a PEG ratio of 2.98 and a beta of 1.08. Prologis, Inc. has a 12-month low of $101.11 and a 12-month high of $137.52.

Prologis (NYSE:PLD) last issued its quarterly earnings data on Wednesday, October 16th. The real estate investment trust reported $1.08 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.37 by ($0.29). The company had revenue of $1.90 billion for the quarter, compared to analysts’ expectations of $1.91 billion. Prologis had a net margin of 39.08% and a return on equity of 5.34%. The firm’s revenue for the quarter was up 6.9% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.30 earnings per share. Research analysts anticipate that Prologis, Inc. will post 5.45 EPS for the current year.

Prologis Dividend Announcement

The firm also recently announced 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. This represents a $3.84 dividend on an annualized basis and a dividend yield of 3.34%. The ex-dividend date 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.