Eastern Bank Boosts Stake in Prologis, Inc. (NYSE:PLD)

Eastern Bank boosted its stake in shares of Prologis, Inc. (NYSE:PLD) by 153.0% in the third quarter, HoldingsChannel reports. The firm owned 371,362 shares of the real estate investment trust’s stock after purchasing an additional 224,579 shares during the quarter. Eastern Bank’s holdings in Prologis were worth $46,896,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently made changes to their positions in PLD. Vanguard Group Inc. grew its stake in 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 worth $15,749,508,000 after buying an additional 1,460,229 shares during the last quarter. Valeo Financial Advisors LLC grew its stake in shares of Prologis by 182,067.2% during the 1st 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 in the last quarter. Dimensional Fund Advisors LP grew its position in shares of Prologis by 2.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 13,209,926 shares of the real estate investment trust’s stock valued at $1,483,594,000 after acquiring an additional 317,815 shares during the period. Principal Financial Group Inc. grew its stake in Prologis by 1.4% in the 2nd quarter. Principal Financial Group Inc. now owns 12,265,926 shares of the real estate investment trust’s stock valued at $1,377,588,000 after buying an additional 167,131 shares during the last quarter. Finally, Centersquare Investment Management LLC increased its stake in Prologis by 5.7% during the 1st quarter. Centersquare Investment Management LLC now owns 6,840,176 shares of the real estate investment trust’s stock worth $890,728,000 after acquiring an additional 367,565 shares during the period. 93.50% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on PLD shares. 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. Evercore ISI raised their price objective on shares of Prologis from $124.00 to $128.00 and gave the stock an “in-line” rating in a research report on Monday, September 16th. BMO Capital Markets restated a “market perform” rating and set a $115.00 price objective on shares of Prologis in a report on Monday, July 15th. Truist Financial boosted their price objective on Prologis from $125.00 to $137.00 and gave the stock a “buy” rating in a report on Monday, August 5th. Finally, Scotiabank boosted their price target on shares of Prologis from $135.00 to $142.00 and gave the stock a “sector outperform” rating in a report on Monday, August 26th. Eight investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $131.47.

Prologis Trading Up 0.9 %

Shares of NYSE PLD traded up $1.09 during trading on Tuesday, hitting $118.86. 879,687 shares of the company traded hands, compared to its average volume of 3,630,489. The company has a 50-day moving average price of $125.39 and a 200-day moving average price of $117.56. The firm has a market capitalization of $110.05 billion, a P/E ratio of 34.44, a P/E/G ratio of 3.05 and a beta of 1.07. Prologis, Inc. has a 1 year low of $96.64 and a 1 year high of $137.52. The company has a quick ratio of 0.36, a current ratio of 0.36 and a debt-to-equity ratio of 0.52.

Prologis (NYSE:PLD) last issued its quarterly earnings results on Wednesday, October 16th. The real estate investment trust reported $1.08 earnings per share for the quarter, missing analysts’ consensus estimates of $1.37 by ($0.29). Prologis had a return on equity of 4.88% and a net margin of 36.37%. The company had revenue of $1.90 billion during the quarter, compared to analyst estimates of $1.91 billion. During the same period in the prior year, the company posted $1.30 earnings per share. The company’s revenue was up 6.9% on a year-over-year basis. On average, equities analysts predict that Prologis, Inc. will post 5.42 EPS for the current year.

Prologis Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Monday, September 16th were given 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 yield of 3.23%. Prologis’s dividend payout ratio (DPR) is presently 112.28%.

Insider Transactions at Prologis

In other news, CIO Joseph Ghazal sold 5,200 shares of the business’s stock in a transaction dated Friday, August 23rd. The shares were 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 $1,702,046.09. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.50% of the stock is owned by corporate insiders.

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.