Allworth Financial LP Reduces Stake in Prologis, Inc. (NYSE:PLD)

Allworth Financial LP trimmed its position in shares of Prologis, Inc. (NYSE:PLD) by 2.5% during the third quarter, Holdings Channel reports. The firm owned 136,212 shares of the real estate investment trust’s stock after selling 3,505 shares during the quarter. Allworth Financial LP’s holdings in Prologis were worth $17,201,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Nordea Investment Management AB boosted its position in shares of Prologis by 380.0% in the 1st quarter. Nordea Investment Management AB now owns 333,022 shares of the real estate investment trust’s stock worth $43,046,000 after buying an additional 263,649 shares in the last quarter. Swedbank AB grew its position in shares of Prologis by 9.2% in the second quarter. Swedbank AB now owns 5,002,274 shares of the real estate investment trust’s stock valued at $561,805,000 after purchasing an additional 420,687 shares during the last quarter. Envestnet Portfolio Solutions Inc. increased its stake in shares of Prologis by 36.1% during the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 162,990 shares of the real estate investment trust’s stock worth $18,305,000 after purchasing an additional 43,235 shares in the last quarter. US Bancorp DE raised its position in shares of Prologis by 6.5% during the 1st quarter. US Bancorp DE now owns 676,912 shares of the real estate investment trust’s stock worth $88,148,000 after purchasing an additional 41,469 shares during the last quarter. Finally, Sunflower Bank N.A. purchased a new stake in Prologis in the 3rd quarter valued at approximately $249,000. Institutional investors and hedge funds own 93.50% of the company’s stock.

Insider Activity

In related news, CIO Joseph Ghazal sold 5,200 shares of the business’s stock in a transaction that occurred 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 of the company’s stock, valued at approximately $1,702,046.09. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 0.50% of the company’s stock.

Prologis Price Performance

Shares of Prologis stock opened at $117.52 on Friday. The business’s fifty day moving average price is $125.17 and its 200 day moving average price is $117.56. The stock has a market capitalization of $108.81 billion, a P/E ratio of 34.36, a PEG ratio of 3.05 and a beta of 1.07. The company has a current ratio of 0.36, a quick ratio of 0.36 and a debt-to-equity ratio of 0.52. Prologis, Inc. has a twelve month low of $96.64 and a twelve month high of $137.52.

Prologis (NYSE:PLD) last released 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). Prologis had a return on equity of 4.88% and a net margin of 36.37%. The business had revenue of $1.90 billion during the quarter, compared to analyst estimates of $1.91 billion. During the same period in the previous year, the company earned $1.30 EPS. Prologis’s revenue was up 6.9% on a year-over-year basis. As a group, research analysts anticipate that Prologis, Inc. will post 5.42 earnings per share for the current year.

Prologis Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Monday, September 16th were given a $0.96 dividend. This represents a $3.84 annualized dividend and a dividend yield of 3.27%. The ex-dividend date of this dividend was Monday, September 16th. Prologis’s payout ratio is 112.28%.

Wall Street Analyst Weigh In

Several research firms have weighed in on PLD. The Goldman Sachs Group reissued a “neutral” rating and set a $132.00 price target (down previously from $142.00) on shares of Prologis in a research report on Monday, October 21st. Royal Bank of Canada downgraded shares of Prologis from an “outperform” rating to a “sector perform” rating and boosted their target price for the company from $124.00 to $127.00 in a research note on Monday, August 5th. JPMorgan Chase & Co. decreased their price target on shares of Prologis from $138.00 to $131.00 and set an “overweight” rating on the stock in a research note on Monday, October 21st. BMO Capital Markets reissued a “market perform” rating and issued a $115.00 price objective on shares of Prologis in a research report on Monday, July 15th. Finally, Evercore ISI upped their price objective on shares of Prologis from $124.00 to $128.00 and gave the company an “in-line” rating in a research note on Monday, September 16th. Eight research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $131.12.

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.