Main Street Financial Solutions LLC Sells 774 Shares of Prologis, Inc. (NYSE:PLD)

Main Street Financial Solutions LLC lessened its holdings in shares of Prologis, Inc. (NYSE:PLD) by 28.8% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 1,910 shares of the real estate investment trust’s stock after selling 774 shares during the period. Main Street Financial Solutions LLC’s holdings in Prologis were worth $241,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. American Capital Advisory LLC acquired a new position in shares of Prologis during the second quarter worth approximately $26,000. Semmax Financial Advisors Inc. bought a new position in Prologis during the second quarter worth $27,000. Central Valley Advisors LLC acquired a new position in Prologis during the 2nd quarter valued at $29,000. Sunbelt Securities Inc. boosted its holdings in Prologis by 640.0% in the 2nd 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 period. Finally, Wetzel Investment Advisors Inc. bought a new stake in Prologis in the 2nd quarter valued at $31,000. Institutional investors own 93.50% of the company’s stock.

Prologis Trading Down 1.2 %

Shares of Prologis stock opened at $113.38 on Friday. Prologis, Inc. has a 12-month low of $101.11 and a 12-month high of $137.52. The stock has a market capitalization of $105.01 billion, a P/E ratio of 34.25, a price-to-earnings-growth ratio of 3.06 and a beta of 1.08. The company has a 50-day simple moving average of $121.62 and a 200 day simple moving average of $117.88. The company has a quick ratio of 0.43, a current ratio of 0.43 and a debt-to-equity ratio of 0.56.

Prologis (NYSE:PLD) last issued its quarterly earnings data on Wednesday, October 16th. The real estate investment trust reported $1.08 earnings per share for the quarter, missing the consensus estimate of $1.37 by ($0.29). Prologis had a return on equity of 5.34% and a net margin of 39.08%. The firm had revenue of $1.90 billion for the quarter, compared to the consensus estimate of $1.91 billion. During the same period in the prior year, the company posted $1.30 earnings per share. Prologis’s quarterly revenue was up 6.9% compared to the same quarter last year. Research analysts expect that Prologis, Inc. will post 5.45 earnings per share for the current fiscal 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 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 yield of 3.39%. Prologis’s dividend payout ratio is 116.01%.

Analysts Set New Price Targets

A number of research analysts have recently commented on the stock. JPMorgan Chase & Co. cut their price objective on shares of Prologis from $138.00 to $131.00 and set an “overweight” rating for the company in a research report on Monday, October 21st. Barclays cut their price target on Prologis from $142.00 to $131.00 and set an “overweight” rating for the company in a report on Thursday, October 10th. Bank of America reissued a “neutral” rating and set a $128.00 price objective on shares of Prologis in a report on Monday, August 12th. Royal Bank of Canada lowered Prologis from an “outperform” rating to a “sector perform” rating and upped their target price for the company from $124.00 to $127.00 in a research note on Monday, August 5th. Finally, Evercore ISI lifted their price target on shares of Prologis from $124.00 to $128.00 and gave the stock an “in-line” rating in a research note on Monday, September 16th. Eight equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $131.12.

Insider Buying and Selling at Prologis

In other news, CIO Joseph Ghazal sold 5,200 shares of the company’s stock in a transaction that occurred 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 transaction, the executive now directly owns 13,187 shares in the company, valued at approximately $1,702,046.09. This represents a 28.28 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.50% of the company’s stock.

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.