Covington Investment Advisors Inc. Increases Holdings in Prologis, Inc. (NYSE:PLD)

Covington Investment Advisors Inc. grew its holdings in Prologis, Inc. (NYSE:PLD) by 2.4% in the 3rd quarter, according to the company in its most recent filing with the SEC. The firm owned 46,294 shares of the real estate investment trust’s stock after buying an additional 1,086 shares during the quarter. Covington Investment Advisors Inc.’s holdings in Prologis were worth $5,846,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of the business. Dimensional Fund Advisors LP lifted its holdings in Prologis by 2.5% in the second quarter. Dimensional Fund Advisors LP now owns 13,209,926 shares of the real estate investment trust’s stock worth $1,483,594,000 after buying an additional 317,815 shares during the period. Principal Financial Group Inc. lifted its stake in shares of 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 purchasing an additional 167,131 shares during the period. Charles Schwab Investment Management Inc. boosted its position in shares of Prologis by 4.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 10,229,200 shares of the real estate investment trust’s stock valued at $1,291,743,000 after purchasing an additional 441,841 shares in the last quarter. Daiwa Securities Group Inc. grew its stake in Prologis by 16.3% in the second quarter. Daiwa Securities Group Inc. now owns 6,832,861 shares of the real estate investment trust’s stock worth $767,398,000 after purchasing an additional 958,914 shares during the period. Finally, Swedbank AB raised its holdings in Prologis by 9.2% in the second quarter. Swedbank AB now owns 5,002,274 shares of the real estate investment trust’s stock worth $561,805,000 after purchasing an additional 420,687 shares in the last quarter. Hedge funds and other institutional investors own 93.50% of the company’s stock.

Analyst Upgrades and Downgrades

PLD has been the topic of a number of research reports. Barclays boosted their target price on shares of Prologis from $131.00 to $132.00 and gave the company an “overweight” rating in a report on Monday, November 18th. Evercore ISI boosted their price objective 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. Royal Bank of Canada cut shares of Prologis from an “outperform” rating to a “sector perform” rating and upped their price objective for the stock from $124.00 to $127.00 in a report on Monday, August 5th. Bank of America reiterated a “neutral” rating and set a $128.00 target price on shares of Prologis in a report on Monday, August 12th. Finally, JPMorgan Chase & Co. cut their price target on Prologis from $138.00 to $131.00 and set an “overweight” rating on the stock in a research note on Monday, October 21st. Eight analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $131.25.

Prologis Trading Up 1.9 %

Shares of NYSE:PLD opened at $118.05 on Tuesday. Prologis, Inc. has a 1 year low of $101.11 and a 1 year high of $137.52. The stock’s fifty day moving average price is $119.53 and its 200-day moving average price is $118.55. The company has a market cap of $109.33 billion, a P/E ratio of 35.66, a PEG ratio of 3.05 and a beta of 1.08. The company has a debt-to-equity ratio of 0.56, a current ratio of 0.43 and a quick ratio of 0.43.

Prologis (NYSE:PLD) last announced its quarterly earnings results on Wednesday, October 16th. The real estate investment trust reported $1.08 EPS for the quarter, missing analysts’ consensus estimates of $1.37 by ($0.29). The company had revenue of $1.90 billion during the quarter, compared to the consensus estimate of $1.91 billion. Prologis had a return on equity of 5.34% and a net margin of 39.08%. The business’s revenue was up 6.9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.30 earnings per share. Sell-side analysts expect that Prologis, Inc. will post 5.45 earnings per share for the current year.

Prologis Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Monday, September 16th were paid a $0.96 dividend. The ex-dividend date was Monday, September 16th. This represents a $3.84 dividend on an annualized basis and a dividend yield of 3.25%. Prologis’s dividend payout ratio (DPR) is currently 116.01%.

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.