Lord Abbett & CO. LLC Acquires 88,055 Shares of Prologis, Inc. (NYSE:PLD)

Lord Abbett & CO. LLC increased its holdings in shares of Prologis, Inc. (NYSE:PLD) by 43.1% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 292,233 shares of the real estate investment trust’s stock after acquiring an additional 88,055 shares during the quarter. Lord Abbett & CO. LLC’s holdings in Prologis were worth $36,903,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. Semmax Financial Advisors Inc. bought a new stake in shares of Prologis during the 2nd quarter worth $27,000. American Capital Advisory LLC bought a new stake in Prologis in the second quarter worth about $26,000. Dunhill Financial LLC boosted its stake in Prologis by 239.5% in the third quarter. Dunhill Financial LLC now owns 258 shares of the real estate investment trust’s stock valued at $33,000 after acquiring an additional 182 shares during the last quarter. Sunbelt Securities Inc. grew its position in shares of Prologis by 640.0% during the 2nd quarter. Sunbelt Securities Inc. now owns 259 shares of the real estate investment trust’s stock valued at $29,000 after acquiring an additional 224 shares during the period. Finally, Wetzel Investment Advisors Inc. purchased a new stake in shares of Prologis during the 2nd quarter worth approximately $31,000. Hedge funds and other institutional investors own 93.50% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently commented on PLD. Evercore ISI upped their price objective on Prologis from $124.00 to $128.00 and gave the company an “in-line” rating in a research note on Monday, September 16th. Wells Fargo & Company increased their price target on Prologis from $142.00 to $146.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 28th. Barclays boosted their price objective on Prologis from $131.00 to $132.00 and gave the company an “overweight” rating in a research note on Monday, November 18th. JPMorgan Chase & Co. cut their target price 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. Finally, Scotiabank reduced their target price on shares of Prologis from $136.00 to $134.00 and set a “sector outperform” rating for the company in a research note on Wednesday, December 4th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, Prologis has a consensus rating of “Hold” and a consensus target price of $128.88.

Prologis Stock Down 0.5 %

Shares of NYSE PLD opened at $111.13 on Friday. 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 business has a 50-day moving average of $116.44 and a 200-day moving average of $119.10. The firm has a market capitalization of $102.93 billion, a price-to-earnings ratio of 33.57, a PEG ratio of 3.27 and a beta of 1.07. 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 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). Prologis had a return on equity of 5.34% and a net margin of 39.08%. The company had revenue of $1.90 billion during the quarter, compared to the consensus estimate of $1.91 billion. During the same period in the previous year, the company earned $1.30 EPS. Prologis’s quarterly revenue was up 6.9% on a year-over-year basis. Sell-side analysts expect that Prologis, Inc. will post 5.45 earnings per share for the current fiscal year.

Prologis Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Monday, December 16th will be issued a $0.96 dividend. This represents a $3.84 dividend on an annualized basis and a dividend yield of 3.46%. The ex-dividend date is Monday, December 16th. Prologis’s payout ratio is currently 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.