Bank of America Corp DE Sells 3,230,719 Shares of Prologis, Inc. (NYSE:PLD)

Bank of America Corp DE reduced its holdings in Prologis, Inc. (NYSE:PLD - Free Report) by 16.5% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 16,323,362 shares of the real estate investment trust's stock after selling 3,230,719 shares during the period. Bank of America Corp DE owned about 1.76% of Prologis worth $1,725,379,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. World Investment Advisors LLC acquired a new stake in shares of Prologis during the third quarter worth about $989,000. Synovus Financial Corp lifted its holdings in shares of Prologis by 20.4% in the 3rd quarter. Synovus Financial Corp now owns 4,659 shares of the real estate investment trust's stock valued at $588,000 after purchasing an additional 790 shares during the last quarter. Versant Capital Management Inc grew its position in Prologis by 537.3% during the 4th quarter. Versant Capital Management Inc now owns 803 shares of the real estate investment trust's stock worth $85,000 after purchasing an additional 677 shares during the last quarter. Nordea Investment Management AB increased its position in Prologis by 11.1% in the 4th quarter. Nordea Investment Management AB now owns 499,787 shares of the real estate investment trust's stock valued at $53,012,000 after acquiring an additional 50,113 shares during the period. Finally, Canandaigua National Bank & Trust Co. lifted its holdings in shares of Prologis by 4.4% during the fourth quarter. Canandaigua National Bank & Trust Co. now owns 9,906 shares of the real estate investment trust's stock worth $1,047,000 after purchasing an additional 420 shares during the period. 93.50% of the stock is currently owned by institutional investors and hedge funds.

Prologis Price Performance

Shares of NYSE PLD traded up $0.60 during midday trading on Wednesday, hitting $105.10. 4,741,210 shares of the company's stock were exchanged, compared to its average volume of 4,149,239. The company has a market cap of $97.53 billion, a price-to-earnings ratio of 26.28, a PEG ratio of 2.70 and a beta of 1.25. The company has a current ratio of 0.75, a quick ratio of 0.43 and a debt-to-equity ratio of 0.53. Prologis, Inc. has a 12-month low of $85.35 and a 12-month high of $132.57. The business's fifty day moving average price is $106.61 and its two-hundred day moving average price is $111.60.

Prologis (NYSE:PLD - Get Free Report) last issued its quarterly earnings data on Wednesday, April 16th. The real estate investment trust reported $1.42 earnings per share for the quarter, topping analysts' consensus estimates of $1.38 by $0.04. Prologis had a return on equity of 6.44% and a net margin of 45.50%. The firm had revenue of $1.99 billion for the quarter, compared to analyst estimates of $1.99 billion. As a group, research analysts forecast that Prologis, Inc. will post 5.73 EPS for the current fiscal year.

Prologis Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Tuesday, March 18th were given a dividend of $1.01 per share. This represents a $4.04 dividend on an annualized basis and a yield of 3.84%. The ex-dividend date of this dividend was Tuesday, March 18th. This is a positive change from Prologis's previous quarterly dividend of $0.96. Prologis's dividend payout ratio (DPR) is 101.00%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on PLD. Barclays dropped their price target on Prologis from $132.00 to $119.00 and set an "overweight" rating for the company in a research report on Wednesday, April 30th. BNP Paribas upgraded shares of Prologis to a "strong-buy" rating in a research note on Wednesday, January 22nd. BMO Capital Markets cut their price target on shares of Prologis from $105.00 to $95.00 and set an "outperform" rating on the stock in a report on Monday, April 14th. Truist Financial lowered their price target on Prologis from $123.00 to $120.00 and set a "buy" rating for the company in a report on Monday. Finally, Robert W. Baird cut their target price on shares of Prologis from $126.00 to $120.00 and set an "outperform" rating on the stock in a report on Wednesday. One analyst has rated the stock with a sell rating, eight have issued a hold rating, ten have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $121.68.

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.