Adage Capital Partners GP L.L.C. Sells 93,871 Shares of Prologis, Inc. $PLD

Key Points

• Adage Capital Partners GP L.L.C. sold 93,871 shares of Prologis, Inc., reducing its holdings by 12.0%, now owning approximately 685,229 shares valued at $76.6 million.
• Prologis announced a quarterly dividend payment of $1.01 per share, with a projected annualized dividend yield of 3.6%.
• The stock currently has a consensus rating of "Moderate Buy" with a target price averaging $121.83 among research analysts.

Adage Capital Partners GP L.L.C. cut its stake in Prologis, Inc. (NYSE:PLD - Free Report) by 12.0% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 685,229 shares of the real estate investment trust's stock after selling 93,871 shares during the period. Adage Capital Partners GP L.L.C. owned 0.07% of Prologis worth $76,602,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently modified their holdings of PLD. Activest Wealth Management raised its stake in shares of Prologis by 637.1% in the first quarter. Activest Wealth Management now owns 258 shares of the real estate investment trust's stock worth $29,000 after acquiring an additional 223 shares during the last quarter. REAP Financial Group LLC raised its stake in shares of Prologis by 40.0% in the fourth quarter. REAP Financial Group LLC now owns 294 shares of the real estate investment trust's stock worth $31,000 after acquiring an additional 84 shares during the last quarter. Pandora Wealth Inc. bought a new position in shares of Prologis in the first quarter worth about $34,000. GKV Capital Management Co. Inc. bought a new position in shares of Prologis in the first quarter worth about $34,000. Finally, Saudi Central Bank bought a new position in shares of Prologis in the first quarter worth about $41,000. 93.50% of the stock is owned by institutional investors.

Prologis Trading Up 0.8%

NYSE PLD traded up $0.96 during trading on Friday, reaching $113.57. 2,595,695 shares of the stock traded hands, compared to its average volume of 2,775,991. The firm has a market cap of $105.42 billion, a price-to-earnings ratio of 30.78, a price-to-earnings-growth ratio of 2.85 and a beta of 1.26. The stock's 50-day moving average price is $108.56 and its 200 day moving average price is $108.23. The company has a quick ratio of 0.65, a current ratio of 0.65 and a debt-to-equity ratio of 0.61. Prologis, Inc. has a fifty-two week low of $85.35 and a fifty-two week high of $132.57.

Prologis (NYSE:PLD - Get Free Report) last issued its quarterly earnings data on Wednesday, July 16th. The real estate investment trust reported $1.46 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.41 by $0.05. The firm had revenue of $2.03 billion during the quarter, compared to analysts' expectations of $2.03 billion. Prologis had a net margin of 40.29% and a return on equity of 5.96%. The business's revenue for the quarter was up 8.8% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.34 earnings per share. Prologis has set its FY 2025 guidance at 5.750-5.800 EPS. Analysts predict that Prologis, Inc. will post 5.73 EPS for the current year.

Prologis Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Tuesday, September 16th will be issued a dividend of $1.01 per share. The ex-dividend date is Tuesday, September 16th. This represents a $4.04 dividend on an annualized basis and a yield of 3.6%. Prologis's payout ratio is currently 109.49%.

Insider Buying and Selling

In other Prologis news, CAO Lori A. Palazzolo sold 25,000 shares of Prologis stock in a transaction that occurred on Tuesday, August 26th. The shares were sold at an average price of $111.33, for a total value of $2,783,250.00. Following the transaction, the chief accounting officer owned 414 shares of the company's stock, valued at approximately $46,090.62. The trade was a 98.37% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Cristina Gabriela Bita sold 1,000 shares of Prologis stock in a transaction that occurred on Wednesday, September 3rd. The shares were sold at an average price of $111.00, for a total transaction of $111,000.00. Following the completion of the transaction, the director directly owned 9,829 shares in the company, valued at approximately $1,091,019. The trade was a 9.23% decrease in their position. The disclosure for this sale can be found here. 0.57% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the stock. Mizuho set a $118.00 target price on shares of Prologis and gave the stock an "outperform" rating in a research note on Tuesday, August 19th. Citigroup lowered their price target on shares of Prologis from $150.00 to $140.00 and set a "buy" rating for the company in a research report on Wednesday, July 23rd. Wall Street Zen cut shares of Prologis from a "hold" rating to a "sell" rating in a research report on Saturday, June 14th. UBS Group lifted their price target on shares of Prologis from $106.00 to $120.00 and gave the stock a "buy" rating in a research report on Tuesday, July 8th. Finally, Scotiabank set a $114.00 price target on shares of Prologis and gave the stock a "sector perform" rating in a research report on Wednesday, August 27th. Two analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and six have issued a Hold rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $121.83.

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.