Bank of Nova Scotia Sells 332,840 Shares of Prologis, Inc. (NYSE:PLD)

Bank of Nova Scotia reduced its position in Prologis, Inc. (NYSE:PLD - Free Report) by 75.7% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 106,620 shares of the real estate investment trust's stock after selling 332,840 shares during the period. Bank of Nova Scotia's holdings in Prologis were worth $11,919,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. REAP Financial Group LLC increased its position in shares of Prologis by 40.0% during the fourth quarter. REAP Financial Group LLC now owns 294 shares of the real estate investment trust's stock valued at $31,000 after buying an additional 84 shares during the period. Olde Wealth Management LLC bought a new stake in shares of Prologis during the first quarter valued at about $43,000. Cornerstone Planning Group LLC increased its position in shares of Prologis by 63.6% during the first quarter. Cornerstone Planning Group LLC now owns 391 shares of the real estate investment trust's stock valued at $44,000 after buying an additional 152 shares during the period. Missouri Trust & Investment Co increased its position in shares of Prologis by 59.6% during the first quarter. Missouri Trust & Investment Co now owns 399 shares of the real estate investment trust's stock valued at $45,000 after buying an additional 149 shares during the period. Finally, Bogart Wealth LLC increased its position in shares of Prologis by 56.2% during the first quarter. Bogart Wealth LLC now owns 417 shares of the real estate investment trust's stock valued at $47,000 after buying an additional 150 shares during the period. 93.50% of the stock is currently owned by institutional investors.

Prologis Price Performance

Shares of Prologis stock opened at $105.15 on Tuesday. The company has a quick ratio of 0.65, a current ratio of 0.65 and a debt-to-equity ratio of 0.61. The company has a market cap of $97.58 billion, a PE ratio of 28.50, a P/E/G ratio of 2.63 and a beta of 1.21. The business has a 50 day moving average of $107.59 and a 200 day moving average of $109.78. Prologis, Inc. has a 52 week low of $85.35 and a 52 week high of $132.57.

Prologis (NYSE:PLD - Get Free Report) last posted its quarterly earnings data on Wednesday, July 16th. The real estate investment trust reported $1.46 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.41 by $0.05. The business had revenue of $2.03 billion during the quarter, compared to the consensus estimate of $2.03 billion. Prologis had a return on equity of 5.96% and a net margin of 40.29%. The firm's quarterly revenue was up 8.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.34 earnings per share. As a group, equities research analysts forecast that Prologis, Inc. will post 5.73 earnings per share for the current year.

Prologis Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Tuesday, June 17th were issued a $1.01 dividend. The ex-dividend date was Tuesday, June 17th. This represents a $4.04 dividend on an annualized basis and a yield of 3.8%. Prologis's dividend payout ratio is 109.49%.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on PLD shares. Wells Fargo & Company set a $137.00 price objective on Prologis and gave the stock an "overweight" rating in a report on Sunday, July 13th. Wall Street Zen lowered Prologis from a "hold" rating to a "sell" rating in a report on Saturday, June 14th. Wolfe Research lowered Prologis from an "outperform" rating to a "peer perform" rating in a report on Monday, April 21st. Scotiabank boosted their price objective on Prologis from $97.00 to $100.00 and gave the stock a "sector underperform" rating in a report on Monday, May 12th. Finally, Citigroup cut their target price on Prologis from $150.00 to $140.00 and set a "buy" rating for the company in a research note on Wednesday, July 23rd. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating, ten have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, Prologis has an average rating of "Moderate Buy" and an average price target of $120.74.

Prologis Company 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.

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