DAVENPORT & Co LLC Grows Stake in Prologis, Inc. (NYSE:PLD)

DAVENPORT & Co LLC boosted its holdings in shares of Prologis, Inc. (NYSE:PLD - Free Report) by 22.6% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 34,877 shares of the real estate investment trust's stock after purchasing an additional 6,424 shares during the quarter. DAVENPORT & Co LLC's holdings in Prologis were worth $3,899,000 at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in PLD. Cohen & Steers Inc. raised its position in shares of Prologis by 3.2% during the fourth quarter. Cohen & Steers Inc. now owns 28,331,750 shares of the real estate investment trust's stock valued at $2,994,557,000 after buying an additional 882,529 shares during the last quarter. Geode Capital Management LLC grew its stake in Prologis by 2.9% during the fourth quarter. Geode Capital Management LLC now owns 21,372,231 shares of the real estate investment trust's stock valued at $2,252,853,000 after acquiring an additional 610,251 shares in the last quarter. FMR LLC increased its holdings in Prologis by 11.7% in the 4th quarter. FMR LLC now owns 17,878,397 shares of the real estate investment trust's stock valued at $1,889,747,000 after acquiring an additional 1,875,978 shares during the last quarter. Massachusetts Financial Services Co. MA lifted its stake in Prologis by 2.1% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 16,596,799 shares of the real estate investment trust's stock worth $1,754,282,000 after purchasing an additional 334,907 shares in the last quarter. Finally, Northern Trust Corp boosted its holdings in shares of Prologis by 54.6% during the 4th quarter. Northern Trust Corp now owns 13,855,339 shares of the real estate investment trust's stock valued at $1,464,509,000 after purchasing an additional 4,893,284 shares during the last quarter. 93.50% of the stock is owned by hedge funds and other institutional investors.

Prologis Price Performance

Shares of PLD stock opened at $108.03 on Friday. The company has a market capitalization of $100.24 billion, a P/E ratio of 27.01, a P/E/G ratio of 2.75 and a beta of 1.23. The company's 50-day simple moving average is $106.70 and its two-hundred day simple moving average is $109.39. Prologis, Inc. has a one year low of $85.35 and a one year high of $132.57. The company has a debt-to-equity ratio of 0.56, a current ratio of 0.41 and a quick ratio of 0.41.

Prologis (NYSE:PLD - Get Free Report) last announced its quarterly earnings data on Wednesday, April 16th. The real estate investment trust reported $1.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.38 by $0.04. The company had revenue of $1.99 billion for the quarter, compared to analysts' expectations of $1.99 billion. Prologis had a return on equity of 6.45% and a net margin of 44.59%. As a group, equities analysts anticipate that Prologis, Inc. will post 5.73 EPS for the current year.

Prologis Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Tuesday, June 17th were issued a dividend of $1.01 per share. This represents a $4.04 annualized dividend and a yield of 3.74%. The ex-dividend date was Tuesday, June 17th. Prologis's payout ratio is 101.00%.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on PLD shares. Robert W. Baird reduced their target price on Prologis from $126.00 to $120.00 and set an "outperform" rating on the stock in a report on Wednesday, May 7th. Truist Financial reduced their price objective on Prologis from $123.00 to $120.00 and set a "buy" rating on the stock in a research note on Monday, May 5th. Wolfe Research cut Prologis from an "outperform" rating to a "peer perform" rating in a report on Monday, April 21st. Barclays lowered their target price on Prologis from $132.00 to $119.00 and set an "overweight" rating for the company in a research report on Wednesday, April 30th. Finally, Scotiabank boosted their price target on shares of Prologis from $97.00 to $100.00 and gave the stock a "sector underperform" rating in a research report on Monday, May 12th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating, ten have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $120.42.

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.

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