Prologis, Inc. (NYSE:PLD) Shares Sold by Eastern Bank

Key Points

• Eastern Bank has reduced its holdings in Prologis, Inc. by 1.3%, selling 4,860 shares and retaining a total of 362,152 shares valued at approximately $40.5 million.
• A number of brokerages have downgraded Prologis, with target price reductions leading to an average target price of $120.74 and a consensus rating of "Moderate Buy."
• Prologis recently announced a $1.01 quarterly dividend, representing an annualized dividend yield of 3.68% and a payout ratio currently at 109.49%.

Eastern Bank reduced its stake in shares of Prologis, Inc. (NYSE:PLD - Free Report) by 1.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 362,152 shares of the real estate investment trust's stock after selling 4,860 shares during the quarter. Eastern Bank's holdings in Prologis were worth $40,485,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of PLD. REAP Financial Group LLC grew its position in Prologis by 40.0% during the 4th quarter. REAP Financial Group LLC now owns 294 shares of the real estate investment trust's stock worth $31,000 after purchasing an additional 84 shares during the last quarter. Olde Wealth Management LLC purchased a new stake in shares of Prologis in the first quarter valued at about $43,000. Cornerstone Planning Group LLC boosted its holdings in shares of Prologis by 63.6% in the first quarter. Cornerstone Planning Group LLC now owns 391 shares of the real estate investment trust's stock valued at $44,000 after acquiring an additional 152 shares in the last quarter. Missouri Trust & Investment Co boosted its holdings in shares of Prologis by 59.6% in the first quarter. Missouri Trust & Investment Co now owns 399 shares of the real estate investment trust's stock valued at $45,000 after acquiring an additional 149 shares in the last quarter. Finally, Bogart Wealth LLC boosted its holdings in shares of Prologis by 56.2% in the first quarter. Bogart Wealth LLC now owns 417 shares of the real estate investment trust's stock valued at $47,000 after acquiring an additional 150 shares in the last quarter. 93.50% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

PLD has been the topic of a number of research analyst reports. Royal Bank Of Canada decreased their price objective on shares of Prologis from $128.00 to $117.00 and set a "sector perform" rating on the stock in a report on Tuesday, April 29th. Wall Street Zen downgraded shares of Prologis from a "hold" rating to a "sell" rating in a report on Saturday, June 14th. BMO Capital Markets decreased their price objective 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. Wolfe Research cut shares of Prologis from an "outperform" rating to a "peer perform" rating in a research report on Monday, April 21st. Finally, CJS Securities cut their target price on shares of Prologis from $140.00 to $117.00 in a research report on Friday, April 11th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating, ten have given a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $120.74.

Prologis Stock Down 1.4%

PLD traded down $1.46 during trading on Friday, hitting $105.33. The company had a trading volume of 382,580 shares, compared to its average volume of 4,583,255. The company has a market cap of $97.73 billion, a PE ratio of 28.44, a P/E/G ratio of 2.72 and a beta of 1.23. The business has a 50-day moving average of $107.55 and a 200-day moving average of $109.83. The company has a debt-to-equity ratio of 0.60, a current ratio of 0.19 and a quick ratio of 0.41. Prologis, Inc. has a 1-year low of $85.35 and a 1-year high of $132.57.

Prologis (NYSE:PLD - Get Free Report) last posted its quarterly earnings results on Wednesday, July 16th. The real estate investment trust reported $1.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.41 by $0.05. The firm had revenue of $2.03 billion for 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 firm's quarterly revenue was up 8.8% on a year-over-year basis. During the same period in the prior year, the company posted $1.34 earnings per share. As a group, analysts forecast that Prologis, Inc. will post 5.73 earnings per share for the current year.

Prologis Dividend Announcement

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

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.