Griffin Asset Management Inc. Acquires 15,619 Shares of Prologis, Inc. $PLD

Key Points

• Griffin Asset Management Inc. significantly increased its holdings in Prologis, Inc. by 352.6% in the second quarter, acquiring an additional 15,619 shares worth approximately $2.1 million.
• Prologis reported an earnings per share (EPS) of $1.46 for the last quarter, exceeding analyst expectations and marking an 8.8% year-over-year revenue growth with total revenues of $2.03 billion.
• The company also declared a quarterly dividend of $1.01, representing an annualized yield of 3.6%, while its dividend payout ratio stands at 109.49%.

Griffin Asset Management Inc. boosted its holdings in Prologis, Inc. (NYSE:PLD - Free Report) by 352.6% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 20,049 shares of the real estate investment trust's stock after purchasing an additional 15,619 shares during the quarter. Griffin Asset Management Inc.'s holdings in Prologis were worth $2,108,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Activest Wealth Management boosted its stake in Prologis by 637.1% in the 1st quarter. Activest Wealth Management now owns 258 shares of the real estate investment trust's stock worth $29,000 after purchasing an additional 223 shares during the period. Pandora Wealth Inc. purchased a new position in shares of Prologis in the first quarter valued at $34,000. GKV Capital Management Co. Inc. purchased a new position in shares of Prologis in the first quarter valued at $34,000. Saudi Central Bank purchased a new position in shares of Prologis in the first quarter valued at $41,000. Finally, Olde Wealth Management LLC purchased a new position in shares of Prologis in the first quarter valued at $43,000. 93.50% of the stock is currently owned by institutional investors.

Prologis Stock Down 2.8%

Shares of PLD opened at $111.29 on Monday. The company has a market cap of $103.35 billion, a PE ratio of 30.16, a P/E/G ratio of 2.81 and a beta of 1.28. The business has a fifty day moving average of $111.79 and a 200 day moving average of $107.73. Prologis, Inc. has a 52-week low of $85.35 and a 52-week high of $127.65. 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 (NYSE:PLD - Get Free Report) last issued its quarterly earnings results 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 company 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%.Prologis's revenue was up 8.8% on a year-over-year basis. During the same period last year, the company earned $1.34 earnings per share. Prologis has set its FY 2025 guidance at 5.750-5.800 EPS. On average, sell-side analysts expect that Prologis, Inc. will post 5.73 EPS for the current year.

Prologis Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 30th. Investors of record on Tuesday, September 16th were given a $1.01 dividend. The ex-dividend date was Tuesday, September 16th. This represents a $4.04 dividend on an annualized basis and a yield of 3.6%. Prologis's dividend payout ratio (DPR) is currently 109.49%.

Insiders Place Their Bets

In other Prologis news, Director Cristina Gabriela Bita sold 500 shares of the stock in a transaction on Wednesday, October 1st. The stock was sold at an average price of $115.69, for a total value of $57,845.00. Following the sale, the director owned 9,329 shares in the company, valued at $1,079,272.01. This trade represents a 5.09% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Lori A. Palazzolo sold 25,000 shares of the stock in a transaction on Tuesday, August 26th. The stock was sold at an average price of $111.33, for a total value of $2,783,250.00. Following the completion of the sale, the chief accounting officer owned 414 shares in the company, valued at approximately $46,090.62. The trade was a 98.37% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 26,500 shares of company stock valued at $2,952,095. 0.57% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of research firms recently weighed in on PLD. Wells Fargo & Company set a $137.00 target price on shares of Prologis and gave the company an "overweight" rating in a report on Sunday, July 13th. Barclays cut their target price on shares of Prologis from $119.00 to $118.00 and set an "overweight" rating for the company in a report on Monday, September 15th. Scotiabank set a $114.00 target price on shares of Prologis and gave the company a "sector perform" rating in a report on Wednesday, August 27th. Evercore ISI raised their target price on shares of Prologis from $111.00 to $113.00 and gave the company an "in-line" rating in a report on Monday, September 15th. Finally, Bank of America raised shares of Prologis from a "neutral" rating to a "buy" rating and raised their target price for the company from $118.00 to $130.00 in a report on Tuesday, September 16th. Two investment analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and seven have given a Hold rating to the company's stock. According to MarketBeat, Prologis currently has a consensus rating of "Moderate Buy" and an average price target of $122.58.

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.

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