Pacer Advisors Inc. Sells 49,419 Shares of Prologis, Inc. (NYSE:PLD)

Key Points

• Pacer Advisors Inc. reduced its holdings in Prologis, Inc. by 17.0%, selling 49,419 shares, leaving them with 241,409 shares worth approximately $26.99 million.
• Prologis recently reported earnings of $1.46 per share for the quarter, surpassing analysts' expectations, with a net margin of 40.29% and year-over-year revenue growth of 8.8%.
• The company declared a quarterly dividend of $1.01 per share, representing an annualized yield of 3.66%, although the dividend payout ratio is high at 109.49%.

Pacer Advisors Inc. cut its holdings in shares of Prologis, Inc. (NYSE:PLD - Free Report) by 17.0% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 241,409 shares of the real estate investment trust's stock after selling 49,419 shares during the quarter. Pacer Advisors Inc.'s holdings in Prologis were worth $26,987,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of PLD. Norges Bank acquired a new position in shares of Prologis during the fourth quarter worth approximately $951,263,000. Northern Trust Corp raised its position in shares of Prologis by 54.6% during the fourth 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 buying an additional 4,893,284 shares during the last quarter. Valeo Financial Advisors LLC raised its position in shares of Prologis by 282.5% during the first quarter. Valeo Financial Advisors LLC now owns 3,875,386 shares of the real estate investment trust's stock valued at $433,229,000 after buying an additional 2,862,183 shares during the last quarter. Capital Research Global Investors raised its position in shares of Prologis by 25.4% during the fourth quarter. Capital Research Global Investors now owns 12,345,523 shares of the real estate investment trust's stock valued at $1,304,922,000 after buying an additional 2,500,761 shares during the last quarter. Finally, FMR LLC raised its position in shares of Prologis by 11.7% during the fourth quarter. FMR LLC now owns 17,878,397 shares of the real estate investment trust's stock valued at $1,889,747,000 after buying an additional 1,875,978 shares during the last quarter. 93.50% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts have recently commented on the stock. Royal Bank Of Canada cut their price objective on shares of Prologis from $128.00 to $117.00 and set a "sector perform" rating for the company in a research report on Tuesday, April 29th. Wall Street Zen lowered shares of Prologis from a "hold" rating to a "sell" rating in a research report on Saturday, June 14th. UBS Group upped their price objective on shares of Prologis from $106.00 to $120.00 and gave the company a "buy" rating in a research report on Tuesday, July 8th. Scotiabank upped their price objective on shares of Prologis from $97.00 to $100.00 and gave the company a "sector underperform" rating in a research report on Monday, May 12th. Finally, Citigroup cut their price objective on shares of Prologis from $150.00 to $140.00 and set a "buy" rating for the company in a research report on Wednesday. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating, ten have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $120.74.

Prologis Price Performance

Shares of PLD traded up $0.51 during mid-day trading on Friday, hitting $110.23. 2,150,671 shares of the company traded hands, compared to its average volume of 4,602,891. Prologis, Inc. has a one year low of $85.35 and a one year high of $132.57. The company has a current ratio of 0.19, a quick ratio of 0.41 and a debt-to-equity ratio of 0.60. The business has a 50-day moving average of $107.48 and a 200 day moving average of $109.80. The stock has a market capitalization of $102.29 billion, a price-to-earnings ratio of 29.87, a PEG ratio of 2.77 and a beta of 1.23.

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

Prologis Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Tuesday, June 17th were paid 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 3.66%. Prologis's payout ratio is presently 109.49%.

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.