PNC Financial Services Group Inc. Purchases 72,124 Shares of Prologis, Inc. (NYSE:PLD)

Key Points

• PNC Financial Services Group Inc. increased its stake in Prologis, Inc. by 15.6%, acquiring an additional 72,124 shares, bringing its total to 534,652 shares valued at approximately $59.8 million.
• Prologis reported $1.46 EPS for the last quarter, surpassing analysts' expectations of $1.41, while revenue remained stable at $2.03 billion year-over-year.
• The company also announced a quarterly dividend of $1.01 per share, reflecting an annualized yield of 3.9% despite a payout ratio of 109.49%.

PNC Financial Services Group Inc. increased its position in Prologis, Inc. (NYSE:PLD - Free Report) by 15.6% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 534,652 shares of the real estate investment trust's stock after acquiring an additional 72,124 shares during the period. PNC Financial Services Group Inc. owned about 0.06% of Prologis worth $59,769,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. REAP Financial Group LLC grew its holdings in 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 purchasing an additional 84 shares during the period. Olde Wealth Management LLC bought a new stake in Prologis during the first quarter valued at about $43,000. Cornerstone Planning Group LLC grew its holdings in 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 purchasing an additional 152 shares during the period. Missouri Trust & Investment Co grew its holdings in 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 purchasing an additional 149 shares during the period. Finally, Bogart Wealth LLC grew its holdings in 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 purchasing an additional 150 shares during the period. Institutional investors own 93.50% of the company's stock.

Prologis Price Performance

NYSE:PLD opened at $104.92 on Monday. The company has a current ratio of 0.65, a quick ratio of 0.65 and a debt-to-equity ratio of 0.61. The company has a market capitalization of $97.37 billion, a P/E ratio of 28.43, a P/E/G ratio of 2.63 and a beta of 1.21. Prologis, Inc. has a 12 month low of $85.35 and a 12 month high of $132.57. The business's 50-day moving average is $107.57 and its 200 day moving average is $109.81.

Prologis (NYSE:PLD - Get Free Report) last posted its earnings results on Wednesday, July 16th. The real estate investment trust reported $1.46 EPS for the quarter, topping analysts' consensus estimates of $1.41 by $0.05. The company had revenue of $2.03 billion for 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 revenue for the quarter was up 8.8% on a year-over-year basis. During the same period in the previous year, the business earned $1.34 earnings per share. On average, equities research analysts forecast that Prologis, Inc. will post 5.73 earnings per share for the current fiscal year.

Prologis Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Tuesday, June 17th were given a $1.01 dividend. This represents a $4.04 dividend on an annualized basis and a dividend yield of 3.9%. The ex-dividend date was Tuesday, June 17th. Prologis's payout ratio is currently 109.49%.

Analyst Ratings Changes

Several analysts have issued reports on PLD shares. UBS Group boosted their price target on Prologis from $106.00 to $120.00 and gave the company a "buy" rating in a report on Tuesday, July 8th. Truist Financial lowered their price objective on Prologis from $123.00 to $120.00 and set a "buy" rating on the stock in a research report on Monday, May 5th. CJS Securities lowered their price objective on Prologis from $140.00 to $117.00 in a research report on Friday, April 11th. Barclays lowered their price objective on Prologis from $132.00 to $119.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 30th. Finally, Robert W. Baird lowered their price objective on Prologis from $126.00 to $120.00 and set an "outperform" rating on the stock in a research report on Wednesday, May 7th. Two 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's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $120.74.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.