Bar Harbor Wealth Management Raises Stock Holdings in Prologis, Inc. (NYSE:PLD)

Bar Harbor Wealth Management boosted its holdings in Prologis, Inc. (NYSE:PLD - Free Report) by 36.3% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 16,216 shares of the real estate investment trust's stock after acquiring an additional 4,323 shares during the period. Bar Harbor Wealth Management's holdings in Prologis were worth $1,813,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in PLD. Norges Bank purchased a new position in shares of Prologis during the 4th quarter worth $951,263,000. Northern Trust Corp increased 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 acquiring an additional 4,893,284 shares during the last quarter. Capital Research Global Investors increased 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 acquiring an additional 2,500,761 shares during the last quarter. Raymond James Financial Inc. purchased a new stake in shares of Prologis in the 4th quarter valued at approximately $254,876,000. Finally, FMR LLC lifted its holdings in shares of Prologis by 11.7% in the 4th quarter. FMR LLC now owns 17,878,397 shares of the real estate investment trust's stock worth $1,889,747,000 after acquiring an additional 1,875,978 shares during the last quarter. 93.50% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

PLD has been the subject of several research reports. Wells Fargo & Company dropped their target price on shares of Prologis from $146.00 to $119.00 and set an "overweight" rating for the company in a report on Monday, May 19th. CJS Securities lowered their price target on Prologis from $140.00 to $117.00 in a research report on Friday, April 11th. Morgan Stanley cut their price objective on Prologis to $120.00 and set an "outperform" rating on the stock in a report on Monday, April 14th. Truist Financial decreased their target price on Prologis from $123.00 to $120.00 and set a "buy" rating on the stock in a research note on Monday, May 5th. Finally, Royal Bank of Canada dropped their target price on Prologis from $128.00 to $117.00 and set a "sector perform" rating for the company in a research report on Tuesday, April 29th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating, ten have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $120.42.

Prologis Stock Down 1.2%

Shares of PLD stock traded down $1.26 on Friday, reaching $107.18. 3,359,339 shares of the stock were exchanged, compared to its average volume of 4,122,771. The company has a market capitalization of $99.45 billion, a price-to-earnings ratio of 26.79, a PEG ratio of 2.70 and a beta of 1.25. The business's 50 day moving average price is $104.61 and its 200 day moving average price is $110.06. The company has a current ratio of 0.75, a quick ratio of 0.43 and a debt-to-equity ratio of 0.53. Prologis, Inc. has a twelve month low of $85.35 and a twelve month high of $132.57.

Prologis (NYSE:PLD - Get Free Report) last announced its quarterly earnings results on Wednesday, April 16th. The real estate investment trust reported $1.42 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.38 by $0.04. Prologis had a return on equity of 6.44% and a net margin of 45.50%. The firm had revenue of $1.99 billion during the quarter, compared to the consensus estimate of $1.99 billion. As a group, sell-side analysts expect that Prologis, Inc. will post 5.73 earnings per share for the current fiscal year.

Prologis Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Tuesday, June 17th will be issued a dividend of $1.01 per share. The ex-dividend date of this dividend is Tuesday, June 17th. This represents a $4.04 annualized dividend and a yield of 3.77%. Prologis's dividend payout ratio is currently 101.00%.

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.