HB Wealth Management LLC Acquires 10,550 Shares of Prologis, Inc. (NYSE:PLD)

Key Points

• HB Wealth Management LLC significantly increased its stake in Prologis, Inc. by 77.9%, now owning 24,100 shares worth approximately $2.69 million.
• Prologis recorded a quarterly earnings per share of $1.46, surpassing expectations, with an 8.8% year-over-year revenue growth to $2.03 billion.
• The company recently announced a quarterly dividend of $1.01 per share, translating to an annualized dividend yield of 3.66%.

HB Wealth Management LLC raised its position in Prologis, Inc. (NYSE:PLD - Free Report) by 77.9% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 24,100 shares of the real estate investment trust's stock after buying an additional 10,550 shares during the quarter. HB Wealth Management LLC's holdings in Prologis were worth $2,694,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also modified their holdings of PLD. Aviva PLC grew its holdings in Prologis by 36.6% in the fourth quarter. Aviva PLC now owns 695,187 shares of the real estate investment trust's stock valued at $73,481,000 after purchasing an additional 186,187 shares during the last quarter. Alley Investment Management Company LLC raised its holdings in shares of Prologis by 102.8% in the 1st quarter. Alley Investment Management Company LLC now owns 108,335 shares of the real estate investment trust's stock worth $12,111,000 after purchasing an additional 54,914 shares during the period. First Citizens Bank & Trust Co. raised its holdings in shares of Prologis by 1,451.2% in the 1st quarter. First Citizens Bank & Trust Co. now owns 31,180 shares of the real estate investment trust's stock worth $3,486,000 after purchasing an additional 29,170 shares during the period. Truist Financial Corp raised its holdings in shares of Prologis by 9.3% during the 1st quarter. Truist Financial Corp now owns 297,270 shares of the real estate investment trust's stock valued at $33,232,000 after buying an additional 25,229 shares during the period. Finally, Sumitomo Mitsui DS Asset Management Company Ltd raised its holdings in shares of Prologis by 2.2% during the 1st quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 297,426 shares of the real estate investment trust's stock valued at $33,249,000 after buying an additional 6,350 shares during the period. Institutional investors and hedge funds own 93.50% of the company's stock.

Prologis Stock Down 0.4%

Shares of PLD stock traded down $0.44 on Thursday, reaching $108.05. 1,212,452 shares of the company's stock traded hands, compared to its average volume of 4,592,126. The business's 50 day moving average price is $107.51 and its two-hundred day moving average price is $109.82. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.41 and a current ratio of 0.19. Prologis, Inc. has a 12-month low of $85.35 and a 12-month high of $132.57. The company has a market capitalization of $100.26 billion, a P/E ratio of 29.30, a price-to-earnings-growth ratio of 2.75 and a beta of 1.23.

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

Prologis Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Tuesday, June 17th were paid a dividend of $1.01 per share. The ex-dividend date was Tuesday, June 17th. This represents a $4.04 annualized dividend and a yield of 3.74%. Prologis's payout ratio is 109.49%.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on PLD shares. Wells Fargo & Company set a $137.00 price objective on Prologis and gave the company an "overweight" rating in a research note on Sunday, July 13th. Mizuho decreased their target price on Prologis from $117.00 to $105.00 and set a "neutral" rating for the company in a research report on Friday, April 11th. Scotiabank lifted their target price on Prologis from $97.00 to $100.00 and gave the stock a "sector underperform" rating in a research report on Monday, May 12th. BMO Capital Markets decreased their target price on Prologis from $105.00 to $95.00 and set an "outperform" rating for the company in a research report on Monday, April 14th. Finally, Evercore ISI decreased their target price on Prologis from $111.00 to $106.00 and set an "in-line" rating for the company in a research report on Thursday, April 17th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, ten have given a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, Prologis currently has an average rating of "Moderate Buy" and a consensus target price 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.