Prologis, Inc. $PLD Shares Sold by Ritholtz Wealth Management

Key Points

• Ritholtz Wealth Management has reduced its stake in Prologis, Inc. by 6.1% in the second quarter, leaving it with 47,302 shares valued at approximately $4.97 million.
• During the first quarter, several hedge funds significantly increased their positions in Prologis, with Nuveen LLC acquiring a new stake worth about $1.46 billion.
• Prologis reported an earnings per share of $1.46 for the latest quarter, beating estimates by $0.05, and had revenue of $2.03 billion, representing an 8.8% increase from the previous year.

Ritholtz Wealth Management lowered its stake in shares of Prologis, Inc. (NYSE:PLD - Free Report) by 6.1% in the second quarter, according to its most recent 13F filing with the SEC. The fund owned 47,302 shares of the real estate investment trust's stock after selling 3,054 shares during the period. Ritholtz Wealth Management's holdings in Prologis were worth $4,972,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Nuveen LLC purchased a new stake in Prologis in the 1st quarter worth approximately $1,456,768,000. Valeo Financial Advisors LLC increased its holdings in shares of Prologis by 282.5% during the 1st 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 purchasing an additional 2,862,183 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its stake in shares of Prologis by 13.0% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 9,965,037 shares of the real estate investment trust's stock valued at $1,113,994,000 after purchasing an additional 1,146,454 shares during the period. Strs Ohio purchased a new stake in Prologis during the first quarter worth $98,308,000. Finally, Vanguard Group Inc. boosted its holdings in Prologis by 0.7% during the first quarter. Vanguard Group Inc. now owns 121,339,410 shares of the real estate investment trust's stock worth $13,564,533,000 after buying an additional 869,310 shares in the last quarter. Hedge funds and other institutional investors own 93.50% of the company's stock.

Prologis Stock Performance

NYSE:PLD opened at $115.44 on Wednesday. The company's 50-day moving average price is $112.11 and its 200-day moving average price is $107.80. 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 cap of $107.20 billion, a P/E ratio of 31.28, a P/E/G ratio of 2.85 and a beta of 1.28. Prologis, Inc. has a twelve month low of $85.35 and a twelve month high of $127.65.

Prologis (NYSE:PLD - Get Free Report) last announced its quarterly earnings data on Wednesday, July 16th. The real estate investment trust reported $1.46 earnings per share (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 company had revenue of $2.03 billion during the quarter, compared to analysts' expectations of $2.03 billion. During the same quarter in the prior year, the company earned $1.34 EPS. Prologis's revenue was up 8.8% compared to the same quarter last year. On average, sell-side analysts forecast that Prologis, Inc. will post 5.73 earnings per share for the current fiscal year.

Prologis Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 30th. Investors of record on Tuesday, September 16th were issued a $1.01 dividend. This represents a $4.04 annualized dividend and a dividend yield of 3.5%. The ex-dividend date of this dividend was Tuesday, September 16th. Prologis's dividend payout ratio (DPR) is currently 109.49%.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on PLD shares. UBS Group lifted their price objective on shares of Prologis from $106.00 to $120.00 and gave the company a "buy" rating in a report on Tuesday, July 8th. Wells Fargo & Company set a $137.00 price target on Prologis and gave the company an "overweight" rating in a research note on Sunday, July 13th. Mizuho set a $118.00 price target on Prologis and gave the stock an "outperform" rating in a report on Tuesday, August 19th. Scotiabank set a $114.00 price objective on Prologis and gave the company a "sector perform" rating in a report on Wednesday, August 27th. Finally, Weiss Ratings restated a "hold (c)" rating on shares of Prologis in a research report on Wednesday, October 8th. Two investment analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and seven have given a Hold rating to the company's stock. According to MarketBeat, Prologis presently has a consensus rating of "Moderate Buy" and a consensus price target of $122.58.

Insider Activity at Prologis

In other Prologis news, Director Cristina Gabriela Bita sold 500 shares of the company's 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 completion of the sale, the director directly owned 9,329 shares in the company, valued at $1,079,272.01. This represents a 5.09% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Lori A. Palazzolo sold 25,000 shares of the firm's 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 directly owned 414 shares of the company's stock, valued at $46,090.62. This trade represents a 98.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 26,500 shares of company stock valued at $2,952,095. Insiders own 0.57% of the company's stock.

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.

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