State of Alaska Department of Revenue Has $58.68 Million Stock Position in Prologis, Inc. $PLD

Key Points

• The State of Alaska Department of Revenue has a stock position in Prologis, Inc. worth $58.68 million, having reduced its holdings by 0.5% in the second quarter to own 558,241 shares.
• Prologis recently declared a quarterly dividend of $1.01, representing an annual yield of 3.5%, despite having a high payout ratio of 109.49%.
• Analyst ratings for Prologis are mostly positive, with a consensus rating of "Moderate Buy" and a target price of $122.58, closely following a series of upward revisions from several firms.

State of Alaska Department of Revenue cut its position in Prologis, Inc. (NYSE:PLD - Free Report) by 0.5% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 558,241 shares of the real estate investment trust's stock after selling 2,756 shares during the quarter. Prologis comprises 0.6% of State of Alaska Department of Revenue's investment portfolio, making the stock its 20th biggest position. State of Alaska Department of Revenue owned about 0.06% of Prologis worth $58,681,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its holdings in Prologis by 0.7% in the 1st quarter. Vanguard Group Inc. now owns 121,339,410 shares of the real estate investment trust's stock worth $13,564,533,000 after acquiring an additional 869,310 shares in the last quarter. Nuveen LLC acquired a new position in shares of Prologis in the 1st quarter valued at approximately $1,456,768,000. Charles Schwab Investment Management Inc. boosted its position in Prologis by 0.9% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 10,495,932 shares of the real estate investment trust's stock worth $1,173,340,000 after acquiring an additional 93,201 shares during the period. Price T Rowe Associates Inc. MD lifted its stake in 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 worth $1,113,994,000 after acquiring an additional 1,146,454 shares in the last quarter. Finally, Goldman Sachs Group Inc. boosted its position in Prologis by 7.0% during the first quarter. Goldman Sachs Group Inc. now owns 7,790,241 shares of the real estate investment trust's stock worth $870,871,000 after purchasing an additional 507,367 shares during the period. 93.50% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the company. Citigroup reduced their price objective on Prologis from $150.00 to $140.00 and set a "buy" rating for the company in a research report on Wednesday, July 23rd. Evercore ISI upped their price target on shares of Prologis from $111.00 to $113.00 and gave the company an "in-line" rating in a research report on Monday, September 15th. Mizuho set a $118.00 target price on shares of Prologis and gave the stock an "outperform" rating in a report on Tuesday, August 19th. Bank of America raised shares of Prologis from a "neutral" rating to a "buy" rating and boosted their price objective for the company from $118.00 to $130.00 in a research report on Tuesday, September 16th. Finally, UBS Group increased their price target on shares of Prologis from $106.00 to $120.00 and gave the stock a "buy" rating in a report on Tuesday, July 8th. Two research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $122.58.

Insider Activity

In other Prologis news, Director Cristina Gabriela Bita sold 1,000 shares of the business's stock in a transaction that occurred on Wednesday, September 3rd. The stock was sold at an average price of $111.00, for a total transaction of $111,000.00. Following the completion of the transaction, the director owned 9,829 shares in the company, valued at $1,091,019. The trade was a 9.23% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CAO Lori A. Palazzolo sold 25,000 shares of the company'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 sale, the chief accounting officer owned 414 shares of the company's stock, valued at approximately $46,090.62. This represents a 98.37% decrease in their position. The disclosure for this sale can be found here. 0.57% of the stock is owned by insiders.

Prologis Price Performance

PLD stock opened at $114.27 on Friday. The firm has a 50-day moving average of $110.41 and a two-hundred day moving average of $107.53. Prologis, Inc. has a one year low of $85.35 and a one year high of $127.65. The firm has a market capitalization of $106.07 billion, a PE ratio of 30.97, a P/E/G ratio of 2.86 and a beta of 1.26. The company has a current ratio of 0.65, a quick ratio of 0.65 and a debt-to-equity ratio of 0.61.

Prologis (NYSE:PLD - Get Free Report) last released its quarterly earnings results on Wednesday, July 16th. The real estate investment trust reported $1.46 earnings per share (EPS) for the quarter, beating 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 business had revenue of $2.03 billion during the quarter, compared to analysts' expectations of $2.03 billion. During the same period in the previous year, the business posted $1.34 earnings per share. The firm's revenue for the quarter was up 8.8% compared to the same quarter last year. Prologis has set its FY 2025 guidance at 5.750-5.800 EPS. On average, analysts forecast that Prologis, Inc. will post 5.73 earnings per share for the current year.

Prologis Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 16th will be given a $1.01 dividend. The ex-dividend date is Tuesday, September 16th. This represents a $4.04 annualized dividend and a dividend yield of 3.5%. Prologis's payout ratio is 109.49%.

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.

Want to see what other hedge funds are holding PLD? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Prologis, Inc. (NYSE:PLD - Free Report).

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.