Verity & Verity LLC Acquires 19,230 Shares of Prologis, Inc. (NYSE:PLD)

Verity & Verity LLC increased its holdings in shares of Prologis, Inc. (NYSE:PLD - Free Report) by 20.2% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 114,429 shares of the real estate investment trust's stock after buying an additional 19,230 shares during the quarter. Verity & Verity LLC's holdings in Prologis were worth $12,792,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Norges Bank bought a new position in shares of Prologis during the 4th quarter valued at about $951,263,000. Northern Trust Corp lifted its stake in Prologis by 54.6% in 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 buying an additional 4,893,284 shares in the last quarter. Capital Research Global Investors boosted its holdings in shares of Prologis by 25.4% in 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 buying an additional 2,500,761 shares during the period. Raymond James Financial Inc. acquired a new position in shares of Prologis in the fourth quarter valued at approximately $254,876,000. Finally, FMR LLC increased its position in shares of Prologis by 11.7% during the fourth 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 in the last quarter. 93.50% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on PLD shares. Wall Street Zen lowered shares of Prologis from a "hold" rating to a "sell" rating in a research note on Saturday. Scotiabank upped their price objective on Prologis from $97.00 to $100.00 and gave the stock a "sector underperform" rating in a research report on Monday, May 12th. Wolfe Research lowered Prologis from an "outperform" rating to a "peer perform" rating in a research report on Monday, April 21st. Morgan Stanley reduced their price target on Prologis to $120.00 and set an "outperform" rating for the company in a research report on Monday, April 14th. Finally, Mizuho decreased their price target on shares of Prologis from $117.00 to $105.00 and set a "neutral" rating for the company in a research note on Friday, April 11th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating, ten have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $120.42.

Prologis Stock Performance

PLD stock traded down $0.49 during mid-day trading on Monday, hitting $106.79. 4,495,919 shares of the company were exchanged, compared to its average volume of 4,124,395. Prologis, Inc. has a 1-year low of $85.35 and a 1-year high of $132.57. The stock has a market capitalization of $99.09 billion, a PE ratio of 26.70, a price-to-earnings-growth ratio of 2.70 and a beta of 1.25. The business has a 50 day simple moving average of $104.61 and a 200-day simple moving average of $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 (NYSE:PLD - Get Free Report) last released its quarterly earnings results on Wednesday, April 16th. The real estate investment trust reported $1.42 earnings per share for the quarter, topping the consensus estimate of $1.38 by $0.04. Prologis had a return on equity of 6.44% and a net margin of 45.50%. The business had revenue of $1.99 billion during the quarter, compared to analysts' expectations of $1.99 billion. On average, equities analysts forecast that Prologis, Inc. will post 5.73 earnings per share for the current year.

Prologis Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Tuesday, June 17th will be given a $1.01 dividend. The ex-dividend date of this dividend is Tuesday, June 17th. This represents a $4.04 dividend on an annualized basis and a dividend yield of 3.78%. Prologis's payout ratio is 101.00%.

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.