Prologis, Inc. (NYSE:PLD) Shares Bought by Vestcor Inc

Key Points

• Vestcor Inc increased its holdings in Prologis, Inc. by 35.2% during the first quarter, owning a total of 162,319 shares valued at approximately $18.1 million.
• Prologis reported earnings per share of $1.46 for the last quarter, surpassing the consensus estimate of $1.41, with revenue growth of 8.8% year-over-year.
• The company announced a quarterly dividend of $1.01, leading to an annualized yield of 3.68%, although its payout ratio is elevated at 109.49%.

Vestcor Inc boosted its holdings in Prologis, Inc. (NYSE:PLD - Free Report) by 35.2% in the first quarter, according to its most recent filing with the SEC. The institutional investor owned 162,319 shares of the real estate investment trust's stock after buying an additional 42,264 shares during the period. Vestcor Inc's holdings in Prologis were worth $18,146,000 as of its most recent SEC filing.

A number of other institutional investors have also bought and sold shares of the business. Harvest Fund Management Co. Ltd purchased a new stake in Prologis in the 1st quarter worth $514,000. Banque Cantonale Vaudoise purchased a new position in shares of Prologis during the first quarter valued at about $1,172,000. Federated Hermes Inc. grew its position in shares of Prologis by 10.2% during the first quarter. Federated Hermes Inc. now owns 3,226,731 shares of the real estate investment trust's stock valued at $360,716,000 after purchasing an additional 298,906 shares in the last quarter. Meeder Advisory Services Inc. grew its position in shares of Prologis by 6.0% during the first quarter. Meeder Advisory Services Inc. now owns 15,098 shares of the real estate investment trust's stock valued at $1,688,000 after purchasing an additional 860 shares in the last quarter. Finally, Foundations Investment Advisors LLC grew its position in shares of Prologis by 17.4% during the first quarter. Foundations Investment Advisors LLC now owns 3,511 shares of the real estate investment trust's stock valued at $392,000 after purchasing an additional 520 shares in the last quarter. Hedge funds and other institutional investors own 93.50% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on PLD. CJS Securities cut their price objective on Prologis from $140.00 to $117.00 in a research report on Friday, April 11th. Truist Financial dropped their price target on Prologis from $123.00 to $120.00 and set a "buy" rating for the company in a research report on Monday, May 5th. Scotiabank lifted their price target on Prologis from $97.00 to $100.00 and gave the stock a "sector underperform" rating in a research report on Monday, May 12th. Evercore ISI dropped their price target 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. Finally, Robert W. Baird dropped their price target on Prologis from $126.00 to $120.00 and set an "outperform" rating for the company in a research report on Wednesday, May 7th. 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 data from MarketBeat.com, Prologis has an average rating of "Moderate Buy" and an average price target of $120.74.

Prologis Stock Down 1.4%

PLD stock traded down $1.46 during trading on Friday, hitting $105.33. 382,580 shares of the company's stock traded hands, compared to its average volume of 4,583,255. The firm has a market capitalization of $97.73 billion, a P/E ratio of 28.44, a PEG ratio of 2.72 and a beta of 1.23. The business has a fifty day simple moving average of $107.55 and a two-hundred day simple moving average of $109.83. The company has a quick ratio of 0.41, a current ratio of 0.19 and a debt-to-equity ratio of 0.60. Prologis, Inc. has a 1 year low of $85.35 and a 1 year high of $132.57.

Prologis (NYSE:PLD - Get Free Report) last issued 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. The company had revenue of $2.03 billion for the quarter, compared to analyst estimates of $2.03 billion. Prologis had a net margin of 40.29% and a return on equity of 5.96%. Prologis's revenue was up 8.8% compared to the same quarter last year. During the same period last year, the company posted $1.34 earnings per share. Sell-side analysts anticipate that Prologis, Inc. will post 5.73 EPS for the current year.

Prologis Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Tuesday, June 17th were issued a dividend of $1.01 per share. The ex-dividend date of this dividend was Tuesday, June 17th. This represents a $4.04 dividend on an annualized basis and a dividend yield of 3.8%. Prologis's payout ratio is 109.49%.

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.