Westpac Banking Corp Has $8.78 Million Stock Holdings in Prologis, Inc. (NYSE:PLD)

Key Points

• Westpac Banking Corp reduced its stake in Prologis, Inc. by 4.9% in the first quarter, bringing its holdings to 78,491 shares valued at approximately $8.775 million.
• Despite Westpac's reduction, several other investors, including REAP Financial Group LLC and LaSalle St. Investment Advisors LLC, increased their stake in Prologis, indicating ongoing interest from institutional investors.
• Prologis recently reported earnings of $1.46 per share, exceeding analysts' expectations and showing a year-over-year revenue growth of 8.8%.

Westpac Banking Corp decreased its position in Prologis, Inc. (NYSE:PLD - Free Report) by 4.9% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 78,491 shares of the real estate investment trust's stock after selling 4,021 shares during the quarter. Westpac Banking Corp's holdings in Prologis were worth $8,775,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. grew its position in shares of 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 acquiring an additional 869,310 shares during the last quarter. Cohen & Steers Inc. lifted its holdings in Prologis by 3.2% in the 4th quarter. Cohen & Steers Inc. now owns 28,331,750 shares of the real estate investment trust's stock valued at $2,994,557,000 after acquiring an additional 882,529 shares during the last quarter. Northern Trust Corp lifted its holdings in Prologis by 54.6% in the 4th 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 acquiring an additional 4,893,284 shares during the last quarter. Nuveen LLC acquired a new stake in Prologis in the 1st quarter valued at about $1,456,768,000. Finally, Capital Research Global Investors lifted its stake in Prologis by 25.4% during 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 in the last quarter. Institutional investors and hedge funds own 93.50% of the company's stock.

Prologis Stock Up 0.6%

NYSE:PLD traded up $0.68 during mid-day trading on Friday, reaching $106.53. The stock had a trading volume of 1,922,669 shares, compared to its average volume of 4,511,616. The business's 50 day moving average is $107.18 and its 200 day moving average is $109.27. Prologis, Inc. has a fifty-two week low of $85.35 and a fifty-two week high of $132.57. The stock has a market cap of $98.87 billion, a P/E ratio of 28.87, a PEG ratio of 2.66 and a beta of 1.21. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.65 and a quick ratio of 0.65.

Prologis (NYSE:PLD - Get Free Report) last released its quarterly earnings data on Wednesday, July 16th. The real estate investment trust reported $1.46 EPS 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 firm had revenue of $2.03 billion for the quarter, compared to the consensus estimate of $2.03 billion. During the same quarter in the prior year, the company posted $1.34 earnings per share. The firm's revenue was up 8.8% on a year-over-year basis. As a group, sell-side analysts predict that Prologis, Inc. will post 5.73 earnings per share for the current year.

Analyst Ratings Changes

A number of research firms have commented on PLD. Scotiabank upped their price objective on shares of Prologis from $97.00 to $100.00 and gave the company a "sector underperform" rating in a research note on Monday, May 12th. Robert W. Baird reduced their price objective on shares of Prologis from $126.00 to $120.00 and set an "outperform" rating for the company in a research note on Wednesday, May 7th. Evercore ISI reduced their price objective on shares of Prologis from $111.00 to $106.00 and set an "in-line" rating for the company in a research note on Thursday, April 17th. Wolfe Research lowered shares of Prologis from an "outperform" rating to a "peer perform" rating in a research report on Monday, April 21st. Finally, Barclays reduced their price target on shares of Prologis from $132.00 to $119.00 and set an "overweight" rating for the company in a research report on Wednesday, April 30th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating, ten have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $120.33.

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.