Covington Capital Management boosted its holdings in Prologis, Inc. (NYSE:PLD – Get Rating) by 47.0% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 829 shares of the real estate investment trust’s stock after purchasing an additional 265 shares during the quarter. Covington Capital Management’s holdings in Prologis were worth $98,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also recently bought and sold shares of PLD. American National Bank purchased a new stake in Prologis in the 1st quarter valued at $26,000. William Allan LLC purchased a new stake in Prologis in the 4th quarter valued at $27,000. M&R Capital Management Inc. raised its position in Prologis by 245.1% in the 1st quarter. M&R Capital Management Inc. now owns 176 shares of the real estate investment trust’s stock valued at $28,000 after purchasing an additional 125 shares during the last quarter. MCF Advisors LLC purchased a new position in Prologis during the 1st quarter worth $35,000. Finally, Financial Management Professionals Inc. raised its position in Prologis by 43.8% during the 1st quarter. Financial Management Professionals Inc. now owns 220 shares of the real estate investment trust’s stock worth $36,000 after buying an additional 67 shares during the last quarter. Hedge funds and other institutional investors own 94.01% of the company’s stock.
Analyst Ratings Changes
A number of equities analysts have commented on PLD shares. Wolfe Research upgraded shares of Prologis from a “peer perform” rating to an “outperform” rating and set a $200.00 price objective for the company in a research report on Wednesday, August 24th. Evercore ISI cut their price objective on shares of Prologis from $134.00 to $133.00 and set an “in-line” rating for the company in a research report on Monday. Jefferies Financial Group cut their price objective on shares of Prologis from $174.00 to $146.00 and set a “buy” rating for the company in a research report on Thursday, June 30th. Wells Fargo & Company upped their price objective on shares of Prologis from $160.00 to $163.00 and gave the stock an “overweight” rating in a research report on Thursday, August 11th. Finally, Raymond James cut their price objective on shares of Prologis from $190.00 to $160.00 in a research report on Thursday, July 21st. Two investment analysts have rated the stock with a hold rating, eight have given a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Buy” and an average price target of $173.31.
Prologis Price Performance
Prologis (NYSE:PLD – Get Rating) last issued its quarterly earnings data on Monday, July 18th. The real estate investment trust reported $0.82 EPS for the quarter, missing analysts’ consensus estimates of $1.12 by ($0.30). The business had revenue of $1.25 billion during the quarter, compared to analyst estimates of $1.09 billion. Prologis had a net margin of 75.72% and a return on equity of 9.85%. Prologis’s revenue was up 8.8% on a year-over-year basis. During the same period in the previous year, the company posted $1.01 earnings per share. As a group, research analysts forecast that Prologis, Inc. will post 5.17 earnings per share for the current fiscal year.
Prologis Announces Dividend
The company also recently declared a quarterly dividend, which will be paid on Friday, September 30th. Shareholders of record on Thursday, September 15th will be paid a dividend of $0.79 per share. The ex-dividend date of this dividend is Wednesday, September 14th. This represents a $3.16 annualized dividend and a dividend yield of 2.80%. Prologis’s dividend payout ratio is currently 63.20%.
Prologis Company Profile
Prologis, Inc is the global leader in logistics real estate with a focus on high-barrier, high-growth markets. As of December 31, 2020, 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 984 million square feet (91 million square meters) in 19 countries.
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