Ameriprise Financial Inc. Increases Stock Position in Prologis, Inc. (NYSE:PLD)

Ameriprise Financial Inc. grew its stake in Prologis, Inc. (NYSE:PLD) by 9.7% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,455,311 shares of the real estate investment trust’s stock after buying an additional 656,206 shares during the period. Ameriprise Financial Inc. owned approximately 0.81% of Prologis worth $930,668,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the stock. BOKF NA lifted its stake in Prologis by 11.8% during the fourth quarter. BOKF NA now owns 34,919 shares of the real estate investment trust’s stock worth $3,937,000 after purchasing an additional 3,685 shares during the last quarter. ASB Consultores LLC purchased a new stake in Prologis in the first quarter worth approximately $243,000. Wealthcare Advisory Partners LLC bought a new position in Prologis during the fourth quarter valued at approximately $302,000. Assetmark Inc. raised its stake in shares of Prologis by 10.7% during the first quarter. Assetmark Inc. now owns 25,854 shares of the real estate investment trust’s stock worth $3,226,000 after acquiring an additional 2,509 shares in the last quarter. Finally, Advisor Group Holdings Inc. lifted its holdings in shares of Prologis by 8.0% in the 4th quarter. Advisor Group Holdings Inc. now owns 342,592 shares of the real estate investment trust’s stock worth $38,649,000 after acquiring an additional 25,317 shares during the last quarter. Institutional investors own 90.90% of the company’s stock.

Prologis Price Performance

Shares of NYSE:PLD opened at $121.98 on Wednesday. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.34 and a current ratio of 0.34. The firm has a market cap of $112.69 billion, a price-to-earnings ratio of 32.10, a price-to-earnings-growth ratio of 2.46 and a beta of 0.98. The business has a 50-day simple moving average of $123.69 and a two-hundred day simple moving average of $122.82. Prologis, Inc. has a fifty-two week low of $98.03 and a fifty-two week high of $136.67.

Prologis (NYSE:PLD) last issued its quarterly earnings data on Tuesday, July 18th. The real estate investment trust reported $1.83 earnings per share for the quarter, beating analysts’ consensus estimates of $1.68 by $0.15. The company had revenue of $2.45 billion for the quarter, compared to the consensus estimate of $1.72 billion. Prologis had a net margin of 42.52% and a return on equity of 6.17%. The firm’s revenue for the quarter was up 95.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.11 earnings per share. On average, analysts expect that Prologis, Inc. will post 5.59 earnings per share for the current year.

Prologis Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Monday, September 18th will be paid a $0.87 dividend. This represents a $3.48 annualized dividend and a dividend yield of 2.85%. The ex-dividend date of this dividend is Friday, September 15th. Prologis’s dividend payout ratio (DPR) is currently 91.58%.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on PLD shares. BTIG Research lifted their price objective on Prologis from $152.00 to $154.00 in a report on Wednesday, July 19th. 888 reissued a “maintains” rating on shares of Prologis in a research note on Wednesday, June 28th. StockNews.com initiated coverage on shares of Prologis in a research note on Thursday, August 17th. They issued a “hold” rating on the stock. BNP Paribas raised shares of Prologis from a “neutral” rating to an “outperform” rating and set a $141.00 price target for the company in a research report on Thursday, July 20th. Finally, Barclays decreased their price objective on shares of Prologis from $160.00 to $159.00 in a research report on Wednesday, June 28th. Three research analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Prologis currently has an average rating of “Moderate Buy” and an average price target of $140.65.

Insider Activity

In related news, Director George L. Fotiades sold 10,711 shares of the stock in a transaction that occurred on Tuesday, August 1st. The shares were sold at an average price of $123.98, for a total value of $1,327,949.78. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.50% of the company’s stock.

About Prologis

Prologis, Inc is the global leader in logistics real estate with a focus on high-barrier, high-growth markets. At June 30, 2023, 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 (114 million square meters) in 19 countries.