Citigroup Inc. cut its stake in shares of Prologis, Inc. (NYSE:PLD – Free Report) by 30.5% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,034,524 shares of the real estate investment trust’s stock after selling 453,838 shares during the quarter. Citigroup Inc. owned 0.11% of Prologis worth $126,864,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds have also bought and sold shares of PLD. Sageworth Trust Co bought a new stake in Prologis during the first quarter valued at approximately $26,000. Headlands Technologies LLC purchased a new position in shares of Prologis during the first quarter worth approximately $30,000. Edmond DE Rothschild Holding S.A. purchased a new position in shares of Prologis during the first quarter worth approximately $31,000. Centerpoint Advisors LLC purchased a new position in shares of Prologis during the first quarter worth approximately $34,000. Finally, Spotlight Asset Group Inc. purchased a new position in shares of Prologis during the second quarter worth approximately $37,000. 90.90% of the stock is currently owned by institutional investors.
Analyst Ratings Changes
Several research analysts have commented on PLD shares. Truist Financial decreased their price target on shares of Prologis from $135.00 to $120.00 and set a “buy” rating on the stock in a research note on Tuesday, October 24th. BTIG Research lifted their price target on shares of Prologis from $152.00 to $154.00 in a research note on Wednesday, July 19th. Barclays decreased their price target on shares of Prologis from $159.00 to $153.00 and set an “overweight” rating on the stock in a research note on Tuesday, October 17th. Morgan Stanley reissued an “overweight” rating and set a $128.00 price target on shares of Prologis in a research note on Thursday, July 20th. Finally, Mizuho reaffirmed a “buy” rating and issued a $140.00 target price on shares of Prologis in a research note on Wednesday, September 13th. Three research analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $139.60.
Prologis Stock Performance
NYSE:PLD opened at $109.36 on Wednesday. The stock has a market cap of $101.05 billion, a P/E ratio of 33.75, a price-to-earnings-growth ratio of 2.14 and a beta of 1.02. The firm’s fifty day simple moving average is $110.04 and its 200 day simple moving average is $118.77. Prologis, Inc. has a twelve month low of $96.64 and a twelve month high of $136.67. The company has a quick ratio of 0.43, a current ratio of 0.43 and a debt-to-equity ratio of 0.47.
Prologis (NYSE:PLD – Get Free Report) last released its quarterly earnings results on Tuesday, October 17th. The real estate investment trust reported $1.30 earnings per share for the quarter, beating the consensus estimate of $1.26 by $0.04. The business had revenue of $1.78 billion for the quarter, compared to analysts’ expectations of $1.72 billion. Prologis had a net margin of 38.24% and a return on equity of 5.21%. The firm’s revenue for the quarter was up 53.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.73 earnings per share. As a group, research analysts predict that Prologis, Inc. will post 5.6 EPS for the current year.
Prologis Announces Dividend
The firm also recently announced a quarterly dividend, which was paid on Friday, September 29th. Stockholders of record on Monday, September 18th were issued a dividend of $0.87 per share. This represents a $3.48 dividend on an annualized basis and a dividend yield of 3.18%. The ex-dividend date of this dividend was Friday, September 15th. Prologis’s dividend payout ratio (DPR) is presently 107.41%.
Prologis Company Profile
Prologis, Inc is the global leader in logistics real estate with a focus on high-barrier, high-growth markets. At September 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.
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