Meridian Wealth Management LLC Cuts Stock Position in Prologis, Inc. (NYSE:PLD)

Meridian Wealth Management LLC lessened its stake in shares of Prologis, Inc. (NYSE:PLD) by 10.0% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,688 shares of the real estate investment trust’s stock after selling 412 shares during the quarter. Meridian Wealth Management LLC’s holdings in Prologis were worth $466,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of PLD. Semmax Financial Advisors Inc. purchased a new position in Prologis in the second quarter worth $27,000. American Capital Advisory LLC purchased a new position in shares of Prologis in the second quarter valued at $26,000. Central Valley Advisors LLC purchased a new position in shares of Prologis in the second quarter valued at $29,000. Sunbelt Securities Inc. increased its position in shares of Prologis by 640.0% in the second quarter. Sunbelt Securities Inc. now owns 259 shares of the real estate investment trust’s stock valued at $29,000 after buying an additional 224 shares in the last quarter. Finally, Wetzel Investment Advisors Inc. purchased a new position in shares of Prologis in the second quarter valued at $31,000. Hedge funds and other institutional investors own 93.50% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently commented on the company. Truist Financial increased their price objective on Prologis from $125.00 to $137.00 and gave the company a “buy” rating in a research note on Monday, August 5th. Royal Bank of Canada lowered Prologis from an “outperform” rating to a “sector perform” rating and raised their price target for the stock from $124.00 to $127.00 in a research note on Monday, August 5th. Barclays lifted their price objective on Prologis from $131.00 to $132.00 and gave the company an “overweight” rating in a research note on Monday, November 18th. Scotiabank reduced their price objective on Prologis from $142.00 to $136.00 and set a “sector outperform” rating on the stock in a research note on Friday, October 25th. Finally, Morgan Stanley lifted their price objective on Prologis from $132.00 to $133.00 and gave the company an “overweight” rating in a research note on Wednesday, August 14th. Eight research analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Prologis presently has an average rating of “Moderate Buy” and a consensus price target of $131.25.

Prologis Stock Performance

Shares of NYSE:PLD opened at $115.80 on Monday. The company has a market cap of $107.25 billion, a P/E ratio of 34.98, a PEG ratio of 3.00 and a beta of 1.08. The company has a debt-to-equity ratio of 0.56, a quick ratio of 0.43 and a current ratio of 0.43. Prologis, Inc. has a one year low of $101.11 and a one year high of $137.52. The business’s 50-day simple moving average is $119.75 and its 200 day simple moving average is $118.48.

Prologis (NYSE:PLD) last announced its earnings results on Wednesday, October 16th. The real estate investment trust reported $1.08 EPS for the quarter, missing the consensus estimate of $1.37 by ($0.29). The company had revenue of $1.90 billion for the quarter, compared to analysts’ expectations of $1.91 billion. Prologis had a net margin of 39.08% and a return on equity of 5.34%. The business’s quarterly revenue was up 6.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.30 earnings per share. On average, sell-side analysts forecast that Prologis, Inc. will post 5.45 earnings per share for the current fiscal year.

Prologis Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Monday, September 16th were issued a dividend of $0.96 per share. The ex-dividend date of this dividend was Monday, September 16th. This represents a $3.84 annualized dividend and a yield of 3.32%. Prologis’s dividend payout ratio is presently 116.01%.

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.