Camden National Bank Sells 1,137 Shares of Prologis, Inc. (NYSE:PLD)

Camden National Bank decreased its stake in shares of Prologis, Inc. (NYSE:PLD) by 1.6% during the third quarter, according to its most recent filing with the SEC. The institutional investor owned 69,430 shares of the real estate investment trust’s stock after selling 1,137 shares during the period. Camden National Bank’s holdings in Prologis were worth $8,768,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in PLD. Swedbank AB purchased a new stake in Prologis during the 1st quarter worth about $596,614,000. Barrow Hanley Mewhinney & Strauss LLC purchased a new stake in Prologis during the 2nd quarter worth about $203,223,000. AMF Tjanstepension AB lifted its holdings in Prologis by 267.9% during the 3rd quarter. AMF Tjanstepension AB now owns 1,875,612 shares of the real estate investment trust’s stock worth $236,879,000 after purchasing an additional 1,365,811 shares in the last quarter. Federated Hermes Inc. lifted its holdings in Prologis by 326.3% during the 2nd quarter. Federated Hermes Inc. now owns 1,774,932 shares of the real estate investment trust’s stock worth $199,343,000 after purchasing an additional 1,358,542 shares in the last quarter. Finally, 1832 Asset Management L.P. lifted its holdings in Prologis by 137.7% during the 2nd quarter. 1832 Asset Management L.P. now owns 1,856,632 shares of the real estate investment trust’s stock worth $208,518,000 after purchasing an additional 1,075,614 shares in the last quarter. Hedge funds and other institutional investors own 93.50% of the company’s stock.

Prologis Price Performance

PLD opened at $115.76 on Friday. The company has a debt-to-equity ratio of 0.56, a current ratio of 0.43 and a quick ratio of 0.43. Prologis, Inc. has a 1 year low of $101.11 and a 1 year high of $137.52. The firm has a market cap of $107.21 billion, a price-to-earnings ratio of 34.97, a PEG ratio of 3.03 and a beta of 1.08. The stock’s 50 day simple moving average is $119.75 and its 200 day simple moving average is $118.32.

Prologis (NYSE:PLD) last posted 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 during the quarter, compared to analysts’ expectations of $1.91 billion. Prologis had a return on equity of 5.34% and a net margin of 39.08%. The company’s revenue for the quarter was up 6.9% on a year-over-year basis. During the same period in the prior year, the business posted $1.30 earnings per share. As a group, analysts predict that Prologis, Inc. will post 5.45 earnings per share for the current year.

Prologis Dividend Announcement

The company also recently announced 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 dividend on an annualized basis and a dividend yield of 3.32%. Prologis’s dividend payout ratio (DPR) is 116.01%.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on PLD. Truist Financial increased their price objective on Prologis from $125.00 to $137.00 and gave the stock a “buy” rating in a report on Monday, August 5th. JPMorgan Chase & Co. lowered their price target on Prologis from $138.00 to $131.00 and set an “overweight” rating on the stock in a report on Monday, October 21st. Royal Bank of Canada lowered Prologis from an “outperform” rating to a “sector perform” rating and increased their price objective for the company from $124.00 to $127.00 in a research report on Monday, August 5th. Barclays increased their price objective on Prologis from $131.00 to $132.00 and gave the company an “overweight” rating in a research report on Monday, November 18th. Finally, Wells Fargo & Company increased their price objective on Prologis from $142.00 to $146.00 and gave the company an “overweight” rating in a research report on Wednesday, August 28th. Eight investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $131.25.

Prologis Profile

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.