Prologis, Inc. (NYSE:PLD) Position Reduced by OVERSEA CHINESE BANKING Corp Ltd

OVERSEA CHINESE BANKING Corp Ltd trimmed its stake in shares of Prologis, Inc. (NYSE:PLD) by 11.1% during the third quarter, HoldingsChannel reports. The fund owned 160,379 shares of the real estate investment trust’s stock after selling 20,105 shares during the quarter. OVERSEA CHINESE BANKING Corp Ltd’s holdings in Prologis were worth $20,253,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. First National Trust Co raised its holdings in shares of Prologis by 1.5% during the third quarter. First National Trust Co now owns 41,728 shares of the real estate investment trust’s stock worth $5,269,000 after purchasing an additional 629 shares during the period. Waverton Investment Management Ltd raised its holdings in shares of Prologis by 9.5% during the third quarter. Waverton Investment Management Ltd now owns 315,976 shares of the real estate investment trust’s stock worth $39,903,000 after purchasing an additional 27,545 shares during the period. Harbour Investments Inc. raised its holdings in shares of Prologis by 13.2% during the third quarter. Harbour Investments Inc. now owns 3,114 shares of the real estate investment trust’s stock worth $393,000 after purchasing an additional 364 shares during the period. Apollon Wealth Management LLC raised its holdings in shares of Prologis by 0.9% during the third quarter. Apollon Wealth Management LLC now owns 17,772 shares of the real estate investment trust’s stock worth $2,244,000 after purchasing an additional 157 shares during the period. Finally, Venturi Wealth Management LLC raised its holdings in shares of Prologis by 7.7% during the third quarter. Venturi Wealth Management LLC now owns 9,973 shares of the real estate investment trust’s stock worth $1,259,000 after purchasing an additional 710 shares during the period. 93.50% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts have weighed in on PLD shares. Argus increased their target price on shares of Prologis from $120.00 to $135.00 and gave the stock a “buy” rating in a report on Tuesday, July 23rd. Truist Financial increased their price objective on shares of Prologis from $125.00 to $137.00 and gave the stock a “buy” rating in a report on Monday, August 5th. Royal Bank of Canada cut shares of Prologis from an “outperform” rating to a “sector perform” rating and increased their price objective for the stock from $124.00 to $127.00 in a report on Monday, August 5th. The Goldman Sachs Group reaffirmed a “neutral” rating and issued a $132.00 price objective (down previously from $142.00) on shares of Prologis in a report on Monday, October 21st. Finally, Evercore ISI increased their price objective on shares of Prologis from $124.00 to $128.00 and gave the stock an “in-line” rating in a report on Monday, September 16th. Eight 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 company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $131.12.

Prologis Stock Performance

NYSE:PLD opened at $114.10 on Tuesday. Prologis, Inc. has a twelve month low of $101.11 and a twelve month high of $137.52. The company has a current ratio of 0.43, a quick ratio of 0.43 and a debt-to-equity ratio of 0.56. The company has a 50-day moving average of $122.42 and a 200-day moving average of $117.85. The firm has a market cap of $105.68 billion, a price-to-earnings ratio of 34.47, a price-to-earnings-growth ratio of 3.04 and a beta of 1.08.

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

Prologis Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Monday, September 16th were given a dividend of $0.96 per share. The ex-dividend date was Monday, September 16th. This represents a $3.84 annualized dividend and a dividend yield of 3.37%. Prologis’s dividend payout ratio (DPR) is 116.01%.

Insiders Place Their Bets

In other news, CIO Joseph Ghazal sold 5,200 shares of Prologis stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $129.07, for a total value of $671,164.00. Following the transaction, the executive now directly owns 13,187 shares of the company’s stock, valued at $1,702,046.09. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Corporate 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 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.