Prologis, Inc. (NYSE:PLD) Position Lessened by Amalgamated Bank

Amalgamated Bank trimmed its position in shares of Prologis, Inc. (NYSE:PLD) by 2.7% in the 3rd quarter, Holdings Channel.com reports. The fund owned 181,808 shares of the real estate investment trust’s stock after selling 5,080 shares during the quarter. Amalgamated Bank’s holdings in Prologis were worth $22,959,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of PLD. Swedbank AB purchased a new stake in shares of Prologis during the first quarter worth $596,614,000. Alphinity Investment Management Pty Ltd acquired a new position in Prologis during the first quarter worth $465,659,000. Barrow Hanley Mewhinney & Strauss LLC acquired a new position in Prologis during the second quarter worth $203,223,000. Vanguard Group Inc. increased its position in Prologis by 1.2% during the first quarter. Vanguard Group Inc. now owns 120,945,384 shares of the real estate investment trust’s stock worth $15,749,508,000 after buying an additional 1,460,229 shares during the last quarter. Finally, AMF Tjanstepension AB increased its position in Prologis by 267.9% during the third quarter. AMF Tjanstepension AB now owns 1,875,612 shares of the real estate investment trust’s stock worth $236,879,000 after buying an additional 1,365,811 shares during the last quarter. 93.50% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, CIO Joseph Ghazal sold 5,200 shares of the company’s stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $129.07, for a total value of $671,164.00. Following the sale, the executive now directly owns 13,187 shares of the company’s stock, valued at approximately $1,702,046.09. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.56% of the stock is owned by insiders.

Analysts Set New Price Targets

Several equities analysts have commented on the stock. Barclays lowered their target price on shares of Prologis from $142.00 to $131.00 and set an “overweight” rating on the stock in a research report on Thursday, October 10th. StockNews.com raised shares of Prologis from a “sell” rating to a “hold” rating in a research report on Thursday, July 18th. Argus raised their price target on Prologis from $120.00 to $135.00 and gave the company a “buy” rating in a research report on Tuesday, July 23rd. Royal Bank of Canada downgraded Prologis from an “outperform” rating to a “sector perform” rating and raised their price target for the company from $124.00 to $127.00 in a research report on Monday, August 5th. Finally, Evercore ISI raised their price target on Prologis from $124.00 to $128.00 and gave the company an “in-line” rating in a research report on Monday, September 16th. Eight investment 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. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $131.12.

Prologis Price Performance

Shares of PLD stock opened at $113.86 on Tuesday. Prologis, Inc. has a 12-month low of $101.11 and a 12-month high of $137.52. The firm has a market capitalization of $105.45 billion, a price-to-earnings ratio of 34.40, a price-to-earnings-growth ratio of 2.97 and a beta of 1.08. The company has a quick ratio of 0.43, a current ratio of 0.43 and a debt-to-equity ratio of 0.56. The firm has a fifty day moving average of $123.71 and a 200-day moving average of $117.47.

Prologis (NYSE:PLD) last posted its quarterly earnings data 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 the consensus estimate of $1.91 billion. Prologis had a net margin of 39.08% and a return on equity of 5.34%. The company’s revenue was up 6.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.30 earnings per share. On average, equities research analysts forecast that Prologis, Inc. will post 5.45 earnings per share for the current year.

Prologis Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Monday, September 16th were given 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 3.37%. Prologis’s dividend payout ratio (DPR) 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.