Cadence Bank Increases Stake in Prologis, Inc. (NYSE:PLD)

Cadence Bank raised its position in Prologis, Inc. (NYSE:PLD) by 6.1% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 4,073 shares of the real estate investment trust’s stock after acquiring an additional 234 shares during the period. Cadence Bank’s holdings in Prologis were worth $514,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Barrow Hanley Mewhinney & Strauss LLC purchased a new position in shares of Prologis during the 2nd quarter worth approximately $203,223,000. AMF Tjanstepension AB grew its holdings 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 acquiring an additional 1,365,811 shares during the period. Federated Hermes Inc. raised its position in Prologis by 326.3% in the second quarter. Federated Hermes Inc. now owns 1,774,932 shares of the real estate investment trust’s stock worth $199,343,000 after acquiring an additional 1,358,542 shares in the last quarter. 1832 Asset Management L.P. lifted its holdings in Prologis by 137.7% in the second quarter. 1832 Asset Management L.P. now owns 1,856,632 shares of the real estate investment trust’s stock valued at $208,518,000 after acquiring an additional 1,075,614 shares during the period. Finally, Valeo Financial Advisors LLC lifted its holdings in Prologis by 3,762.2% in the second quarter. Valeo Financial Advisors LLC now owns 1,009,261 shares of the real estate investment trust’s stock valued at $113,350,000 after acquiring an additional 983,129 shares during the period. Hedge funds and other institutional investors own 93.50% of the company’s stock.

Prologis Stock Performance

Shares of PLD opened at $117.81 on Thursday. Prologis, Inc. has a 1 year low of $101.11 and a 1 year high of $137.52. The company’s 50 day simple moving average is $119.09 and its 200 day simple moving average is $118.61. The company has a debt-to-equity ratio of 0.56, a quick ratio of 0.43 and a current ratio of 0.43. The company has a market capitalization of $109.11 billion, a price-to-earnings ratio of 35.59, a PEG ratio of 3.45 and a beta of 1.08.

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

Prologis Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Monday, September 16th were given a $0.96 dividend. This represents a $3.84 annualized dividend and a yield of 3.26%. The ex-dividend date was Monday, September 16th. Prologis’s dividend payout ratio (DPR) is presently 116.01%.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on PLD. JPMorgan Chase & Co. cut their price target on shares of Prologis from $138.00 to $131.00 and set an “overweight” rating for the company in a report on Monday, October 21st. Morgan Stanley increased their target price on shares of Prologis from $132.00 to $133.00 and gave the company an “overweight” rating in a report on Wednesday, August 14th. The Goldman Sachs Group reissued a “neutral” rating and set a $132.00 price target (down previously from $142.00) on shares of Prologis in a research note on Monday, October 21st. Scotiabank lowered their price target on Prologis from $142.00 to $136.00 and set a “sector outperform” rating on the stock in a report on Friday, October 25th. Finally, Evercore ISI lifted their price objective on 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, eight have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average 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.