BTC Capital Management Inc. recently revealed a decrease in its stake in Prologis, Inc. during the second quarter of this year. The company disclosed in its most recent filing with the Securities and Exchange Commission that it now owns 60,839 shares of Prologis stock, which is a reduction of 2.7% from the previous quarter. As of the filing date, BTC Capital Management Inc.’s holdings in Prologis were valued at $7,443,000.
Prologis (NYSE:PLD), a real estate investment trust, announced its quarterly earnings results on July 18th. The company reported earnings per share (EPS) of $1.83 for the quarter, surpassing analysts’ consensus estimates of $1.68 by $0.15. Prologis achieved a return on equity of 6.17% and a net margin of 42.52%. The company’s revenue for the quarter was $2.45 billion compared to an estimated $1.72 billion. This marked an increase of 95.8% in revenue on a year-over-year basis. In the same period last year, Prologis posted EPS of $1.11.
Equities research analysts group anticipate that Prologis will post EPS of 5.59 for the current fiscal year.
Several analysts have commented on Prologis up until September 2023. BNP Paribas upgraded their rating on the stock from “neutral” to “outperform” and set a target price of $141 per share on July 20th this year.
Truist Financial also altered their target price from $140 to $135 on June 27th while BTIG Research raised their price target slightly higher to $154 from $152 on July 19th.
Meanwhile, StockNews.com provided coverage on Prologis starting August 17th with a “hold” rating.
Additionally, Mizuho reaffirmed its “buy” rating on the stock and set a target price of $140 on September 13th. In total, three analysts have rated Prologis as a hold, sixteen as a buy, and one as a strong buy. According to data from Bloomberg.com, the stock currently has an average consensus rating of “Moderate Buy” with an average price target of $140.65.
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Ownership Changes and Stock Activity in Prologis Inc.: An Analysis for Informed Decision-Making
On September 18, 2023, significant changes were noted in the positions held by various hedge funds and institutional investors in Prologis, Inc., a real estate investment trust (REIT). Buckingham Capital Management Inc. increased its holdings in Prologis by 1.4% during the second quarter of the year. The firm now owns 47,635 shares of the company’s stock, amounting to a value of $5,841,000 after acquiring an additional 679 shares in the last quarter.
New Hampshire Trust also made adjustments to its position in Prologis during the same period. The firm raised its position by 31.8% and now owns 2,930 shares worth approximately $359,000 after purchasing an additional 707 shares.
Capital Investment Advisors LLC lifted its stake in Prologis by 1.7% during the second quarter as well. It now holds approximately 95,993 shares of the REIT’s stock valued at $11,772,000 after acquiring an additional 1,621 shares.
Furthermore, Janiczek Wealth Management LLC saw a notable increase in its stake in Prologis by 27.9% during the second quarter. The firm now owns 1,545 shares valued at $189,000 after buying an additional 337 shares during that period.
Lastly,Sarasin & Partners LLP increased its stake in Prologis by 3.8% during the second quarter too.It currently possesses around1.35 million shares of stock valued at approximately $161 million after purchasing an extra48 thousand from previous holdings.
The cumulative ownership of these institutional investors represents about90.90 %of Prologis’s total outstanding stock ownership as reported on September18th.
Shares of PLD stock traded down $0.32 on Monday and reached a price point of$122.86 with a trading volume of96 thousand539shares.This is in comparison to the average volume of2.87 million shares traded by the company.Prologis, Inc. has seen a range of stock values between $98.03 and $136.67 over the past twelve months.
The financial details of Prologis reveal a quick ratio and current ratio of0.34, indicating its ability to meet short-term financial obligations.The company also maintains a debt-to-equity ratio of 0.48, showing its moderate use of leverage.
Prologis currently has a market capitalization worth $113.51 billion and boasts a price-to-earnings (P/E) ratio of32.42. When evaluating its growth potential, investors can refer to the price-to-earnings-growth (PEG) ratio, which stands at2.42 for Prologis.A beta coefficientof0.98 indicates that the stock is expected to demonstrate similar volatility as compared to the overall market.
The 50-day moving average for Prologis stock stands at$123.69, while its 200-day moving average rests at$122.82.
Numerous analysts have evaluated Prologis’s performance as well.BNP Paribas upgraded their rating on Prologis from neutral to outperform and assigned it a target price of $141 per share.Trust Financial initiated coverage on Prologis with asignificantly revised target price dropping from $140to $135 per share.BTIG Research boosted their price target on Prologis from$152to$154 per share.StockNews.com began coveringthe firm witha hold rating.Lastly,Mizuho reiterated their buy rating on Prologis and set a target price pointof $140per share.Data obtained from Bloomberg.com presently shows that therecommended consensus ratings Evidentlythree analysts expressed hold recommendations,resulting in eleven buy ratingsand one strong buyratingfor the stock.In summary,the consensus signifies a moderate buy-ratingwithanaverage price target of $140.65.
The quarterly dividend announced by Prologis is due to be distributed on Friday, September 29th. Stockholders who were registered as of Monday, September 18th will receive a$0.87 dividend per share. This signifies an annualized dividend of $3.48 and a respectableyield of 2.83%. The ex-dividend date was set for Friday, September 15th.The company’s payout ratio stands at91.58%.
In other noteworthy news, Director George L. Fotiades executed the sale of10,711 shares of Prologis stock on Tuesday, August 1st.This transaction took place at an average price of$123.98 per share, resulting in a total valueof $1,327,949.78.The disclosure pertaining to this sale can be found via the Securities & Exchange Commission website.It is essential to note that insiders own 0.50% of the company’s stocks.
These recent developments exemplify significant changes in ownership positions and stock activity within Prologis Inc., thereby warranting a closer evaluation by investors looking to make informed decisions regarding their investment portfolio strategies.
