Jennison Associates LLC trimmed its holdings in shares of Prologis, Inc. (NYSE:PLD - Free Report) by 56.3% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 209,829 shares of the real estate investment trust's stock after selling 270,357 shares during the quarter. Jennison Associates LLC's holdings in Prologis were worth $26,497,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Commerce Bank increased its holdings in shares of Prologis by 41.3% during the third quarter. Commerce Bank now owns 610,228 shares of the real estate investment trust's stock valued at $77,060,000 after acquiring an additional 178,498 shares in the last quarter. Strategy Asset Managers LLC increased its stake in Prologis by 27.7% during the 3rd quarter. Strategy Asset Managers LLC now owns 3,122 shares of the real estate investment trust's stock valued at $394,000 after purchasing an additional 677 shares in the last quarter. Segall Bryant & Hamill LLC purchased a new position in shares of Prologis in the third quarter worth $21,512,000. Prospera Private Wealth LLC purchased a new stake in shares of Prologis during the third quarter valued at $700,000. Finally, West Family Investments Inc. purchased a new stake in shares of Prologis during the third quarter valued at $324,000. 93.50% of the stock is currently owned by hedge funds and other institutional investors.
Shares of NYSE PLD opened at $115.76 on Friday. 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 firm has a fifty day moving average of $119.75 and a 200 day moving average of $118.32. The firm has a market cap of $107.21 billion, a PE ratio of 34.97, a PEG ratio of 3.03 and a beta of 1.08. Prologis, Inc. has a one year low of $101.11 and a one year high of $137.52.
Prologis (NYSE:PLD - Get Free Report) last released its earnings results 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). The company had revenue of $1.90 billion for 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 firm's revenue for the quarter was up 6.9% on a year-over-year basis. During the same period in the prior year, the firm earned $1.30 EPS. As a group, research analysts predict that Prologis, Inc. will post 5.45 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Monday, September 16th were paid a $0.96 dividend. This represents a $3.84 dividend on an annualized basis and a dividend yield of 3.32%. The ex-dividend date was Monday, September 16th. Prologis's dividend payout ratio is presently 116.01%.
Several analysts have weighed in on the company. Wells Fargo & Company boosted their price target on Prologis from $142.00 to $146.00 and gave the company an "overweight" rating in a research note on Wednesday, August 28th. Royal Bank of Canada lowered Prologis from an "outperform" rating to a "sector perform" rating and upped their target price for the company from $124.00 to $127.00 in a research report on Monday, August 5th. Truist Financial upped their price objective on shares of Prologis from $125.00 to $137.00 and gave the company a "buy" rating in a report on Monday, August 5th. Barclays raised their target price on shares of Prologis from $131.00 to $132.00 and gave the stock an "overweight" rating in a report on Monday, November 18th. Finally, Morgan Stanley upped their price target on shares of Prologis from $132.00 to $133.00 and gave the company an "overweight" rating in a report on Wednesday, August 14th. Eight investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $131.25.
View Our Latest Report on 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.
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