Argent Trust Co Buys 394 Shares of Prologis, Inc. (NYSE:PLD)

Argent Trust Co boosted its holdings in shares of Prologis, Inc. (NYSE:PLD) by 4.9% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 8,378 shares of the real estate investment trust’s stock after buying an additional 394 shares during the quarter. Argent Trust Co’s holdings in Prologis were worth $941,000 at the end of the most recent reporting period.

A number of other institutional investors have also made changes to their positions in PLD. Optimum Investment Advisors bought a new stake in shares of Prologis during the 1st quarter worth approximately $26,000. American Capital Advisory LLC bought a new stake in shares of Prologis in the second quarter worth $26,000. True Wealth Design LLC bought a new stake in Prologis in the fourth quarter valued at approximately $27,000. Central Valley Advisors LLC acquired a new stake in shares of Prologis during the second quarter worth $29,000. Finally, Wetzel Investment Advisors Inc. bought a new stake in shares of Prologis during the 2nd quarter valued at about $31,000. 93.50% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on PLD. Barclays upped their price objective on shares of Prologis from $123.00 to $142.00 and gave the company an “overweight” rating in a report on Tuesday, July 30th. The Goldman Sachs Group upped their target price on shares of Prologis from $140.00 to $156.00 and gave the stock a “buy” rating in a research note on Thursday, July 25th. Mizuho dropped their price target on Prologis from $130.00 to $120.00 and set a “neutral” rating on the stock in a report on Friday, May 31st. Royal Bank of Canada lowered shares of Prologis from an “outperform” rating to a “sector perform” rating and lifted their price objective for the stock from $124.00 to $127.00 in a research report on Monday, August 5th. Finally, BMO Capital Markets reaffirmed a “market perform” rating and set a $115.00 price objective on shares of Prologis in a report on Monday, July 15th. Seven analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned 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 an average target price of $133.35.

Insider Activity

In related news, CIO Joseph Ghazal sold 5,200 shares of the business’s stock in a transaction 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 sale, the executive now owns 13,187 shares in the company, valued at $1,702,046.09. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.50% of the company’s stock.

Prologis Trading Up 1.2 %

Prologis stock opened at $128.51 on Friday. The business’s fifty day moving average is $125.38 and its 200 day moving average is $118.80. Prologis, Inc. has a one year low of $96.64 and a one year high of $137.52. The stock has a market capitalization of $118.98 billion, a PE ratio of 37.58, a price-to-earnings-growth ratio of 3.36 and a beta of 1.07. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.36 and a quick ratio of 0.36.

Prologis (NYSE:PLD) last announced its earnings results on Wednesday, July 17th. The real estate investment trust reported $0.92 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.33 by ($0.41). Prologis had a net margin of 36.37% and a return on equity of 4.88%. The business had revenue of $2.01 billion for the quarter, compared to the consensus estimate of $1.86 billion. During the same quarter last year, the firm posted $1.83 earnings per share. The business’s quarterly revenue was down 18.1% compared to the same quarter last year. On average, sell-side analysts predict that Prologis, Inc. will post 5.42 EPS for the current year.

Prologis Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Monday, September 16th will be given a dividend of $0.96 per share. The ex-dividend date is Monday, September 16th. This represents a $3.84 dividend on an annualized basis and a dividend yield of 2.99%. Prologis’s dividend payout ratio is 112.28%.

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.