RiverFront Investment Group LLC Sells 674 Shares of Prologis, Inc. (NYSE:PLD)

RiverFront Investment Group LLC lessened its stake in shares of Prologis, Inc. (NYSE:PLD) by 0.4% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 189,534 shares of the real estate investment trust’s stock after selling 674 shares during the quarter. RiverFront Investment Group LLC’s holdings in Prologis were worth $21,287,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in PLD. Optimum Investment Advisors purchased a new stake in Prologis in the 1st quarter valued at about $26,000. American Capital Advisory LLC purchased a new position in shares of Prologis during the 2nd quarter valued at $26,000. True Wealth Design LLC purchased a new stake in shares of Prologis in the 4th quarter valued at about $27,000. Semmax Financial Advisors Inc. bought a new stake in Prologis during the second quarter valued at approximately $27,000. Finally, Central Valley Advisors LLC bought a new stake in shares of Prologis during the 2nd quarter worth $29,000. Institutional investors and hedge funds own 93.50% of the company’s stock.

Prologis Price Performance

NYSE:PLD opened at $124.63 on Wednesday. Prologis, Inc. has a one year low of $96.64 and a one year high of $137.52. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.36 and a current ratio of 0.36. The stock has a 50 day moving average price of $125.80 and a 200 day moving average price of $118.20. The stock has a market cap of $115.39 billion, a PE ratio of 36.44, a P/E/G ratio of 3.25 and a beta of 1.07.

Prologis (NYSE:PLD) last issued its quarterly earnings data on Wednesday, July 17th. The real estate investment trust reported $0.92 EPS for the quarter, missing the consensus estimate of $1.33 by ($0.41). The company had revenue of $2.01 billion during the quarter, compared to analyst estimates of $1.86 billion. Prologis had a return on equity of 4.88% and a net margin of 36.37%. The business’s revenue was down 18.1% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.83 earnings per share. Equities research analysts expect that Prologis, Inc. will post 5.42 EPS for the current fiscal year.

Prologis Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Monday, September 16th were issued a $0.96 dividend. This represents a $3.84 annualized dividend and a dividend yield of 3.08%. The ex-dividend date of this dividend was Monday, September 16th. Prologis’s payout ratio is 112.28%.

Analyst Upgrades and Downgrades

PLD has been the subject of a number of research reports. Barclays upped their price objective on shares of Prologis from $123.00 to $142.00 and gave the company an “overweight” rating in a research note on Tuesday, July 30th. Evercore ISI upped their price objective on shares of Prologis from $124.00 to $128.00 and gave the stock an “in-line” rating in a report on Monday, September 16th. Argus raised their target price on Prologis from $120.00 to $135.00 and gave the company a “buy” rating in a research note on Tuesday, July 23rd. Truist Financial boosted their price objective on shares of Prologis from $125.00 to $137.00 and gave the stock a “buy” rating in a research note on Monday, August 5th. Finally, Bank of America reissued a “neutral” rating and issued a $128.00 target price on shares of Prologis in a research note on Monday, August 12th. Seven equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Prologis presently has an average rating of “Moderate Buy” and a consensus price target of $133.35.

Insider Buying and Selling at Prologis

In other Prologis news, CIO Joseph Ghazal sold 5,200 shares of the company’s stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $129.07, for a total transaction of $671,164.00. Following the completion of the sale, the executive now directly owns 13,187 shares of the company’s stock, valued at approximately $1,702,046.09. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.50% of the stock is currently owned by insiders.

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.