Canandaigua National Bank & Trust Co. Sells 692 Shares of Prologis, Inc. (NYSE:PLD)

Canandaigua National Bank & Trust Co. trimmed its position in shares of Prologis, Inc. (NYSE:PLD) by 6.8% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 9,486 shares of the real estate investment trust’s stock after selling 692 shares during the period. Canandaigua National Bank & Trust Co.’s holdings in Prologis were worth $1,198,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Arbor Capital Management Inc. ADV raised its stake in Prologis by 0.8% in the second quarter. Arbor Capital Management Inc. ADV now owns 11,602 shares of the real estate investment trust’s stock worth $1,299,000 after buying an additional 87 shares in the last quarter. Mitchell Sinkler & Starr PA raised its stake in Prologis by 5.1% in the second quarter. Mitchell Sinkler & Starr PA now owns 1,860 shares of the real estate investment trust’s stock worth $228,000 after buying an additional 90 shares in the last quarter. Destination Wealth Management raised its stake in Prologis by 4.7% in the second quarter. Destination Wealth Management now owns 2,033 shares of the real estate investment trust’s stock worth $228,000 after buying an additional 92 shares in the last quarter. CVA Family Office LLC raised its stake in Prologis by 21.4% in the first quarter. CVA Family Office LLC now owns 534 shares of the real estate investment trust’s stock worth $70,000 after buying an additional 94 shares in the last quarter. Finally, Tiemann Investment Advisors LLC raised its stake in Prologis by 2.4% in the first quarter. Tiemann Investment Advisors LLC now owns 4,218 shares of the real estate investment trust’s stock worth $549,000 after buying an additional 100 shares in the last quarter. 93.50% of the stock is owned by institutional investors.

Analysts Set New Price Targets

PLD has been the topic of a number of recent research reports. Scotiabank upped their price objective on shares of Prologis from $135.00 to $142.00 and gave the stock a “sector outperform” rating in a report on Monday, August 26th. The Goldman Sachs Group upped their price objective on shares of Prologis from $140.00 to $156.00 and gave the stock a “buy” rating in a report on Thursday, July 25th. Royal Bank of Canada cut shares of Prologis from an “outperform” rating to a “sector perform” rating and upped their price objective for the stock from $124.00 to $127.00 in a report on Monday, August 5th. Argus upped their price objective on shares of Prologis from $120.00 to $135.00 and gave the stock a “buy” rating in a report on Tuesday, July 23rd. Finally, Morgan Stanley increased 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. Seven analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $133.35.

Insider Activity

In other news, CIO Joseph Ghazal sold 5,200 shares of the firm’s stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $129.07, for a total transaction of $671,164.00. Following the sale, the executive now directly owns 13,187 shares in the company, valued at $1,702,046.09. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.50% of the company’s stock.

Prologis Stock Performance

PLD traded up $0.38 during trading on Friday, hitting $122.42. The company’s stock had a trading volume of 2,773,995 shares, compared to its average volume of 3,637,378. The company has a quick ratio of 0.36, a current ratio of 0.36 and a debt-to-equity ratio of 0.52. Prologis, Inc. has a one year low of $96.64 and a one year high of $137.52. The firm has a market cap of $113.34 billion, a PE ratio of 35.80, a P/E/G ratio of 3.25 and a beta of 1.07. The business’s 50 day simple moving average is $125.85 and its 200-day simple moving average is $118.23.

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

Prologis Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Monday, September 16th were given a dividend of $0.96 per share. The ex-dividend date was Monday, September 16th. This represents a $3.84 annualized dividend and a dividend yield of 3.14%. Prologis’s payout ratio is 112.28%.

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.