Bridges Investment Management Inc. Buys 110,590 Shares of Prologis, Inc. (NYSE:PLD)

Bridges Investment Management Inc. boosted its stake in shares of Prologis, Inc. (NYSE:PLD) by 508.8% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 132,325 shares of the real estate investment trust’s stock after acquiring an additional 110,590 shares during the quarter. Bridges Investment Management Inc.’s holdings in Prologis were worth $14,861,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in PLD. Optimum Investment Advisors bought a new stake in Prologis during the 1st quarter worth about $26,000. American Capital Advisory LLC bought a new stake in Prologis during the 2nd quarter worth about $26,000. True Wealth Design LLC bought a new stake in Prologis during the 4th quarter worth about $27,000. Central Valley Advisors LLC bought a new position in shares of Prologis in the 2nd quarter valued at about $29,000. Finally, Wetzel Investment Advisors Inc. bought a new position in shares of Prologis in the 2nd quarter valued at about $31,000. Institutional investors own 93.50% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the stock. StockNews.com raised shares of Prologis from a “sell” rating to a “hold” rating in a research note on Thursday, July 18th. BMO Capital Markets reaffirmed a “market perform” rating and issued a $115.00 target price on shares of Prologis in a research note on Monday, July 15th. Barclays raised their target price 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. Argus raised their target price on shares of Prologis from $120.00 to $135.00 and gave the company a “buy” rating in a research note on Tuesday, July 23rd. Finally, Morgan Stanley raised their target price on shares of Prologis from $132.00 to $133.00 and gave the company an “overweight” rating in a research note on Wednesday, August 14th. Seven analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Prologis has a consensus rating of “Moderate Buy” and a consensus target price of $133.35.

Insiders Place Their Bets

In other news, CIO Joseph Ghazal sold 5,200 shares of the firm’s stock in a transaction that occurred 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 completion of the transaction, the executive now directly owns 13,187 shares of the company’s stock, valued at approximately $1,702,046.09. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.50% of the company’s stock.

Prologis Stock Performance

Shares of PLD stock opened at $128.51 on Friday. 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 company has a market capitalization of $118.98 billion, a P/E ratio of 37.58, a price-to-earnings-growth ratio of 3.36 and a beta of 1.07. The company’s 50 day moving average price is $125.38 and its two-hundred day moving average price is $118.80. Prologis, Inc. has a 52 week low of $96.64 and a 52 week high of $137.52.

Prologis (NYSE:PLD) last announced its earnings results 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 for 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 quarterly revenue was down 18.1% on a year-over-year basis. During the same quarter last year, the business posted $1.83 earnings per share. On average, analysts expect that Prologis, Inc. will post 5.42 earnings per share for the current fiscal year.

Prologis Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Monday, September 16th will be issued a dividend of $0.96 per share. The ex-dividend date is Monday, September 16th. This represents a $3.84 annualized dividend and a yield of 2.99%. Prologis’s dividend payout ratio (DPR) is currently 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.