Synovus Financial Corp Acquires 790 Shares of Prologis, Inc. (NYSE:PLD)

Synovus Financial Corp increased its holdings in shares of Prologis, Inc. (NYSE:PLD) by 20.4% in the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 4,659 shares of the real estate investment trust’s stock after purchasing an additional 790 shares during the period. Synovus Financial Corp’s holdings in Prologis were worth $588,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. Semmax Financial Advisors Inc. acquired a new position in Prologis during the second quarter worth about $27,000. American Capital Advisory LLC acquired a new stake in shares of Prologis in the 2nd quarter valued at approximately $26,000. Dunhill Financial LLC grew its holdings in shares of Prologis by 239.5% during the 3rd quarter. Dunhill Financial LLC now owns 258 shares of the real estate investment trust’s stock valued at $33,000 after purchasing an additional 182 shares during the last quarter. Sunbelt Securities Inc. increased its position in Prologis by 640.0% during the 2nd quarter. Sunbelt Securities Inc. now owns 259 shares of the real estate investment trust’s stock worth $29,000 after purchasing an additional 224 shares in the last quarter. Finally, Wetzel Investment Advisors Inc. bought a new position in Prologis in the 2nd quarter valued at approximately $31,000. 93.50% of the stock is currently owned by institutional investors.

Prologis Stock Performance

PLD opened at $108.86 on Wednesday. Prologis, Inc. has a 1-year low of $101.11 and a 1-year high of $135.76. The company has a market cap of $100.82 billion, a price-to-earnings ratio of 32.89, a PEG ratio of 3.27 and a beta of 1.07. The company’s fifty day moving average price is $116.01 and its two-hundred day moving average price is $119.20. The company has a current ratio of 0.43, a quick ratio of 0.43 and a debt-to-equity ratio of 0.56.

Prologis (NYSE:PLD) last released its quarterly earnings results on Wednesday, October 16th. The real estate investment trust reported $1.08 earnings per share (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 analyst estimates of $1.91 billion. Prologis had a net margin of 39.08% and a return on equity of 5.34%. Prologis’s revenue for the quarter was up 6.9% on a year-over-year basis. During the same quarter last year, the firm posted $1.30 EPS. On average, analysts expect that Prologis, Inc. will post 5.45 EPS for the current fiscal year.

Prologis Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Monday, December 16th will be paid a dividend of $0.96 per share. This represents a $3.84 annualized dividend and a yield of 3.53%. The ex-dividend date is Monday, December 16th. Prologis’s dividend payout ratio (DPR) is presently 116.01%.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the stock. Barclays boosted their target price on shares of Prologis from $131.00 to $132.00 and gave the stock an “overweight” rating in a research note on Monday, November 18th. BMO Capital Markets downgraded Prologis from a “market perform” rating to an “underperform” rating and dropped their target price for the company from $120.00 to $104.00 in a research report on Friday, December 6th. Truist Financial reduced their price target on Prologis from $137.00 to $132.00 and set a “buy” rating on the stock in a report on Thursday, December 5th. The Goldman Sachs Group reiterated a “neutral” rating and issued a $132.00 price objective (down previously from $142.00) on shares of Prologis in a report on Monday, October 21st. Finally, Scotiabank reduced their target price on shares of Prologis from $136.00 to $134.00 and set a “sector outperform” rating on the stock in a report on Wednesday, December 4th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Prologis currently has a consensus rating of “Hold” and an average target price of $128.88.

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.