Grove Bank & Trust Grows Stock Holdings in Prologis, Inc. (NYSE:PLD)

Grove Bank & Trust grew its holdings in shares of Prologis, Inc. (NYSE:PLD) by 10.0% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 1,166 shares of the real estate investment trust’s stock after purchasing an additional 106 shares during the quarter. Grove Bank & Trust’s holdings in Prologis were worth $147,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in the business. Optimum Investment Advisors purchased a new stake in Prologis in the first quarter valued at approximately $26,000. Semmax Financial Advisors Inc. acquired a new stake in shares of Prologis during the 2nd quarter worth $27,000. American Capital Advisory LLC purchased a new position in shares of Prologis in the 2nd quarter worth $26,000. Central Valley Advisors LLC acquired a new position in Prologis in the second quarter valued at $29,000. Finally, Sunbelt Securities Inc. grew its position in Prologis by 640.0% during the second quarter. Sunbelt Securities Inc. now owns 259 shares of the real estate investment trust’s stock valued at $29,000 after acquiring an additional 224 shares during the period. Institutional investors and hedge funds own 93.50% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently weighed in on PLD. Scotiabank lifted their price objective on Prologis from $135.00 to $142.00 and gave the company a “sector outperform” rating in a research note on Monday, August 26th. Barclays decreased their price objective on shares of Prologis from $142.00 to $131.00 and set an “overweight” rating for the company in a research note on Thursday, October 10th. Royal Bank of Canada downgraded shares of Prologis from an “outperform” rating to a “sector perform” rating and raised their target price for the company from $124.00 to $127.00 in a research note on Monday, August 5th. The Goldman Sachs Group upped their price target on shares of Prologis from $140.00 to $156.00 and gave the stock a “buy” rating in a research report on Thursday, July 25th. Finally, Morgan Stanley increased their price target on Prologis from $132.00 to $133.00 and gave the company an “overweight” rating in a report on Wednesday, August 14th. Seven investment 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. According to data from MarketBeat.com, Prologis presently has an average rating of “Moderate Buy” and an average target price of $132.71.

Insider Buying and Selling

In other Prologis 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 transaction of $671,164.00. Following the completion of the sale, the executive now owns 13,187 shares in the company, valued at $1,702,046.09. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.50% of the stock is currently owned by company insiders.

Prologis Trading Up 0.3 %

NYSE PLD opened at $120.56 on Tuesday. The company has a market capitalization of $111.62 billion, a price-to-earnings ratio of 35.25, a price-to-earnings-growth ratio of 3.05 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, Inc. has a 12 month low of $96.64 and a 12 month high of $137.52. The company’s fifty day moving average price is $125.26 and its two-hundred day moving average price is $117.72.

Prologis (NYSE:PLD) last issued its quarterly 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 the consensus estimate of $1.86 billion. Prologis had a return on equity of 4.88% and a net margin of 36.37%. The business’s revenue for the quarter was down 18.1% on a year-over-year basis. During the same period in the previous year, the business posted $1.83 EPS. As a group, research analysts predict that Prologis, Inc. will post 5.42 earnings per share for the current fiscal year.

Prologis Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Monday, September 16th were given a dividend of $0.96 per share. This represents a $3.84 annualized dividend and a dividend yield of 3.19%. The ex-dividend date was Monday, September 16th. Prologis’s dividend payout ratio is currently 112.28%.

Prologis Company 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.