Cornerstone Advisors LLC Acquires 5,800 Shares of Prologis, Inc. (NYSE:PLD)

Cornerstone Advisors LLC increased its stake in shares of Prologis, Inc. (NYSE:PLD) by 263.6% in the 3rd quarter, Holdings Channel reports. The firm owned 8,000 shares of the real estate investment trust’s stock after buying an additional 5,800 shares during the period. Cornerstone Advisors LLC’s holdings in Prologis were worth $1,010,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently modified their holdings of PLD. Dimensional Fund Advisors LP lifted its holdings in Prologis by 2.5% during the second quarter. Dimensional Fund Advisors LP now owns 13,209,926 shares of the real estate investment trust’s stock valued at $1,483,594,000 after purchasing an additional 317,815 shares in the last quarter. Principal Financial Group Inc. raised its holdings in shares of Prologis by 1.4% in the second quarter. Principal Financial Group Inc. now owns 12,265,926 shares of the real estate investment trust’s stock worth $1,377,588,000 after buying an additional 167,131 shares during the period. Daiwa Securities Group Inc. boosted its stake in shares of Prologis by 16.3% during the second quarter. Daiwa Securities Group Inc. now owns 6,832,861 shares of the real estate investment trust’s stock valued at $767,398,000 after purchasing an additional 958,914 shares during the period. Lazard Asset Management LLC increased its position in shares of Prologis by 5.9% during the first quarter. Lazard Asset Management LLC now owns 6,126,318 shares of the real estate investment trust’s stock worth $797,767,000 after acquiring an additional 340,948 shares during the period. Finally, Swedbank AB grew its position in shares of Prologis by 9.2% during the 2nd quarter. Swedbank AB now owns 5,002,274 shares of the real estate investment trust’s stock worth $561,805,000 after buying an additional 420,687 shares in the last quarter. 93.50% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

PLD has been the topic of a number of analyst reports. The Goldman Sachs Group reiterated a “neutral” rating and issued a $132.00 price target (down from $142.00) on shares of Prologis in a report on Monday, October 21st. Scotiabank lowered their price target on shares of Prologis from $142.00 to $136.00 and set a “sector outperform” rating on the stock in a report on Friday, October 25th. Royal Bank of Canada lowered shares of Prologis from an “outperform” rating to a “sector perform” rating and lifted their target price for the company from $124.00 to $127.00 in a report on Monday, August 5th. JPMorgan Chase & Co. lowered their price target on Prologis from $138.00 to $131.00 and set an “overweight” rating on the stock in a research report on Monday, October 21st. Finally, Wells Fargo & Company raised their price target on shares of Prologis from $142.00 to $146.00 and gave the company an “overweight” rating in a research note on Wednesday, August 28th. Eight investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Prologis presently has a consensus rating of “Moderate Buy” and an average price target of $131.25.

Prologis Stock Performance

Shares of Prologis stock opened at $113.97 on Friday. Prologis, Inc. has a 52 week low of $101.11 and a 52 week high of $137.52. The business’s fifty day simple moving average is $120.04 and its 200-day simple moving average is $118.24. The firm has a market cap of $105.56 billion, a PE ratio of 34.43, a price-to-earnings-growth ratio of 3.03 and a beta of 1.08. The company has a quick ratio of 0.43, a current ratio of 0.43 and a debt-to-equity ratio of 0.56.

Prologis (NYSE:PLD) last issued its earnings results on Wednesday, October 16th. The real estate investment trust reported $1.08 EPS for the quarter, missing analysts’ consensus estimates of $1.37 by ($0.29). Prologis had a return on equity of 5.34% and a net margin of 39.08%. The firm had revenue of $1.90 billion for the quarter, compared to analyst estimates of $1.91 billion. During the same quarter in the previous year, the firm posted $1.30 EPS. The business’s revenue for the quarter was up 6.9% on a year-over-year basis. Equities analysts forecast that Prologis, Inc. will post 5.45 earnings per share for the current year.

Prologis Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Monday, September 16th were paid 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 3.37%. Prologis’s dividend payout ratio (DPR) is 116.01%.

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.