PNC Financial Services Group Inc. Increases Position in Prologis, Inc. (NYSE:PLD)

PNC Financial Services Group Inc. grew its stake in Prologis, Inc. (NYSE:PLD - Free Report) by 6.5% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 478,536 shares of the real estate investment trust's stock after acquiring an additional 29,015 shares during the quarter. PNC Financial Services Group Inc. owned 0.05% of Prologis worth $60,430,000 at the end of the most recent quarter.

Other institutional investors have also recently modified their holdings of the company. CreativeOne Wealth LLC boosted its position in shares of Prologis by 86.7% during the first quarter. CreativeOne Wealth LLC now owns 5,432 shares of the real estate investment trust's stock valued at $707,000 after buying an additional 2,522 shares during the last quarter. EP Wealth Advisors LLC grew its position in Prologis by 13.2% in the 1st quarter. EP Wealth Advisors LLC now owns 12,344 shares of the real estate investment trust's stock worth $1,607,000 after purchasing an additional 1,442 shares during the period. Capital International Inc. CA lifted its holdings in shares of Prologis by 24.4% during the 1st quarter. Capital International Inc. CA now owns 33,825 shares of the real estate investment trust's stock valued at $4,405,000 after buying an additional 6,624 shares during the period. Capital Research Global Investors lifted its holdings in shares of Prologis by 0.8% during the 1st quarter. Capital Research Global Investors now owns 5,340,371 shares of the real estate investment trust's stock valued at $695,423,000 after buying an additional 43,538 shares during the period. Finally, Truvestments Capital LLC boosted its stake in shares of Prologis by 60.8% in the 1st quarter. Truvestments Capital LLC now owns 1,770 shares of the real estate investment trust's stock worth $230,000 after buying an additional 669 shares during the last quarter. 93.50% of the stock is owned by hedge funds and other institutional investors.

Prologis Price Performance

PLD stock opened at $114.54 on Thursday. Prologis, Inc. has a 52 week low of $101.11 and a 52 week high of $137.52. The firm has a market capitalization of $106.08 billion, a P/E ratio of 34.60, a price-to-earnings-growth ratio of 3.03 and a beta of 1.08. The company has a fifty day simple moving average of $120.36 and a two-hundred day simple moving average of $118.27. 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 - Get Free Report) last posted its quarterly earnings data on Wednesday, October 16th. The real estate investment trust reported $1.08 EPS for the quarter, missing the consensus estimate 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 analysts' expectations of $1.91 billion. During the same period in the previous year, the firm earned $1.30 earnings per share. The firm's quarterly revenue was up 6.9% compared to the same quarter last year. Analysts anticipate that Prologis, Inc. will post 5.45 earnings per share for the current fiscal year.

Prologis Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Monday, September 16th were given a $0.96 dividend. This represents a $3.84 annualized dividend and a yield of 3.35%. The ex-dividend date of this dividend was Monday, September 16th. Prologis's dividend payout ratio (DPR) is presently 116.01%.

Insiders Place Their Bets

In related news, CIO Joseph Ghazal sold 5,200 shares of the business's stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $129.07, for a total value of $671,164.00. Following the completion of the sale, the executive now owns 13,187 shares in the company, valued at approximately $1,702,046.09. The trade was a 28.28 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.50% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on PLD. Bank of America reissued a "neutral" rating and issued a $128.00 target price on shares of Prologis in a report on Monday, August 12th. Morgan Stanley raised their price objective on shares of Prologis from $132.00 to $133.00 and gave the stock an "overweight" rating in a report on Wednesday, August 14th. Evercore ISI upped their target price on shares of Prologis from $124.00 to $128.00 and gave the company an "in-line" rating in a report on Monday, September 16th. Barclays lifted their price target on shares of Prologis from $131.00 to $132.00 and gave the stock an "overweight" rating in a research note on Monday. Finally, Wells Fargo & Company lifted their price objective on Prologis from $142.00 to $146.00 and gave the company an "overweight" rating in a research report on Wednesday, August 28th. Eight equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $131.18.

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.