Vestcor Inc Decreases Stock Holdings in Prologis, Inc. (NYSE:PLD)

Vestcor Inc cut its holdings in shares of Prologis, Inc. (NYSE:PLD - Free Report) by 9.2% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 123,536 shares of the real estate investment trust's stock after selling 12,455 shares during the period. Vestcor Inc's holdings in Prologis were worth $15,600,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in the business. State Street Corp raised its position in shares of Prologis by 1.4% during the third quarter. State Street Corp now owns 57,413,342 shares of the real estate investment trust's stock worth $7,250,157,000 after acquiring an additional 767,609 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in Prologis by 2.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 13,209,926 shares of the real estate investment trust's stock worth $1,483,594,000 after purchasing an additional 317,815 shares during the last quarter. Principal Financial Group Inc. lifted its position in shares of Prologis by 1.4% in the 2nd 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 purchasing an additional 167,131 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in shares of Prologis by 4.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 10,229,200 shares of the real estate investment trust's stock valued at $1,291,743,000 after purchasing an additional 441,841 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in Prologis by 534.7% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 10,143,554 shares of the real estate investment trust's stock worth $1,280,928,000 after buying an additional 8,545,336 shares during the last quarter. 93.50% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on PLD shares. Evercore ISI boosted their price objective on Prologis from $124.00 to $128.00 and gave the company an "in-line" rating in a research note on Monday, September 16th. Truist Financial cut their target price on shares of Prologis from $137.00 to $132.00 and set a "buy" rating on the stock in a research note on Thursday, December 5th. Barclays boosted their target price on Prologis from $131.00 to $132.00 and gave the company an "overweight" rating in a research report on Monday, November 18th. JPMorgan Chase & Co. cut their price target on Prologis from $138.00 to $131.00 and set an "overweight" rating on the stock in a report on Monday, October 21st. Finally, Morgan Stanley lifted their price target on shares of Prologis from $132.00 to $133.00 and gave the company an "overweight" rating in a research report on Wednesday, August 14th. One analyst has rated the stock with a sell rating, seven have given a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $130.13.

Prologis Stock Down 2.0 %

PLD traded down $2.25 during trading on Tuesday, reaching $113.17. The stock had a trading volume of 2,908,133 shares, compared to its average volume of 3,651,972. The stock's 50 day moving average is $117.35 and its two-hundred day moving average is $119.00. The company has a market capitalization of $104.81 billion, a price-to-earnings ratio of 34.18, a P/E/G ratio of 3.27 and a beta of 1.07. 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, Inc. has a one year low of $101.11 and a one year high of $137.52.

Prologis (NYSE:PLD - Get Free Report) last announced its quarterly earnings data on Wednesday, October 16th. The real estate investment trust reported $1.08 earnings per share for the quarter, missing analysts' consensus estimates of $1.37 by ($0.29). The business had revenue of $1.90 billion during the quarter, compared to analysts' expectations of $1.91 billion. Prologis had a return on equity of 5.34% and a net margin of 39.08%. Prologis's revenue for the quarter was up 6.9% compared to the same quarter last year. During the same quarter last year, the company posted $1.30 EPS. As a group, analysts expect that Prologis, Inc. will post 5.45 earnings per share for the current year.

Prologis Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Monday, December 16th will be paid a $0.96 dividend. This represents a $3.84 dividend on an annualized basis and a yield of 3.39%. The ex-dividend date is Monday, December 16th. Prologis's payout ratio is 116.01%.

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.