Richardson Financial Services Inc. Acquires Shares of 1,740 Prologis, Inc. (NYSE:PLD)

Richardson Financial Services Inc. acquired a new position in shares of Prologis, Inc. (NYSE:PLD) in the 4th quarter, according to its most recent disclosure with the SEC. The fund acquired 1,740 shares of the real estate investment trust’s stock, valued at approximately $232,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of PLD. Kestra Advisory Services LLC purchased a new position in shares of Prologis in the 3rd quarter valued at about $260,000. Rafferty Asset Management LLC boosted its holdings in Prologis by 5.0% in the third quarter. Rafferty Asset Management LLC now owns 103,207 shares of the real estate investment trust’s stock valued at $11,581,000 after purchasing an additional 4,900 shares in the last quarter. QRG Capital Management Inc. purchased a new position in Prologis in the third quarter valued at approximately $9,663,000. Envestnet Portfolio Solutions Inc. acquired a new stake in Prologis during the third quarter worth approximately $10,741,000. Finally, Envestnet Asset Management Inc. raised its holdings in Prologis by 43.0% during the third quarter. Envestnet Asset Management Inc. now owns 2,402,293 shares of the real estate investment trust’s stock worth $269,561,000 after purchasing an additional 721,910 shares in the last quarter. Institutional investors and hedge funds own 93.50% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently commented on the stock. BMO Capital Markets downgraded shares of Prologis from an “outperform” rating to a “market perform” rating and dropped their target price for the company from $145.00 to $112.00 in a research report on Monday, April 22nd. Mizuho dropped their price objective on Prologis from $130.00 to $120.00 and set a “neutral” rating on the stock in a report on Friday, May 31st. Barclays reduced their target price on Prologis from $135.00 to $123.00 and set an “overweight” rating for the company in a report on Monday, April 29th. Royal Bank of Canada dropped their price target on Prologis from $145.00 to $124.00 and set an “outperform” rating on the stock in a research note on Monday, May 6th. Finally, StockNews.com upgraded Prologis from a “sell” rating to a “hold” rating in a research note on Saturday, June 8th. Five research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Prologis presently has an average rating of “Moderate Buy” and an average target price of $129.76.

Prologis Stock Performance

NYSE:PLD traded down $0.09 during midday trading on Friday, reaching $112.29. The stock had a trading volume of 3,672,418 shares, compared to its average volume of 4,381,804. The company has a quick ratio of 0.29, a current ratio of 0.29 and a debt-to-equity ratio of 0.51. The stock has a market cap of $103.96 billion, a P/E ratio of 32.83, a P/E/G ratio of 2.50 and a beta of 1.07. The firm has a fifty day simple moving average of $109.18 and a two-hundred day simple moving average of $122.46. Prologis, Inc. has a 12-month low of $96.64 and a 12-month high of $137.52.

Prologis Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Monday, June 17th will be issued a dividend of $0.96 per share. The ex-dividend date of this dividend is Monday, June 17th. This represents a $3.84 annualized dividend and a yield of 3.42%. Prologis’s dividend payout ratio is currently 112.28%.

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.