Washington Trust Bank Sells 639 Shares of Prologis, Inc. (NYSE:PLD)

Washington Trust Bank lowered its stake in Prologis, Inc. (NYSE:PLD) by 1.3% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 47,940 shares of the real estate investment trust’s stock after selling 639 shares during the quarter. Washington Trust Bank’s holdings in Prologis were worth $6,054,000 at the end of the most recent reporting period.

Other institutional investors have also recently bought and sold shares of the company. American Capital Advisory LLC bought a new stake in shares of Prologis in the second quarter worth $26,000. Semmax Financial Advisors Inc. bought a new stake in shares of Prologis in the second quarter worth $27,000. Central Valley Advisors LLC bought a new stake in shares of Prologis in the second quarter worth $29,000. Sunbelt Securities Inc. lifted its position in shares of Prologis by 640.0% in the second quarter. Sunbelt Securities Inc. now owns 259 shares of the real estate investment trust’s stock worth $29,000 after purchasing an additional 224 shares in the last quarter. Finally, Wetzel Investment Advisors Inc. bought a new stake in shares of Prologis in the second quarter worth $31,000. Institutional investors own 93.50% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently commented on PLD. Truist Financial boosted their price objective on shares of Prologis from $125.00 to $137.00 and gave the stock a “buy” rating in a research report on Monday, August 5th. The Goldman Sachs Group reaffirmed a “neutral” rating and set a $132.00 price target (down from $142.00) on shares of Prologis in a research report on Monday, October 21st. Argus upped their price target on shares of Prologis from $120.00 to $135.00 and gave the stock a “buy” rating in a research report on Tuesday, July 23rd. Scotiabank dropped their price target on shares of Prologis from $142.00 to $136.00 and set a “sector outperform” rating on the stock in a research report on Friday, October 25th. Finally, BMO Capital Markets reaffirmed a “market perform” rating and set a $115.00 price target on shares of Prologis in a research report on Monday, July 15th. Eight analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Prologis has an average rating of “Moderate Buy” and an average target price of $131.12.

Prologis Stock Performance

Shares of NYSE:PLD traded down $0.23 on Thursday, hitting $113.51. The company had a trading volume of 50,377 shares, compared to its average volume of 3,636,315. The company has a current ratio of 0.43, a quick ratio of 0.43 and a debt-to-equity ratio of 0.56. The stock has a 50 day moving average price of $123.15 and a 200 day moving average price of $117.52. Prologis, Inc. has a 1-year low of $101.11 and a 1-year high of $137.52. The stock has a market cap of $105.13 billion, a price-to-earnings ratio of 34.36, a P/E/G ratio of 2.97 and a beta of 1.08.

Prologis (NYSE:PLD) last released its quarterly earnings results 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 net margin of 39.08% and a return on equity of 5.34%. The business had revenue of $1.90 billion during the quarter, compared to analyst estimates of $1.91 billion. During the same quarter last year, the company posted $1.30 earnings per share. The company’s revenue was up 6.9% on a year-over-year basis. Analysts expect that Prologis, Inc. will post 5.45 EPS for the current year.

Prologis Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Monday, September 16th were paid a $0.96 dividend. The ex-dividend date of this dividend was Monday, September 16th. This represents a $3.84 annualized dividend and a dividend yield of 3.38%. Prologis’s dividend payout ratio (DPR) is presently 116.01%.

Insiders Place Their Bets

In other Prologis news, CIO Joseph Ghazal sold 5,200 shares of the stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $129.07, for a total transaction of $671,164.00. Following the sale, the executive now directly owns 13,187 shares in the company, valued at $1,702,046.09. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 0.50% of the company’s stock.

Prologis 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.