Norinchukin Bank The boosted its stake in Prologis, Inc. (NYSE:PLD) by 0.4% in the first quarter, Holdings Channel reports. The institutional investor owned 73,733 shares of the real estate investment trust’s stock after acquiring an additional 288 shares during the quarter. Norinchukin Bank The’s holdings in Prologis were worth $7,816,000 as of its most recent SEC filing.
A number of other hedge funds also recently added to or reduced their stakes in the business. Norges Bank bought a new position in shares of Prologis during the 4th quarter valued at $686,317,000. JPMorgan Chase & Co. lifted its holdings in Prologis by 6.5% during the 4th quarter. JPMorgan Chase & Co. now owns 28,826,307 shares of the real estate investment trust’s stock valued at $2,872,829,000 after purchasing an additional 1,771,628 shares during the last quarter. BlackRock Inc. lifted its holdings in Prologis by 2.2% during the 4th quarter. BlackRock Inc. now owns 76,214,355 shares of the real estate investment trust’s stock valued at $7,595,521,000 after purchasing an additional 1,640,816 shares during the last quarter. Canada Pension Plan Investment Board raised its stake in shares of Prologis by 84.8% in the fourth quarter. Canada Pension Plan Investment Board now owns 2,404,117 shares of the real estate investment trust’s stock worth $239,594,000 after acquiring an additional 1,103,508 shares during the last quarter. Finally, Morgan Stanley raised its stake in shares of Prologis by 21.4% in the fourth quarter. Morgan Stanley now owns 6,176,309 shares of the real estate investment trust’s stock worth $615,531,000 after acquiring an additional 1,090,725 shares during the last quarter. Institutional investors own 92.60% of the company’s stock.
A number of research firms recently weighed in on PLD. Royal Bank of Canada boosted their price target on shares of Prologis from $116.00 to $130.00 and gave the stock an “outperform” rating in a research note on Tuesday, June 1st. Zacks Investment Research cut shares of Prologis from a “buy” rating to a “hold” rating and set a $122.00 price target for the company. in a report on Wednesday, April 21st. Raymond James began coverage on shares of Prologis in a research report on Friday, April 16th. They issued a “strong-buy” rating and a $125.00 price objective on the stock. Wells Fargo & Company boosted their price objective on shares of Prologis from $125.00 to $135.00 and gave the stock an “overweight” rating in a research report on Monday. Finally, TheStreet raised shares of Prologis from a “c+” rating to a “b” rating in a research report on Friday, April 30th. One research analyst has rated the stock with a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus price target of $122.25.
Prologis (NYSE:PLD) last announced its quarterly earnings data on Sunday, April 18th. The real estate investment trust reported $0.49 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.41 by $0.08. Prologis had a return on equity of 3.73% and a net margin of 29.47%. The business had revenue of $1.02 billion for the quarter, compared to analysts’ expectations of $992.53 million. During the same period in the previous year, the business posted $0.83 EPS. The firm’s quarterly revenue was up 16.3% compared to the same quarter last year. As a group, sell-side analysts forecast that Prologis, Inc. will post 4 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 30th. Shareholders of record on Wednesday, June 16th will be given a $0.63 dividend. The ex-dividend date of this dividend is Tuesday, June 15th. This represents a $2.52 annualized dividend and a yield of 2.00%. Prologis’s payout ratio is currently 66.32%.
In other Prologis news, Director Lydia H. Kennard sold 10,000 shares of the stock in a transaction on Thursday, May 27th. The stock was sold at an average price of $118.00, for a total value of $1,180,000.00. Following the completion of the transaction, the director now owns 32,773 shares in the company, valued at $3,867,214. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 0.87% of the company’s stock.
Prologis Company Profile
Prologis, Inc is the global leader in logistics real estate with a focus on high-barrier, high-growth markets. As of December 31, 2020, 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 984 million square feet (91 million square meters) in 19 countries.
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