Belpointe Asset Management LLC Cuts Holdings in Prologis, Inc. $PLD

Belpointe Asset Management LLC cut its position in shares of Prologis, Inc. (NYSE:PLD) by 29.4% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 5,036 shares of the real estate investment trust’s stock after selling 2,093 shares during the quarter. Belpointe Asset Management LLC’s holdings in Prologis were worth $529,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Alley Investment Management Company LLC boosted its holdings in Prologis by 102.8% during the first quarter. Alley Investment Management Company LLC now owns 108,335 shares of the real estate investment trust’s stock worth $12,111,000 after purchasing an additional 54,914 shares during the last quarter. Jump Financial LLC bought a new stake in Prologis in the first quarter worth about $2,120,000. Truist Financial Corp raised its position in Prologis by 9.3% in the first quarter. Truist Financial Corp now owns 297,270 shares of the real estate investment trust’s stock worth $33,232,000 after acquiring an additional 25,229 shares during the period. Ally Financial Inc. raised its position in Prologis by 16.7% in the first quarter. Ally Financial Inc. now owns 28,000 shares of the real estate investment trust’s stock worth $3,130,000 after acquiring an additional 4,000 shares during the period. Finally, Sumitomo Mitsui DS Asset Management Company Ltd raised its position in Prologis by 2.2% in the first quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 297,426 shares of the real estate investment trust’s stock worth $33,249,000 after acquiring an additional 6,350 shares during the period. 93.50% of the stock is currently owned by hedge funds and other institutional investors.

Prologis Stock Performance

NYSE PLD opened at $114.40 on Friday. The company’s 50 day moving average is $111.66 and its 200-day moving average is $107.77. Prologis, Inc. has a 12-month low of $85.35 and a 12-month high of $127.65. The company has a quick ratio of 0.65, a current ratio of 0.65 and a debt-to-equity ratio of 0.61. The firm has a market cap of $106.24 billion, a P/E ratio of 31.00, a price-to-earnings-growth ratio of 2.93 and a beta of 1.28.

Prologis (NYSE:PLD) last issued its quarterly earnings data on Wednesday, July 16th. The real estate investment trust reported $1.46 EPS for the quarter, beating the consensus estimate of $1.41 by $0.05. The company had revenue of $2.03 billion during the quarter, compared to analysts’ expectations of $2.03 billion. Prologis had a net margin of 40.29% and a return on equity of 5.96%. Prologis’s revenue for the quarter was up 8.8% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.34 earnings per share. Prologis has set its FY 2025 guidance at 5.750-5.800 EPS. Sell-side analysts predict that Prologis, Inc. will post 5.73 earnings per share for the current year.

Prologis Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 30th. Investors of record on Tuesday, September 16th were paid a dividend of $1.01 per share. The ex-dividend date of this dividend was Tuesday, September 16th. This represents a $4.04 annualized dividend and a yield of 3.5%. Prologis’s payout ratio is currently 109.49%.

Insider Activity at Prologis

In related news, Director Cristina Gabriela Bita sold 1,000 shares of the business’s stock in a transaction that occurred on Wednesday, September 3rd. The shares were sold at an average price of $111.00, for a total transaction of $111,000.00. Following the completion of the transaction, the director owned 9,829 shares of the company’s stock, valued at approximately $1,091,019. The trade was a 9.23% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Lori A. Palazzolo sold 25,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 26th. The shares were sold at an average price of $111.33, for a total transaction of $2,783,250.00. Following the transaction, the chief accounting officer directly owned 414 shares of the company’s stock, valued at approximately $46,090.62. This represents a 98.37% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 26,500 shares of company stock valued at $2,952,095. 0.57% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several brokerages have commented on PLD. Wells Fargo & Company set a $137.00 price objective on shares of Prologis and gave the stock an “overweight” rating in a research report on Sunday, July 13th. Mizuho set a $118.00 price objective on shares of Prologis and gave the stock an “outperform” rating in a research report on Tuesday, August 19th. Scotiabank set a $114.00 price objective on shares of Prologis and gave the stock a “sector perform” rating in a research report on Wednesday, August 27th. Citigroup lowered their price objective on shares of Prologis from $150.00 to $140.00 and set a “buy” rating on the stock in a research report on Wednesday, July 23rd. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Prologis in a research report on Wednesday. Two research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and seven have given a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $122.58.

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.