Cadence Bank Reduces Position in Prologis, Inc. (NYSE:PLD)

Cadence Bank lowered its stake in shares of Prologis, Inc. (NYSE:PLD) by 6.4% during the 4th quarter, Holdings Channel.com reports. The fund owned 3,814 shares of the real estate investment trust’s stock after selling 259 shares during the quarter. Cadence Bank’s holdings in Prologis were worth $403,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently made changes to their positions in the stock. Murphy & Mullick Capital Management Corp bought a new stake in Prologis in the 4th quarter worth approximately $26,000. Crowley Wealth Management Inc. bought a new stake in shares of Prologis in the fourth quarter worth $27,000. Centricity Wealth Management LLC purchased a new stake in Prologis during the fourth quarter valued at $30,000. Whipplewood Advisors LLC purchased a new position in Prologis in the fourth quarter worth about $34,000. Finally, Promus Capital LLC bought a new stake in shares of Prologis during the 4th quarter valued at about $34,000. Hedge funds and other institutional investors own 93.50% of the company’s stock.

Insiders Place Their Bets

In other Prologis news, CIO Joseph Ghazal sold 10,997 shares of the company’s stock in a transaction on Wednesday, February 5th. The stock was sold at an average price of $118.74, for a total value of $1,305,783.78. Following the completion of the sale, the executive now directly owns 7,977 shares in the company, valued at approximately $947,188.98. This represents a 57.96 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.57% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently weighed in on PLD. BMO Capital Markets lowered their price objective on shares of Prologis from $105.00 to $95.00 and set an “outperform” rating on the stock in a research note on Monday, April 14th. CJS Securities decreased their price target on shares of Prologis from $140.00 to $117.00 in a research report on Friday, April 11th. BNP Paribas raised shares of Prologis to a “strong-buy” rating in a research report on Wednesday, January 22nd. Truist Financial raised their target price on Prologis from $121.00 to $123.00 and gave the stock a “buy” rating in a report on Monday, January 27th. Finally, Mizuho reduced their price target on Prologis from $117.00 to $105.00 and set a “neutral” rating for the company in a research report on Friday, April 11th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, eleven have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $123.32.

Prologis Stock Up 1.6 %

Shares of NYSE:PLD opened at $101.89 on Friday. The company has a 50-day moving average price of $111.44 and a 200 day moving average price of $113.26. The company has a current ratio of 0.75, a quick ratio of 0.43 and a debt-to-equity ratio of 0.53. Prologis, Inc. has a 12 month low of $85.35 and a 12 month high of $132.57. The company has a market cap of $94.45 billion, a price-to-earnings ratio of 25.47, a PEG ratio of 2.70 and a beta of 1.20.

Prologis (NYSE:PLD) last released its quarterly earnings results on Wednesday, April 16th. The real estate investment trust reported $1.42 EPS for the quarter, topping analysts’ consensus estimates of $1.38 by $0.04. Prologis had a net margin of 45.50% and a return on equity of 6.44%. The firm had revenue of $1.99 billion during the quarter, compared to analysts’ expectations of $1.99 billion. As a group, equities research analysts predict that Prologis, Inc. will post 5.73 earnings per share for the current year.

Prologis Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Tuesday, March 18th were given a $1.01 dividend. This represents a $4.04 annualized dividend and a yield of 3.96%. This is a boost from Prologis’s previous quarterly dividend of $0.96. The ex-dividend date of this dividend was Tuesday, March 18th. Prologis’s payout ratio is 101.00%.

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.