Connors Investor Services Inc. Lowers Stake in Prologis, Inc. (NYSE:PLD)

Connors Investor Services Inc. reduced its holdings in shares of Prologis, Inc. (NYSE:PLD) by 44.7% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 42,140 shares of the real estate investment trust’s stock after selling 34,105 shares during the quarter. Connors Investor Services Inc.’s holdings in Prologis were worth $4,454,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Phoenix Financial Ltd. raised its position in Prologis by 1.0% in the 4th quarter. Phoenix Financial Ltd. now owns 9,032 shares of the real estate investment trust’s stock valued at $955,000 after purchasing an additional 86 shares in the last quarter. Principle Wealth Partners LLC raised its stake in Prologis by 2.9% during the 4th quarter. Principle Wealth Partners LLC now owns 3,302 shares of the real estate investment trust’s stock worth $349,000 after acquiring an additional 92 shares in the last quarter. Black Diamond Financial LLC lifted its holdings in shares of Prologis by 2.2% in the 4th quarter. Black Diamond Financial LLC now owns 4,246 shares of the real estate investment trust’s stock valued at $449,000 after purchasing an additional 93 shares during the last quarter. Berkshire Bank lifted its stake in Prologis by 2.3% in the fourth quarter. Berkshire Bank now owns 4,195 shares of the real estate investment trust’s stock valued at $443,000 after buying an additional 95 shares during the last quarter. Finally, CreativeOne Wealth LLC grew its position in shares of Prologis by 1.7% during the fourth quarter. CreativeOne Wealth LLC now owns 6,073 shares of the real estate investment trust’s stock worth $642,000 after acquiring an additional 100 shares during the last quarter. 93.50% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, CIO Joseph Ghazal sold 10,997 shares of Prologis stock in a transaction dated Wednesday, February 5th. The shares were sold at an average price of $118.74, for a total value of $1,305,783.78. Following the sale, the executive now directly owns 7,977 shares in the company, valued at $947,188.98. This trade represents a 57.96 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.57% of the stock is currently owned by corporate insiders.

Prologis Stock Performance

Shares of Prologis stock opened at $103.17 on Wednesday. The firm has a market cap of $95.63 billion, a PE ratio of 25.79, a price-to-earnings-growth ratio of 2.70 and a beta of 1.20. Prologis, Inc. has a 1 year low of $85.35 and a 1 year high of $132.57. The firm’s 50-day simple moving average is $108.76 and its 200-day simple moving average is $112.29. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.43 and a current ratio of 0.75.

Prologis (NYSE:PLD) last issued its earnings results on Wednesday, April 16th. The real estate investment trust reported $1.42 EPS for the quarter, topping the consensus estimate of $1.38 by $0.04. The company had revenue of $1.99 billion during the quarter, compared to analyst estimates of $1.99 billion. Prologis had a return on equity of 6.44% and a net margin of 45.50%. Equities analysts forecast that Prologis, Inc. will post 5.73 earnings per share for the current fiscal year.

Prologis Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Tuesday, March 18th were issued a $1.01 dividend. The ex-dividend date was Tuesday, March 18th. This is a positive change from Prologis’s previous quarterly dividend of $0.96. This represents a $4.04 annualized dividend and a dividend yield of 3.92%. Prologis’s payout ratio is 101.00%.

Analyst Upgrades and Downgrades

A number of research analysts have commented on PLD shares. Morgan Stanley dropped their price objective on shares of Prologis to $120.00 and set an “outperform” rating on the stock in a research note on Monday, April 14th. Truist Financial boosted their target price on Prologis from $121.00 to $123.00 and gave the company a “buy” rating in a report on Monday, January 27th. Scotiabank reaffirmed a “sector underperform” rating and set a $97.00 price target (down from $133.00) on shares of Prologis in a research note on Monday, April 7th. Baird R W raised shares of Prologis from a “hold” rating to a “strong-buy” rating in a report on Monday, January 6th. Finally, Royal Bank of Canada reduced their price target on shares of Prologis from $128.00 to $117.00 and set a “sector perform” rating for the company in a research report on Tuesday. One analyst has rated the stock with a sell rating, eight have given a hold rating, ten have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $122.74.

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.