Eastern Bank Lowers Stake in Prologis, Inc. (NYSE:PLD)

Eastern Bank lessened its position in Prologis, Inc. (NYSE:PLD) by 1.2% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 367,012 shares of the real estate investment trust’s stock after selling 4,350 shares during the quarter. Eastern Bank’s holdings in Prologis were worth $38,793,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Semmax Financial Advisors Inc. purchased a new position in Prologis in the second quarter worth approximately $27,000. Sunbelt Securities Inc. lifted its position in shares of Prologis by 640.0% during the 2nd 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 during the last quarter. Dunhill Financial LLC grew its stake in shares of Prologis by 239.5% during the third quarter. Dunhill Financial LLC now owns 258 shares of the real estate investment trust’s stock worth $33,000 after purchasing an additional 182 shares in the last quarter. Hara Capital LLC purchased a new position in Prologis in the third quarter valued at $48,000. Finally, Coastline Trust Co acquired a new stake in Prologis in the third quarter valued at $52,000. Institutional investors and hedge funds own 93.50% of the company’s stock.

Prologis Price Performance

Shares of PLD stock traded up $1.78 during midday trading on Monday, reaching $105.37. 3,944,029 shares of the company traded hands, compared to its average volume of 4,060,883. The firm’s 50 day simple moving average is $110.94 and its two-hundred day simple moving average is $118.50. The firm has a market cap of $97.59 billion, a PE ratio of 31.83, a price-to-earnings-growth ratio of 3.27 and a beta of 1.09. Prologis, Inc. has a 1-year low of $100.82 and a 1-year high of $135.76. The company has a debt-to-equity ratio of 0.56, a current ratio of 0.43 and a quick ratio of 0.43.

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). The business had revenue of $1.90 billion during the quarter, compared to analyst estimates of $1.91 billion. Prologis had a net margin of 39.08% and a return on equity of 5.34%. The firm’s revenue for the quarter was up 6.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.30 earnings per share. On average, equities research analysts expect that Prologis, Inc. will post 5.45 EPS for the current fiscal year.

Prologis Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Monday, December 16th were paid a $0.96 dividend. The ex-dividend date of this dividend was Monday, December 16th. This represents a $3.84 annualized dividend and a yield of 3.64%. Prologis’s payout ratio is currently 116.01%.

Wall Street Analysts Forecast Growth

PLD has been the topic of several research analyst reports. Barclays raised their target price on Prologis from $131.00 to $132.00 and gave the stock an “overweight” rating in a research report on Monday, November 18th. BMO Capital Markets lowered shares of Prologis from a “market perform” rating to an “underperform” rating and cut their price target for the stock from $120.00 to $104.00 in a research note on Friday, December 6th. Raymond James restated an “outperform” rating and issued a $125.00 price objective (down previously from $130.00) on shares of Prologis in a research note on Wednesday, December 11th. Mizuho cut their target price on Prologis from $119.00 to $117.00 and set a “neutral” rating on the stock in a research report on Wednesday, January 8th. Finally, Baird R W upgraded Prologis from a “hold” rating to a “strong-buy” rating in a research note on Monday, January 6th. One analyst has rated the stock with a sell rating, six have given a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Prologis presently has a consensus rating of “Moderate Buy” and an average price target of $129.06.

Prologis Company 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.