Convergence Investment Partners LLC Invests $282,000 in Prologis Inc (PLD)
Convergence Investment Partners LLC acquired a new stake in shares of Prologis Inc (NYSE:PLD) during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 4,451 shares of the real estate investment trust’s stock, valued at approximately $282,000.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Creative Planning boosted its stake in Prologis by 3.4% during the 2nd quarter. Creative Planning now owns 2,078 shares of the real estate investment trust’s stock valued at $122,000 after purchasing an additional 69 shares during the period. Evercore Wealth Management LLC boosted its stake in Prologis by 18.2% during the 2nd quarter. Evercore Wealth Management LLC now owns 2,270 shares of the real estate investment trust’s stock valued at $134,000 after purchasing an additional 350 shares during the period. IFP Advisors Inc boosted its stake in Prologis by 40.7% during the 2nd quarter. IFP Advisors Inc now owns 3,164 shares of the real estate investment trust’s stock valued at $186,000 after purchasing an additional 915 shares during the period. ETF Managers Group LLC bought a new stake in Prologis during the 2nd quarter valued at approximately $193,000. Finally, Lincoln National Corp bought a new stake in Prologis during the 2nd quarter valued at approximately $205,000. 95.57% of the stock is currently owned by institutional investors and hedge funds.
Shares of Prologis Inc (NYSE PLD) traded up $0.34 during mid-day trading on Friday, hitting $66.16. The company’s stock had a trading volume of 1,507,112 shares, compared to its average volume of 1,635,857. The company has a debt-to-equity ratio of 0.53, a current ratio of 0.80 and a quick ratio of 0.80. Prologis Inc has a 52 week low of $48.33 and a 52 week high of $67.53. The company has a market cap of $35,021.64, a P/E ratio of 23.76, a P/E/G ratio of 4.33 and a beta of 0.91.
Prologis (NYSE:PLD) last announced its quarterly earnings data on Tuesday, October 17th. The real estate investment trust reported $0.67 EPS for the quarter, hitting the Zacks’ consensus estimate of $0.67. Prologis had a return on equity of 9.93% and a net margin of 68.50%. The company had revenue of $531.18 million during the quarter, compared to the consensus estimate of $573.68 million. During the same quarter last year, the company earned $0.14 EPS. The company’s quarterly revenue was down 5.2% on a year-over-year basis. equities analysts expect that Prologis Inc will post 2.8 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, December 29th. Investors of record on Monday, December 18th will be given a dividend of $0.44 per share. The ex-dividend date of this dividend is Friday, December 15th. This represents a $1.76 annualized dividend and a dividend yield of 2.66%. Prologis’s dividend payout ratio (DPR) is presently 52.85%.
Several analysts recently weighed in on the company. Evercore ISI upgraded Prologis from an “in-line” rating to an “outperform” rating in a research note on Monday, December 4th. Wells Fargo & Company set a $65.00 target price on Prologis and gave the company a “hold” rating in a research note on Thursday, October 26th. Bank of America set a $72.00 target price on Prologis and gave the company a “buy” rating in a research note on Wednesday, October 25th. Citigroup increased their target price on Prologis from $63.00 to $66.00 and gave the company a “neutral” rating in a research note on Thursday, October 19th. Finally, BMO Capital Markets set a $69.00 target price on Prologis and gave the company a “buy” rating in a research note on Tuesday, October 17th. Four research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $66.31.
In related news, CEO Eugene F. Reilly sold 18,000 shares of the firm’s stock in a transaction that occurred on Thursday, November 30th. The stock was sold at an average price of $66.55, for a total transaction of $1,197,900.00. Following the completion of the transaction, the chief executive officer now owns 63,365 shares in the company, valued at approximately $4,216,940.75. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Eugene F. Reilly sold 15,000 shares of the firm’s stock in a transaction that occurred on Tuesday, November 28th. The stock was sold at an average price of $66.61, for a total value of $999,150.00. Following the transaction, the chief executive officer now owns 63,365 shares of the company’s stock, valued at approximately $4,220,742.65. The disclosure for this sale can be found here. 1.31% of the stock is owned by company insiders.
Prologis Company Profile
Prologis, Inc is a real estate investment trust (REIT) company. The Company is engaged in logistics real estate business. The Company’s segments include Real Estate Operations and Strategic Capital. The Real estate operations segment consists of rental operations and development. The Company’s strategic capital segment includes asset management services, as well as services performed for unconsolidated co-investment ventures.
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