Governors Lane LP Buys New Position in Prologis, Inc. (NYSE:PLD)

Governors Lane LP purchased a new position in shares of Prologis, Inc. (NYSE:PLD) in the fourth quarter, HoldingsChannel reports. The fund purchased 73,400 shares of the real estate investment trust’s stock, valued at approximately $7,758,000.

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

Prologis Price Performance

NYSE:PLD opened at $106.97 on Friday. Prologis, Inc. has a 52 week low of $85.35 and a 52 week high of $132.57. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.43 and a current ratio of 0.75. The firm’s 50-day simple moving average is $105.95 and its 200 day simple moving average is $111.43. The firm has a market cap of $99.26 billion, a price-to-earnings ratio of 26.74, a P/E/G ratio of 2.70 and a beta of 1.25.

Prologis (NYSE:PLD) last announced 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. Prologis had a net margin of 45.50% and a return on equity of 6.44%. The company had revenue of $1.99 billion for the quarter, compared to analysts’ expectations of $1.99 billion. As a group, sell-side analysts predict that Prologis, Inc. will post 5.73 earnings per share for the current year.

Prologis Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Tuesday, June 17th will be given a dividend of $1.01 per share. The ex-dividend date of this dividend is Tuesday, June 17th. This represents a $4.04 dividend on an annualized basis and a dividend yield of 3.78%. Prologis’s payout ratio is 101.00%.

Wall Street Analyst Weigh In

PLD has been the topic of several recent analyst reports. BTIG Research lowered their price target on Prologis from $154.00 to $134.00 and set a “buy” rating on the stock in a research report on Friday, January 17th. Mizuho dropped their price target on shares of Prologis from $117.00 to $105.00 and set a “neutral” rating on the stock in a research report on Friday, April 11th. Royal Bank of Canada decreased their price objective 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, April 29th. Wolfe Research cut shares of Prologis from an “outperform” rating to a “peer perform” rating in a report on Monday, April 21st. Finally, CJS Securities reduced their price target on Prologis from $140.00 to $117.00 in a report on Friday, April 11th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, ten have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $121.68.

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.