State of Michigan Retirement System Acquires 800 Shares of Prologis, Inc. $PLD

State of Michigan Retirement System boosted its holdings in Prologis, Inc. (NYSE:PLD) by 0.3% during the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 252,267 shares of the real estate investment trust’s stock after purchasing an additional 800 shares during the period. State of Michigan Retirement System’s holdings in Prologis were worth $26,518,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently added to or reduced their stakes in the company. Jump Financial LLC acquired a new stake in shares of Prologis during the 1st quarter worth approximately $2,120,000. Ally Financial Inc. grew its holdings in shares of Prologis by 16.7% during the 1st quarter. Ally Financial Inc. now owns 28,000 shares of the real estate investment trust’s stock worth $3,130,000 after purchasing an additional 4,000 shares in the last quarter. Truist Financial Corp grew its holdings in shares of Prologis by 9.3% during the 1st quarter. Truist Financial Corp now owns 297,270 shares of the real estate investment trust’s stock worth $33,232,000 after purchasing an additional 25,229 shares in the last quarter. Inspire Investing LLC grew its holdings in shares of Prologis by 9.0% during the 1st quarter. Inspire Investing LLC now owns 90,605 shares of the real estate investment trust’s stock worth $10,129,000 after purchasing an additional 7,518 shares in the last quarter. Finally, Zurich Insurance Group Ltd FI acquired a new stake in shares of Prologis during the 1st quarter worth approximately $21,792,000. 93.50% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several analysts have recently weighed in on PLD shares. Weiss Ratings reissued a “hold (c)” rating on shares of Prologis in a report on Wednesday, October 8th. Evercore ISI boosted their price target on Prologis from $113.00 to $116.00 and gave the company an “in-line” rating in a research note on Thursday, October 16th. Citigroup decreased their price target on Prologis from $150.00 to $140.00 and set a “buy” rating on the stock in a research note on Wednesday, July 23rd. Bank of America raised Prologis from a “neutral” rating to a “buy” rating and boosted their price target for the company from $118.00 to $130.00 in a research note on Tuesday, September 16th. Finally, BMO Capital Markets raised Prologis from an “underperform” rating to a “market perform” rating and set a $119.00 price target on the stock in a research note on Monday, October 20th. Two investment analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and seven have issued a Hold rating to the company. According to data from MarketBeat.com, Prologis has an average rating of “Moderate Buy” and a consensus target price of $124.56.

Insiders Place Their Bets

In other news, CAO Lori A. Palazzolo sold 25,000 shares of the business’s stock in a transaction on Tuesday, August 26th. The stock was sold at an average price of $111.33, for a total transaction of $2,783,250.00. Following the completion of the sale, the chief accounting officer owned 414 shares in the company, valued at $46,090.62. The trade was a 98.37% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Cristina Gabriela Bita sold 1,000 shares of the business’s stock in a transaction on Wednesday, September 3rd. The stock was sold at an average price of $111.00, for a total value of $111,000.00. Following the sale, the director owned 9,829 shares of the company’s stock, valued at approximately $1,091,019. The trade was a 9.23% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders sold 26,500 shares of company stock worth $2,952,095. Insiders own 0.57% of the company’s stock.

Prologis Price Performance

Prologis stock opened at $124.31 on Monday. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.65 and a current ratio of 0.64. The firm has a market cap of $115.44 billion, a P/E ratio of 36.24, a P/E/G ratio of 3.13 and a beta of 1.28. The business’s fifty day moving average is $116.76 and its two-hundred day moving average is $110.25. Prologis, Inc. has a 52 week low of $85.35 and a 52 week high of $127.50.

Prologis (NYSE:PLD) last posted its quarterly earnings data on Wednesday, October 15th. The real estate investment trust reported $1.49 EPS for the quarter, topping analysts’ consensus estimates of $1.44 by $0.05. The company had revenue of $2.05 billion for the quarter, compared to analyst estimates of $2.03 billion. Prologis had a return on equity of 5.55% and a net margin of 36.71%.The business’s revenue was up 8.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.43 earnings per share. Prologis has set its FY 2025 guidance at 5.780-5.810 EPS. Equities research analysts forecast that Prologis, Inc. will post 5.73 earnings per share for the current fiscal year.

Prologis Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 16th were paid a $1.01 dividend. The ex-dividend date of this dividend was Tuesday, September 16th. This represents a $4.04 dividend on an annualized basis and a yield of 3.3%. Prologis’s payout ratio is currently 117.78%.

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.