First Citizens Bank & Trust Co. Acquires New Shares in Prologis, Inc. (NYSE:PLD)

First Citizens Bank & Trust Co. bought 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 firm bought 1,856 shares of the real estate investment trust’s stock, valued at approximately $234,000.

Several other large investors have also modified their holdings of the business. Vanguard Group Inc. raised its stake in Prologis by 1.2% in the first quarter. Vanguard Group Inc. now owns 120,945,384 shares of the real estate investment trust’s stock worth $15,749,508,000 after buying an additional 1,460,229 shares in the last quarter. Valeo Financial Advisors LLC raised its position in shares of Prologis by 182,067.2% in the 1st quarter. Valeo Financial Advisors LLC now owns 48,877,279 shares of the real estate investment trust’s stock worth $6,364,799,000 after acquiring an additional 48,850,448 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of Prologis by 2.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 13,209,926 shares of the real estate investment trust’s stock worth $1,483,594,000 after purchasing an additional 317,815 shares during the last quarter. Principal Financial Group Inc. boosted its position in Prologis by 1.4% during the second quarter. Principal Financial Group Inc. now owns 12,265,926 shares of the real estate investment trust’s stock valued at $1,377,588,000 after purchasing an additional 167,131 shares in the last quarter. Finally, Centersquare Investment Management LLC grew its stake in Prologis by 5.7% in the first quarter. Centersquare Investment Management LLC now owns 6,840,176 shares of the real estate investment trust’s stock valued at $890,728,000 after purchasing an additional 367,565 shares during the last quarter. Institutional investors own 93.50% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the stock. The Goldman Sachs Group restated a “neutral” rating and issued a $132.00 price target (down from $142.00) on shares of Prologis in a report on Monday. Evercore ISI upped their price target on Prologis from $124.00 to $128.00 and gave the stock an “in-line” rating in a research report on Monday, September 16th. Argus raised their price objective on Prologis from $120.00 to $135.00 and gave the stock a “buy” rating in a research report on Tuesday, July 23rd. StockNews.com raised Prologis from a “sell” rating to a “hold” rating in a research report on Thursday, July 18th. Finally, Truist Financial raised their price target on Prologis from $125.00 to $137.00 and gave the stock a “buy” rating in a report on Monday, August 5th. Eight 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 stock. Based on data from MarketBeat.com, Prologis currently has a consensus rating of “Moderate Buy” and a consensus target price of $131.47.

Insider Activity

In related news, CIO Joseph Ghazal sold 5,200 shares of the stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $129.07, for a total transaction of $671,164.00. Following the sale, the executive now directly owns 13,187 shares of the company’s stock, valued at approximately $1,702,046.09. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders own 0.50% of the company’s stock.

Prologis Trading Down 3.9 %

NYSE PLD opened at $117.77 on Tuesday. Prologis, Inc. has a 1 year low of $96.64 and a 1 year high of $137.52. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.36 and a quick ratio of 0.36. The company has a market capitalization of $109.04 billion, a PE ratio of 34.44, a P/E/G ratio of 3.05 and a beta of 1.07. The company has a fifty day moving average of $125.39 and a 200 day moving average of $117.56.

Prologis (NYSE:PLD) last issued its quarterly earnings data on Wednesday, October 16th. The real estate investment trust reported $1.08 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.37 by ($0.29). The company had revenue of $1.90 billion during the quarter, compared to analyst estimates of $1.91 billion. Prologis had a net margin of 36.37% and a return on equity of 4.88%. The business’s quarterly revenue was up 6.9% compared to the same quarter last year. During the same period last year, the firm earned $1.30 EPS. Research analysts forecast that Prologis, Inc. will post 5.42 earnings per share for the current year.

Prologis Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Monday, September 16th were paid a dividend of $0.96 per share. The ex-dividend date of this dividend was Monday, September 16th. This represents a $3.84 dividend on an annualized basis and a dividend yield of 3.26%. Prologis’s payout ratio is 112.28%.

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.