Prologis, Inc. $PLD Stake Raised by Tuttle Capital Management LLC

Tuttle Capital Management LLC boosted its holdings in shares of Prologis, Inc. (NYSE:PLD) by 14.9% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 5,870 shares of the real estate investment trust’s stock after acquiring an additional 762 shares during the quarter. Prologis accounts for about 2.6% of Tuttle Capital Management LLC’s investment portfolio, making the stock its 19th largest holding. Tuttle Capital Management LLC’s holdings in Prologis were worth $617,000 as of its most recent SEC filing.

A number of other large investors also recently made changes to their positions in the business. Alley Investment Management Company LLC increased its stake in Prologis by 102.8% in the 1st quarter. Alley Investment Management Company LLC now owns 108,335 shares of the real estate investment trust’s stock valued at $12,111,000 after buying an additional 54,914 shares during the period. Jump Financial LLC acquired a new position in shares of Prologis in the first quarter worth $2,120,000. Truist Financial Corp increased its stake in shares of Prologis by 9.3% in the first quarter. Truist Financial Corp now owns 297,270 shares of the real estate investment trust’s stock worth $33,232,000 after acquiring an additional 25,229 shares during the last quarter. Ally Financial Inc. raised its holdings in shares of Prologis by 16.7% during the first quarter. Ally Financial Inc. now owns 28,000 shares of the real estate investment trust’s stock worth $3,130,000 after acquiring an additional 4,000 shares in the last quarter. Finally, Sumitomo Mitsui DS Asset Management Company Ltd boosted its position in Prologis by 2.2% during the first quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 297,426 shares of the real estate investment trust’s stock valued at $33,249,000 after purchasing an additional 6,350 shares during the last quarter. Institutional investors and hedge funds own 93.50% of the company’s stock.

Prologis Stock Performance

Shares of PLD opened at $115.44 on Wednesday. The company has a market capitalization of $107.20 billion, a PE ratio of 31.28, a price-to-earnings-growth ratio of 2.85 and a beta of 1.28. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.65 and a quick ratio of 0.65. Prologis, Inc. has a one year low of $85.35 and a one year high of $127.65. The company’s fifty day moving average price is $112.11 and its 200 day moving average price is $107.80.

Prologis (NYSE:PLD) last issued its quarterly earnings results on Wednesday, July 16th. The real estate investment trust reported $1.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.41 by $0.05. The company had revenue of $2.03 billion for the quarter, compared to the consensus estimate of $2.03 billion. Prologis had a return on equity of 5.96% and a net margin of 40.29%.The firm’s revenue was up 8.8% compared to the same quarter last year. During the same period last year, the business posted $1.34 earnings per share. As a group, analysts expect that Prologis, Inc. will post 5.73 earnings per share for the current year.

Prologis Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 16th were issued 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 3.5%. Prologis’s dividend payout ratio (DPR) is 109.49%.

Insider Activity at Prologis

In other news, Director Cristina Gabriela Bita sold 1,000 shares of the company’s stock in a transaction that occurred on Wednesday, September 3rd. The stock was sold at an average price of $111.00, for a total transaction of $111,000.00. Following the completion of the transaction, the director directly owned 9,829 shares in the company, valued at $1,091,019. The trade was a 9.23% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Lori A. Palazzolo sold 25,000 shares of the firm’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 approximately $46,090.62. The trade was a 98.37% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 26,500 shares of company stock worth $2,952,095. Company insiders own 0.57% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have weighed in on PLD shares. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Prologis in a research report on Wednesday, October 8th. Wells Fargo & Company set a $137.00 price objective on shares of Prologis and gave the company an “overweight” rating in a research report on Sunday, July 13th. UBS Group lifted their target price on shares of Prologis from $106.00 to $120.00 and gave the company a “buy” rating in a research note on Tuesday, July 8th. Bank of America upgraded shares of Prologis from a “neutral” rating to a “buy” rating and increased their price target for the stock from $118.00 to $130.00 in a research note on Tuesday, September 16th. Finally, Mizuho set a $118.00 price target on shares of Prologis and gave the company an “outperform” rating in a report on Tuesday, August 19th. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and seven have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $122.58.

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.