Spirit of America Management Corp NY Lowers Holdings in Prologis, Inc. (NYSE:PLD)

Spirit of America Management Corp NY trimmed its holdings in Prologis, Inc. (NYSE:PLD) by 3.1% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 37,901 shares of the real estate investment trust’s stock after selling 1,200 shares during the quarter. Prologis accounts for approximately 1.0% of Spirit of America Management Corp NY’s investment portfolio, making the stock its 27th biggest holding. Spirit of America Management Corp NY’s holdings in Prologis were worth $4,786,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in the business. Nordea Investment Management AB boosted its stake in shares of Prologis by 380.0% during the 1st quarter. Nordea Investment Management AB now owns 333,022 shares of the real estate investment trust’s stock worth $43,046,000 after acquiring an additional 263,649 shares in the last quarter. Swedbank AB raised its holdings in Prologis by 9.2% in the 2nd quarter. Swedbank AB now owns 5,002,274 shares of the real estate investment trust’s stock valued at $561,805,000 after acquiring an additional 420,687 shares during the last quarter. Envestnet Portfolio Solutions Inc. raised its holdings in Prologis by 36.1% in the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 162,990 shares of the real estate investment trust’s stock valued at $18,305,000 after acquiring an additional 43,235 shares during the last quarter. US Bancorp DE raised its holdings in Prologis by 6.5% in the 1st quarter. US Bancorp DE now owns 676,912 shares of the real estate investment trust’s stock valued at $88,148,000 after acquiring an additional 41,469 shares during the last quarter. Finally, Sunflower Bank N.A. acquired a new stake in Prologis in the 3rd quarter valued at about $249,000. 93.50% of the stock is owned by hedge funds and other institutional investors.

Prologis Stock Performance

Shares of PLD stock opened at $120.39 on Friday. The stock has a market capitalization of $111.46 billion, a PE ratio of 35.20, a P/E/G ratio of 3.05 and a beta of 1.07. The firm has a 50 day moving average of $125.26 and a two-hundred day moving average of $117.54. Prologis, Inc. has a 52 week low of $96.64 and a 52 week high of $137.52. The company has a quick ratio of 0.36, a current ratio of 0.36 and a debt-to-equity ratio of 0.52.

Prologis (NYSE:PLD) last released 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 firm had revenue of $1.90 billion for the quarter, compared to analysts’ expectations of $1.91 billion. Prologis had a return on equity of 4.88% and a net margin of 36.37%. Prologis’s revenue for the quarter was up 6.9% on a year-over-year basis. During the same period last year, the firm posted $1.30 earnings per share. On average, research analysts predict that Prologis, Inc. will post 5.42 EPS for the current fiscal year.

Prologis Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Monday, September 16th were paid a dividend of $0.96 per share. The ex-dividend date was Monday, September 16th. This represents a $3.84 annualized dividend and a yield of 3.19%. Prologis’s dividend payout ratio is currently 112.28%.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. Royal Bank of Canada downgraded shares of Prologis from an “outperform” rating to a “sector perform” rating and raised their price target for the stock from $124.00 to $127.00 in a report on Monday, August 5th. Scotiabank raised their price target on shares of Prologis from $135.00 to $142.00 and gave the stock a “sector outperform” rating in a report on Monday, August 26th. Barclays cut their price target on shares of Prologis from $142.00 to $131.00 and set an “overweight” rating for the company in a report on Thursday, October 10th. Bank of America restated a “neutral” rating and set a $128.00 price target on shares of Prologis in a report on Monday, August 12th. Finally, StockNews.com raised shares of Prologis from a “sell” rating to a “hold” rating in a research report on Thursday, July 18th. Eight research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Prologis presently has a consensus rating of “Moderate Buy” and a consensus target price of $131.47.

Insider Buying and Selling

In other Prologis news, CIO Joseph Ghazal sold 5,200 shares of Prologis stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $129.07, for a total value of $671,164.00. Following the transaction, the executive now directly owns 13,187 shares in the company, valued at approximately $1,702,046.09. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.50% of the stock is owned by company insiders.

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.