Legacy Wealth Asset Management LLC Lowers Stake in Prologis, Inc. (NYSE:PLD)

Legacy Wealth Asset Management LLC cut its position in Prologis, Inc. (NYSE:PLD) by 16.1% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 6,312 shares of the real estate investment trust’s stock after selling 1,210 shares during the period. Legacy Wealth Asset Management LLC’s holdings in Prologis were worth $667,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of PLD. Sunflower Bank N.A. bought a new stake in shares of Prologis during the third quarter valued at approximately $249,000. Cardano Risk Management B.V. increased its holdings in Prologis by 2.9% in the 4th quarter. Cardano Risk Management B.V. now owns 893,009 shares of the real estate investment trust’s stock valued at $94,391,000 after acquiring an additional 25,266 shares during the last quarter. Coronation Fund Managers Ltd. purchased a new stake in Prologis in the 2nd quarter worth $878,000. DekaBank Deutsche Girozentrale boosted its holdings in shares of Prologis by 2.5% during the 3rd quarter. DekaBank Deutsche Girozentrale now owns 1,199,812 shares of the real estate investment trust’s stock valued at $149,116,000 after purchasing an additional 29,400 shares during the last quarter. Finally, Worldquant Millennium Advisors LLC purchased a new position in shares of Prologis during the third quarter valued at about $1,051,000. 93.50% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the company. Mizuho decreased their target price on Prologis from $119.00 to $117.00 and set a “neutral” rating on the stock in a research report on Wednesday, January 8th. The Goldman Sachs Group reaffirmed a “neutral” rating and set a $132.00 price objective (down from $142.00) on shares of Prologis in a report on Monday, October 21st. Baird R W raised shares of Prologis from a “hold” rating to a “strong-buy” rating in a report on Monday, January 6th. BMO Capital Markets downgraded shares of Prologis from a “market perform” rating to an “underperform” rating and decreased their price target for the company from $120.00 to $104.00 in a research note on Friday, December 6th. Finally, Scotiabank dropped their price objective on shares of Prologis from $136.00 to $134.00 and set a “sector outperform” rating for the company in a research note on Wednesday, December 4th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Prologis presently has an average rating of “Moderate Buy” and a consensus target price of $128.67.

Prologis Price Performance

Shares of PLD stock opened at $109.51 on Friday. The stock has a 50 day moving average price of $110.47 and a 200 day moving average price of $118.31. The firm has a market capitalization of $101.43 billion, a P/E ratio of 33.09, a P/E/G ratio of 2.85 and a beta of 1.09. The company has a debt-to-equity ratio of 0.56, a quick ratio of 0.43 and a current ratio of 0.43. Prologis, Inc. has a 52-week low of $100.82 and a 52-week high of $135.76.

Prologis (NYSE:PLD) last issued its earnings results on Wednesday, October 16th. The real estate investment trust reported $1.08 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.37 by ($0.29). The company had revenue of $1.90 billion for the quarter, compared to analysts’ expectations of $1.91 billion. Prologis had a net margin of 39.08% and a return on equity of 5.34%. The firm’s revenue for the quarter was up 6.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.30 earnings per share. As a group, sell-side analysts predict that Prologis, Inc. will post 5.45 earnings per share for the current year.

Prologis Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Monday, December 16th were given a $0.96 dividend. The ex-dividend date of this dividend was Monday, December 16th. This represents a $3.84 annualized dividend and a yield of 3.51%. Prologis’s dividend payout ratio (DPR) is 116.01%.

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.