Steel Grove Capital Advisors LLC Sells 736 Shares of Prologis, Inc. (NYSE:PLD)

Steel Grove Capital Advisors LLC lowered its holdings in Prologis, Inc. (NYSE:PLD) by 28.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,872 shares of the real estate investment trust’s stock after selling 736 shares during the period. Steel Grove Capital Advisors LLC’s holdings in Prologis were worth $250,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Columbia Trust Co 01012016 lifted its position in shares of Prologis by 16.0% in the fourth quarter. Columbia Trust Co 01012016 now owns 5,240 shares of the real estate investment trust’s stock valued at $698,000 after buying an additional 723 shares during the last quarter. Cyndeo Wealth Partners LLC boosted its position in Prologis by 39.4% during the fourth quarter. Cyndeo Wealth Partners LLC now owns 42,005 shares of the real estate investment trust’s stock worth $5,599,000 after purchasing an additional 11,882 shares during the period. DNB Asset Management AS increased its holdings in shares of Prologis by 17.1% in the fourth quarter. DNB Asset Management AS now owns 287,505 shares of the real estate investment trust’s stock valued at $38,324,000 after purchasing an additional 42,073 shares during the last quarter. Grassi Investment Management raised its position in shares of Prologis by 31.8% in the fourth quarter. Grassi Investment Management now owns 252,146 shares of the real estate investment trust’s stock valued at $33,611,000 after purchasing an additional 60,900 shares during the period. Finally, Selway Asset Management acquired a new stake in shares of Prologis during the 3rd quarter worth about $177,000. 93.50% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the stock. Mizuho increased their price target on shares of Prologis from $125.00 to $130.00 and gave the company a “neutral” rating in a report on Wednesday, January 10th. Morgan Stanley lifted their price target on Prologis from $128.00 to $141.00 and gave the stock an “overweight” rating in a report on Wednesday, January 24th. TheStreet raised Prologis from a “c+” rating to a “b-” rating in a report on Friday, January 26th. Royal Bank of Canada lifted their target price on Prologis from $128.00 to $145.00 and gave the stock an “outperform” rating in a report on Friday, February 16th. Finally, Evercore ISI reissued an “in-line” rating and issued a $136.00 target price on shares of Prologis in a research report on Monday, March 18th. Four equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $141.67.

Prologis Price Performance

Shares of NYSE PLD traded up $1.42 during trading hours on Thursday, hitting $130.28. 1,296,839 shares of the stock were exchanged, compared to its average volume of 3,095,999. Prologis, Inc. has a 1-year low of $96.64 and a 1-year high of $137.52. The company has a market cap of $120.52 billion, a PE ratio of 39.46, a price-to-earnings-growth ratio of 2.50 and a beta of 1.00. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.30 and a current ratio of 0.30. The company’s fifty day simple moving average is $130.52 and its two-hundred day simple moving average is $121.64.

Prologis (NYSE:PLD) last issued its quarterly earnings results on Wednesday, January 17th. The real estate investment trust reported $0.68 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.26 by ($0.58). Prologis had a net margin of 38.13% and a return on equity of 5.29%. The business had revenue of $1.89 billion during the quarter, compared to the consensus estimate of $1.85 billion. During the same quarter in the previous year, the business posted $1.24 EPS. The company’s revenue for the quarter was up 7.8% on a year-over-year basis. On average, sell-side analysts predict that Prologis, Inc. will post 5.5 EPS for the current year.

Prologis Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 29th. Stockholders of record on Monday, March 18th will be paid a $0.96 dividend. This is an increase from Prologis’s previous quarterly dividend of $0.87. This represents a $3.84 dividend on an annualized basis and a dividend yield of 2.95%. The ex-dividend date is Friday, March 15th. Prologis’s dividend payout ratio (DPR) is presently 116.72%.

About Prologis

Prologis, Inc is the global leader in logistics real estate with a focus on high-barrier, high-growth markets. At December 31, 2023, 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.