NovaPoint Capital LLC Purchases New Holdings in Prologis, Inc. $PLD

NovaPoint Capital LLC purchased a new position 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 (SEC). The institutional investor purchased 7,684 shares of the real estate investment trust’s stock, valued at approximately $880,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in PLD. Norges Bank acquired a new stake in shares of Prologis during the 2nd quarter worth $1,288,936,000. Franklin Resources Inc. lifted its position in Prologis by 216.0% during the second quarter. Franklin Resources Inc. now owns 10,050,843 shares of the real estate investment trust’s stock worth $1,056,545,000 after purchasing an additional 6,870,479 shares during the period. State Street Corp grew its stake in Prologis by 1.9% during the second quarter. State Street Corp now owns 58,640,842 shares of the real estate investment trust’s stock worth $6,164,325,000 after buying an additional 1,088,544 shares in the last quarter. Strs Ohio bought a new position in Prologis in the 1st quarter valued at about $98,308,000. Finally, Balyasny Asset Management L.P. raised its position in shares of Prologis by 11,585.8% in the 2nd quarter. Balyasny Asset Management L.P. now owns 882,398 shares of the real estate investment trust’s stock valued at $92,758,000 after buying an additional 874,847 shares in the last quarter. 93.50% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms recently issued reports on PLD. Truist Financial reiterated a “buy” rating and set a $131.00 price target (up previously from $120.00) on shares of Prologis in a research report on Monday, October 20th. BMO Capital Markets raised Prologis from an “underperform” rating to a “market perform” rating and set a $119.00 target price on the stock in a report on Monday, October 20th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Prologis in a research note on Monday, December 22nd. Bank of America upgraded Prologis from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $118.00 to $130.00 in a research report on Tuesday, September 16th. Finally, Scotiabank lifted their target price on Prologis from $127.00 to $133.00 and gave the company a “sector perform” rating in a research report on Monday, November 10th. Two investment analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $127.00.

Prologis Trading Down 0.2%

NYSE PLD opened at $128.83 on Friday. The company has a market cap of $119.67 billion, a price-to-earnings ratio of 37.56, a price-to-earnings-growth ratio of 3.95 and a beta of 1.40. Prologis, Inc. has a twelve month low of $85.35 and a twelve month high of $131.70. The company has a quick ratio of 0.64, a current ratio of 0.64 and a debt-to-equity ratio of 0.62. The business’s fifty day moving average is $126.61 and its 200 day moving average is $116.06.

Prologis (NYSE:PLD) last issued its earnings results on Tuesday, October 28th. The real estate investment trust reported $0.82 earnings per share (EPS) for the quarter. Prologis had a return on equity of 5.55% and a net margin of 36.71%.The business had revenue of $2.21 billion during the quarter. As a group, sell-side analysts expect that Prologis, Inc. will post 5.73 EPS for the current fiscal year.

Prologis Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 31st. Investors of record on Tuesday, December 16th will be given a dividend of $1.01 per share. The ex-dividend date is Tuesday, December 16th. This represents a $4.04 annualized dividend and a yield of 3.1%. Prologis’s dividend payout ratio (DPR) is currently 117.78%.

Insiders Place Their Bets

In other Prologis news, Director Cristina Gabriela Bita sold 621 shares of the company’s stock in a transaction that occurred on Monday, December 1st. The shares were sold at an average price of $127.60, for a total value of $79,239.60. Following the completion of the transaction, the director directly owned 8,208 shares in the company, valued at approximately $1,047,340.80. This represents a 7.03% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Over the last 90 days, insiders have sold 1,621 shares of company stock worth $198,655. Insiders own 0.57% of the company’s stock.

Prologis Profile

Prologis, Inc is a real estate investment trust (REIT) specializing in logistics and distribution facilities. The company focuses on acquiring, developing, and managing high-quality industrial real estate assets that support supply chain infrastructure for third-party logistics providers, e-commerce businesses, retailers and manufacturers. Its portfolio primarily consists of warehouse and distribution centers designed to optimize goods movement and storage near key transportation hubs.

With a global presence, Prologis serves customers across the Americas, Europe and Asia Pacific.