Phocas Financial Corp. Makes New Investment in Prologis, Inc. (NYSE:PLD)

Phocas Financial Corp. purchased a new position in shares of Prologis, Inc. (NYSE:PLD) in the fourth quarter, according to its most recent disclosure with the SEC. The firm purchased 3,240 shares of the real estate investment trust’s stock, valued at approximately $342,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in PLD. Brighton Jones LLC raised its stake in shares of Prologis by 629.0% during the 4th quarter. Brighton Jones LLC now owns 17,475 shares of the real estate investment trust’s stock worth $1,847,000 after purchasing an additional 15,078 shares in the last quarter. First Citizens Bank & Trust Co. raised its stake in shares of Prologis by 8.3% during the 4th quarter. First Citizens Bank & Trust Co. now owns 2,010 shares of the real estate investment trust’s stock worth $212,000 after purchasing an additional 154 shares in the last quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management raised its stake in shares of Prologis by 13.2% during the 4th quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 4,998 shares of the real estate investment trust’s stock worth $528,000 after purchasing an additional 584 shares in the last quarter. Blue Trust Inc. raised its stake in shares of Prologis by 18.8% during the 4th quarter. Blue Trust Inc. now owns 24,573 shares of the real estate investment trust’s stock worth $2,597,000 after purchasing an additional 3,887 shares in the last quarter. Finally, Berkshire Bank raised its stake in shares of Prologis by 2.3% during the 4th quarter. Berkshire Bank now owns 4,195 shares of the real estate investment trust’s stock worth $443,000 after purchasing an additional 95 shares in the last quarter. 93.50% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on PLD shares. CJS Securities reduced their target price on Prologis from $140.00 to $117.00 in a report on Friday, April 11th. Evercore ISI reduced their target price on Prologis from $111.00 to $106.00 and set an “in-line” rating for the company in a report on Thursday, April 17th. Mizuho reduced their target price on Prologis from $117.00 to $105.00 and set a “neutral” rating for the company in a report on Friday, April 11th. Scotiabank boosted their target price on Prologis from $97.00 to $100.00 and gave the stock a “sector underperform” rating in a report on Monday, May 12th. Finally, Barclays reduced their target price on Prologis from $132.00 to $119.00 and set an “overweight” rating for the company in a report on Wednesday, April 30th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, ten have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $120.42.

Prologis Stock Performance

PLD opened at $106.63 on Wednesday. The stock has a market cap of $98.94 billion, a PE ratio of 26.66, a P/E/G ratio of 2.70 and a beta of 1.25. The company has a current ratio of 0.75, a quick ratio of 0.43 and a debt-to-equity ratio of 0.53. Prologis, Inc. has a 1 year low of $85.35 and a 1 year high of $132.57. The stock’s 50 day simple moving average is $103.98 and its 200-day simple moving average is $110.71.

Prologis (NYSE:PLD) last released its quarterly earnings data on Wednesday, April 16th. The real estate investment trust reported $1.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.38 by $0.04. The business had revenue of $1.99 billion for the quarter, compared to analysts’ expectations of $1.99 billion. Prologis had a return on equity of 6.44% and a net margin of 45.50%. Sell-side analysts forecast that Prologis, Inc. will post 5.73 EPS for the current year.

Prologis Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Tuesday, June 17th will be given a dividend of $1.01 per share. This represents a $4.04 dividend on an annualized basis and a dividend yield of 3.79%. The ex-dividend date of this dividend is Tuesday, June 17th. Prologis’s dividend payout ratio is presently 101.00%.

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.