Verity & Verity LLC Has $12.79 Million Stock Holdings in Prologis, Inc. (NYSE:PLD)

Verity & Verity LLC increased its holdings in shares of Prologis, Inc. (NYSE:PLD) by 20.2% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 114,429 shares of the real estate investment trust’s stock after buying an additional 19,230 shares during the period. Verity & Verity LLC’s holdings in Prologis were worth $12,792,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the business. Fifth Third Bancorp boosted its position in Prologis by 3.6% during the 1st quarter. Fifth Third Bancorp now owns 139,520 shares of the real estate investment trust’s stock worth $15,597,000 after buying an additional 4,834 shares during the period. Simon Quick Advisors LLC lifted its position in shares of Prologis by 40.4% in the 1st quarter. Simon Quick Advisors LLC now owns 3,508 shares of the real estate investment trust’s stock worth $392,000 after purchasing an additional 1,010 shares during the period. Mainsail Financial Group LLC lifted its position in shares of Prologis by 6.8% in the 1st quarter. Mainsail Financial Group LLC now owns 7,669 shares of the real estate investment trust’s stock worth $857,000 after purchasing an additional 487 shares during the period. Focus Financial Network Inc. lifted its position in shares of Prologis by 5.2% in the 1st quarter. Focus Financial Network Inc. now owns 2,093 shares of the real estate investment trust’s stock worth $234,000 after purchasing an additional 104 shares during the period. Finally, Assenagon Asset Management S.A. lifted its position in shares of Prologis by 1.5% in the 1st quarter. Assenagon Asset Management S.A. now owns 28,970 shares of the real estate investment trust’s stock worth $3,239,000 after purchasing an additional 430 shares during the period. 93.50% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

PLD has been the topic of a number of recent analyst reports. Wells Fargo & Company dropped their price target on shares of Prologis from $146.00 to $119.00 and set an “overweight” rating on the stock in a research report on Monday, May 19th. Morgan Stanley dropped their price target on shares of Prologis to $120.00 and set an “outperform” rating on the stock in a research report on Monday, April 14th. Robert W. Baird dropped their price target on shares of Prologis from $126.00 to $120.00 and set an “outperform” rating on the stock in a research report on Wednesday, May 7th. Evercore ISI dropped their price target on shares of Prologis from $111.00 to $106.00 and set an “in-line” rating on the stock in a research report on Thursday, April 17th. Finally, Truist Financial lowered their price objective on shares of Prologis from $123.00 to $120.00 and set a “buy” rating for the company in a research note on Monday, May 5th. One analyst has rated the stock with a sell rating, eight have given a hold rating, ten have issued a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $120.42.

Prologis Stock Performance

Shares of PLD stock opened at $108.36 on Friday. The firm has a market capitalization of $100.55 billion, a PE ratio of 27.09, a price-to-earnings-growth ratio of 2.70 and a beta of 1.25. The firm has a fifty day simple moving average of $104.26 and a two-hundred day simple moving average of $110.23. 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 12 month low of $85.35 and a 12 month high of $132.57.

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

Prologis Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Tuesday, June 17th will be paid a dividend of $1.01 per share. The ex-dividend date of this dividend is Tuesday, June 17th. This represents a $4.04 dividend on an annualized basis and a yield of 3.73%. Prologis’s dividend payout ratio (DPR) 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.