Covenant Asset Management LLC Lowers Position in Prologis, Inc. $PLD

Covenant Asset Management LLC trimmed its holdings in shares of Prologis, Inc. (NYSE:PLD) by 6.9% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,974 shares of the real estate investment trust’s stock after selling 147 shares during the quarter. Covenant Asset Management LLC’s holdings in Prologis were worth $208,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Alley Investment Management Company LLC raised its stake in Prologis by 102.8% in the first quarter. Alley Investment Management Company LLC now owns 108,335 shares of the real estate investment trust’s stock valued at $12,111,000 after purchasing an additional 54,914 shares in the last quarter. Jump Financial LLC purchased a new stake in shares of Prologis during the 1st quarter valued at $2,120,000. First Citizens Bank & Trust Co. raised its position in shares of Prologis by 1,451.2% during the 1st quarter. First Citizens Bank & Trust Co. now owns 31,180 shares of the real estate investment trust’s stock valued at $3,486,000 after buying an additional 29,170 shares in the last quarter. Truist Financial Corp lifted its holdings in shares of Prologis by 9.3% during the 1st quarter. Truist Financial Corp now owns 297,270 shares of the real estate investment trust’s stock worth $33,232,000 after acquiring an additional 25,229 shares during the last quarter. Finally, Ally Financial Inc. grew its position in Prologis by 16.7% in the first quarter. Ally Financial Inc. now owns 28,000 shares of the real estate investment trust’s stock worth $3,130,000 after acquiring an additional 4,000 shares in the last quarter. 93.50% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research firms have weighed in on PLD. Wells Fargo & Company set a $137.00 price target on Prologis and gave the company an “overweight” rating in a research report on Sunday, July 13th. Citigroup decreased their price objective on Prologis from $150.00 to $140.00 and set a “buy” rating on the stock in a report on Wednesday, July 23rd. UBS Group increased their target price on shares of Prologis from $106.00 to $120.00 and gave the company a “buy” rating in a report on Tuesday, July 8th. Wall Street Zen downgraded shares of Prologis from a “hold” rating to a “sell” rating in a research note on Saturday, June 14th. Finally, Barclays reduced their price objective on Prologis from $119.00 to $118.00 and set an “overweight” rating on the stock in a research note on Monday, September 15th. Two research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and six have given a Hold rating to the stock. According to MarketBeat.com, Prologis has a consensus rating of “Moderate Buy” and a consensus price target of $122.58.

Insider Transactions at Prologis

In related news, CAO Lori A. Palazzolo sold 25,000 shares of the business’s stock in a transaction dated Tuesday, August 26th. The shares were sold at an average price of $111.33, for a total transaction of $2,783,250.00. Following the transaction, the chief accounting officer owned 414 shares in the company, valued at $46,090.62. The trade was a 98.37% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Cristina Gabriela Bita sold 1,000 shares of the stock in a transaction dated Wednesday, September 3rd. The stock was sold at an average price of $111.00, for a total transaction of $111,000.00. Following the completion of the transaction, the director directly owned 9,829 shares of the company’s stock, valued at approximately $1,091,019. The trade was a 9.23% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.57% of the company’s stock.

Prologis Stock Up 0.9%

Shares of NYSE:PLD opened at $114.27 on Monday. The company has a market cap of $106.07 billion, a PE ratio of 30.97, a P/E/G ratio of 2.88 and a beta of 1.26. Prologis, Inc. has a 1 year low of $85.35 and a 1 year high of $127.65. The stock’s 50-day moving average is $110.41 and its 200 day moving average is $107.46. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.65 and a quick ratio of 0.65.

Prologis (NYSE:PLD) last announced its earnings results on Wednesday, July 16th. The real estate investment trust reported $1.46 EPS for the quarter, beating analysts’ consensus estimates of $1.41 by $0.05. Prologis had a return on equity of 5.96% and a net margin of 40.29%.The company had revenue of $2.03 billion during the quarter, compared to the consensus estimate of $2.03 billion. During the same quarter in the prior year, the company earned $1.34 earnings per share. The firm’s revenue for the quarter was up 8.8% on a year-over-year basis. Prologis has set its FY 2025 guidance at 5.750-5.800 EPS. Sell-side analysts anticipate that Prologis, Inc. will post 5.73 EPS for the current year.

Prologis Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 16th will be paid a dividend of $1.01 per share. The ex-dividend date of this dividend is Tuesday, September 16th. This represents a $4.04 dividend on an annualized basis and a dividend yield of 3.5%. Prologis’s payout ratio is presently 109.49%.

Prologis Profile

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.