PNC Financial Services Group Inc. Cuts Stock Position in Prologis, Inc. $PLD

PNC Financial Services Group Inc. reduced its position in Prologis, Inc. (NYSE:PLD) by 0.7% during the second quarter, Holdings Channel reports. The institutional investor owned 530,803 shares of the real estate investment trust’s stock after selling 3,849 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Prologis were worth $55,798,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of PLD. Activest Wealth Management boosted its stake in Prologis by 637.1% in the first quarter. Activest Wealth Management now owns 258 shares of the real estate investment trust’s stock valued at $29,000 after acquiring an additional 223 shares in the last quarter. Pandora Wealth Inc. acquired a new position in shares of Prologis during the first quarter worth $34,000. GKV Capital Management Co. Inc. purchased a new stake in shares of Prologis during the 1st quarter valued at $34,000. Saudi Central Bank acquired a new stake in shares of Prologis in the 1st quarter worth $41,000. Finally, Barrett & Company Inc. acquired a new stake in shares of Prologis in the 2nd quarter worth $44,000. Hedge funds and other institutional investors own 93.50% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on PLD shares. 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 research report on Monday, October 20th. Mizuho set a $118.00 price target on Prologis and gave the stock an “outperform” rating in a research note on Tuesday, August 19th. Bank of America raised shares of Prologis from a “neutral” rating to a “buy” rating and increased their price objective for the company from $118.00 to $130.00 in a research report on Tuesday, September 16th. Industrial Alliance Securities set a $119.00 target price on shares of Prologis in a research report on Monday, October 20th. Finally, UBS Group set a $133.00 price target on shares of Prologis in a report on Monday. Two equities research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and seven have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Prologis has a consensus rating of “Moderate Buy” and a consensus price target of $125.39.

Prologis Stock Down 0.7%

Shares of PLD stock opened at $123.92 on Friday. The stock has a 50 day moving average of $118.96 and a 200 day moving average of $111.58. The company has a current ratio of 0.64, a quick ratio of 0.65 and a debt-to-equity ratio of 0.62. The stock has a market cap of $115.10 billion, a P/E ratio of 36.13, a P/E/G ratio of 3.13 and a beta of 1.29. Prologis, Inc. has a twelve month low of $85.35 and a twelve month high of $127.50.

Prologis (NYSE:PLD) last released its quarterly earnings data on Wednesday, October 15th. The real estate investment trust reported $1.49 earnings per share for the quarter, beating analysts’ consensus estimates of $1.44 by $0.05. Prologis had a net margin of 36.71% and a return on equity of 5.55%. The company had revenue of $2.21 billion during the quarter, compared to analysts’ expectations of $2.03 billion. During the same quarter in the previous year, the company earned $1.43 earnings per share. The firm’s revenue for the quarter was up 8.6% on a year-over-year basis. Prologis has set its FY 2025 guidance at 5.780-5.810 EPS. As a group, sell-side analysts expect that Prologis, Inc. will post 5.73 EPS for the current year.

Prologis Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 16th were paid a dividend of $1.01 per share. This represents a $4.04 annualized dividend and a yield of 3.3%. The ex-dividend date was Tuesday, September 16th. Prologis’s payout ratio is 117.78%.

Insider Activity 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 directly owned 414 shares in the company, valued at approximately $46,090.62. The trade was a 98.37% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Cristina Gabriela Bita sold 500 shares of the business’s stock in a transaction that occurred on Monday, November 3rd. The stock was sold at an average price of $123.14, for a total value of $61,570.00. Following the transaction, the director owned 8,829 shares in the company, valued at approximately $1,087,203.06. This represents a 5.36% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 27,000 shares of company stock valued at $3,013,665. 0.57% of the stock is owned by company insiders.

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.