Lord Abbett & CO. LLC cut its stake in shares of Prologis, Inc. (NYSE:PLD) by 9.6% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 1,120,226 shares of the real estate investment trust’s stock after selling 118,574 shares during the quarter. Lord Abbett & CO. LLC owned about 0.21% of Prologis worth $65,690,000 at the end of the most recent quarter.
Several other large investors also recently bought and sold shares of PLD. Brookfield Asset Management Inc. acquired a new stake in Prologis in the 1st quarter valued at about $227,403,000. Wesbanco Bank Inc. grew its stake in Prologis by 76.9% in the 2nd quarter. Wesbanco Bank Inc. now owns 29,900 shares of the real estate investment trust’s stock valued at $1,753,000 after acquiring an additional 13,000 shares during the last quarter. Swiss National Bank grew its stake in Prologis by 3.2% in the 2nd quarter. Swiss National Bank now owns 1,933,060 shares of the real estate investment trust’s stock valued at $113,355,000 after acquiring an additional 60,000 shares during the last quarter. Cipher Capital LP grew its stake in Prologis by 98.1% in the 2nd quarter. Cipher Capital LP now owns 44,673 shares of the real estate investment trust’s stock valued at $2,620,000 after acquiring an additional 22,120 shares during the last quarter. Finally, Lazard Asset Management LLC grew its stake in Prologis by 3,877.2% in the 2nd quarter. Lazard Asset Management LLC now owns 2,533,654 shares of the real estate investment trust’s stock valued at $148,573,000 after acquiring an additional 2,469,949 shares during the last quarter. 95.85% of the stock is currently owned by institutional investors and hedge funds.
PLD has been the topic of a number of recent research reports. Wells Fargo & Company set a $65.00 target price on shares of Prologis and gave the company a “hold” rating in a report on Thursday. Bank of America Corporation set a $72.00 target price on shares of Prologis and gave the company a “buy” rating in a report on Wednesday. Citigroup Inc. upped their target price on shares of Prologis from $63.00 to $66.00 and gave the company a “neutral” rating in a report on Thursday, October 19th. BMO Capital Markets set a $69.00 target price on shares of Prologis and gave the company a “buy” rating in a report on Tuesday, October 17th. Finally, KeyCorp increased their price objective on shares of Prologis from $65.00 to $68.00 and gave the stock a “buy” rating in a report on Monday, October 16th. Four equities research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average target price of $64.31.
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Prologis, Inc. (NYSE PLD) traded up 0.40% during mid-day trading on Friday, hitting $64.53. 360,705 shares of the stock were exchanged. Prologis, Inc. has a one year low of $45.93 and a one year high of $65.63. The company has a market cap of $35.76 billion, a P/E ratio of 19.34 and a beta of 0.92. The company has a 50-day moving average price of $64.34 and a 200-day moving average price of $59.61.
Prologis (NYSE:PLD) last released its quarterly earnings data on Tuesday, October 17th. The real estate investment trust reported $0.67 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.67. Prologis had a return on equity of 9.92% and a net margin of 68.50%. The company had revenue of $531.18 million during the quarter, compared to analysts’ expectations of $573.68 million. During the same period last year, the firm posted $0.14 earnings per share. The business’s revenue was down 5.2% on a year-over-year basis. On average, analysts predict that Prologis, Inc. will post ($0.27) earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 29th. Stockholders of record on Monday, September 18th were given a $0.44 dividend. The ex-dividend date of this dividend was Friday, September 15th. This represents a $1.76 dividend on an annualized basis and a dividend yield of 2.74%. Prologis’s payout ratio is 52.85%.
Prologis, Inc is a real estate investment trust (REIT) company. The Company is engaged in logistics real estate business. The Company’s segments include Real Estate Operations and Strategic Capital. The Real estate operations segment consists of rental operations and development. The Company’s strategic capital segment includes asset management services, as well as services performed for unconsolidated co-investment ventures.
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