United Services Automobile Association Cuts Holdings in Prologis, Inc. (NYSE:PLD)

United Services Automobile Association decreased its position in Prologis, Inc. (NYSE:PLD) by 4.4% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 26,120 shares of the real estate investment trust’s stock after selling 1,188 shares during the period. United Services Automobile Association’s holdings in Prologis were worth $2,934,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently modified their holdings of the company. Nordea Investment Management AB increased its position in shares of Prologis by 380.0% during the first quarter. Nordea Investment Management AB now owns 333,022 shares of the real estate investment trust’s stock valued at $43,046,000 after acquiring an additional 263,649 shares during the last quarter. Janney Capital Management LLC raised its stake in shares of Prologis by 18.8% during the 4th quarter. Janney Capital Management LLC now owns 23,872 shares of the real estate investment trust’s stock worth $3,182,000 after purchasing an additional 3,773 shares during the period. Swedbank AB boosted its holdings in shares of Prologis by 9.2% in the 2nd quarter. Swedbank AB now owns 5,002,274 shares of the real estate investment trust’s stock worth $561,805,000 after buying an additional 420,687 shares during the last quarter. Envestnet Portfolio Solutions Inc. grew its position in Prologis by 36.1% during the second quarter. Envestnet Portfolio Solutions Inc. now owns 162,990 shares of the real estate investment trust’s stock valued at $18,305,000 after buying an additional 43,235 shares during the period. Finally, Atalanta Sosnoff Capital LLC bought a new position in Prologis during the fourth quarter valued at about $18,551,000. Institutional investors own 93.50% of the company’s stock.

Insider Activity

In related news, CIO Joseph Ghazal sold 5,200 shares of the company’s stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $129.07, for a total value of $671,164.00. Following the transaction, the executive now directly owns 13,187 shares in the company, valued at $1,702,046.09. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.50% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have weighed in on the stock. Argus boosted their target price on shares of Prologis from $120.00 to $135.00 and gave the company a “buy” rating in a research note on Tuesday, July 23rd. StockNews.com upgraded Prologis from a “sell” rating to a “hold” rating in a research note on Thursday, July 18th. Evercore ISI raised their target price on Prologis from $122.00 to $124.00 and gave the stock an “in-line” rating in a research report on Wednesday, August 28th. BMO Capital Markets reaffirmed a “market perform” rating and set a $115.00 price target on shares of Prologis in a research report on Monday, July 15th. Finally, Barclays lifted their price objective on Prologis from $123.00 to $142.00 and gave the stock an “overweight” rating in a report on Tuesday, July 30th. Seven analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Prologis currently has a consensus rating of “Moderate Buy” and a consensus price target of $133.12.

Prologis Stock Performance

Prologis stock opened at $130.24 on Tuesday. Prologis, Inc. has a 1-year low of $96.64 and a 1-year high of $137.52. The company has a current ratio of 0.36, a quick ratio of 0.36 and a debt-to-equity ratio of 0.52. The firm has a market capitalization of $120.58 billion, a PE ratio of 38.08, a price-to-earnings-growth ratio of 3.27 and a beta of 1.07. The firm’s 50 day simple moving average is $123.03 and its 200 day simple moving average is $118.81.

Prologis (NYSE:PLD) last released its quarterly earnings results on Wednesday, July 17th. The real estate investment trust reported $0.92 EPS for the quarter, missing analysts’ consensus estimates of $1.33 by ($0.41). Prologis had a net margin of 36.37% and a return on equity of 4.88%. The firm had revenue of $2.01 billion for the quarter, compared to analysts’ expectations of $1.86 billion. During the same quarter last year, the firm earned $1.83 earnings per share. The firm’s revenue for the quarter was down 18.1% on a year-over-year basis. As a group, analysts expect that Prologis, Inc. will post 5.42 earnings per share for the current fiscal year.

Prologis Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Monday, September 16th will be issued a $0.96 dividend. The ex-dividend date is Monday, September 16th. This represents a $3.84 annualized dividend and a dividend yield of 2.95%. Prologis’s payout ratio is currently 112.28%.

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.