Griffin Asset Management Inc. Sells 7,233 Shares of Prologis, Inc. (NYSE:PLD)

Griffin Asset Management Inc. trimmed its stake in shares of Prologis, Inc. (NYSE:PLD) by 54.0% in the third quarter, according to the company in its most recent filing with the SEC. The firm owned 6,167 shares of the real estate investment trust’s stock after selling 7,233 shares during the quarter. Griffin Asset Management Inc.’s holdings in Prologis were worth $779,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of PLD. Arbor Capital Management Inc. ADV boosted its position in shares of Prologis by 0.8% during the 2nd quarter. Arbor Capital Management Inc. ADV now owns 11,602 shares of the real estate investment trust’s stock valued at $1,299,000 after purchasing an additional 87 shares in the last quarter. CX Institutional boosted its holdings in Prologis by 2.7% in the third quarter. CX Institutional now owns 3,347 shares of the real estate investment trust’s stock worth $423,000 after acquiring an additional 88 shares in the last quarter. Mitchell Sinkler & Starr PA boosted its holdings in Prologis by 5.1% in the second quarter. Mitchell Sinkler & Starr PA now owns 1,860 shares of the real estate investment trust’s stock worth $228,000 after acquiring an additional 90 shares in the last quarter. Destination Wealth Management boosted its holdings in Prologis by 4.7% in the second quarter. Destination Wealth Management now owns 2,033 shares of the real estate investment trust’s stock worth $228,000 after acquiring an additional 92 shares in the last quarter. Finally, CVA Family Office LLC boosted its holdings in Prologis by 21.4% in the first quarter. CVA Family Office LLC now owns 534 shares of the real estate investment trust’s stock worth $70,000 after acquiring an additional 94 shares in the last quarter. 93.50% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Prologis news, CIO Joseph Ghazal sold 5,200 shares of the firm’s stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $129.07, for a total value of $671,164.00. Following the completion of the sale, the executive now directly owns 13,187 shares of the company’s stock, valued at $1,702,046.09. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Company insiders own 0.50% of the company’s stock.

Prologis Stock Performance

Shares of PLD opened at $121.39 on Wednesday. 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 company has a market capitalization of $112.39 billion, a price-to-earnings ratio of 35.49, a PEG ratio of 3.05 and a beta of 1.07. The stock has a 50 day moving average of $125.27 and a 200 day moving average of $117.66. Prologis, Inc. has a 12 month low of $96.64 and a 12 month high of $137.52.

Prologis (NYSE:PLD) last issued 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). The business had revenue of $2.01 billion for the quarter, compared to analysts’ expectations of $1.86 billion. Prologis had a net margin of 36.37% and a return on equity of 4.88%. During the same period in the previous year, the business posted $1.83 earnings per share. The business’s revenue was down 18.1% compared to the same quarter last year. As a group, sell-side analysts forecast that Prologis, Inc. will post 5.42 earnings per share for the current year.

Prologis Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Monday, September 16th were given a $0.96 dividend. This represents a $3.84 dividend on an annualized basis and a yield of 3.16%. The ex-dividend date was Monday, September 16th. Prologis’s dividend payout ratio is currently 112.28%.

Analyst Ratings Changes

Several research analysts have issued reports on PLD shares. Royal Bank of Canada lowered Prologis from an “outperform” rating to a “sector perform” rating and increased their price target for the stock from $124.00 to $127.00 in a report on Monday, August 5th. Scotiabank increased their price target on Prologis from $135.00 to $142.00 and gave the stock a “sector outperform” rating in a report on Monday, August 26th. Morgan Stanley increased their price target on Prologis from $132.00 to $133.00 and gave the stock an “overweight” rating in a report on Wednesday, August 14th. The Goldman Sachs Group increased their price target on Prologis from $140.00 to $156.00 and gave the stock a “buy” rating in a report on Thursday, July 25th. Finally, Truist Financial raised their target price on Prologis from $125.00 to $137.00 and gave the company a “buy” rating in a report on Monday, August 5th. Seven analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $132.71.

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.