Pinnacle Financial Partners Inc Reduces Holdings in Prologis, Inc. (NYSE:PLD)

Pinnacle Financial Partners Inc lowered its stake in Prologis, Inc. (NYSE:PLD) by 21.9% during the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 2,614 shares of the real estate investment trust’s stock after selling 732 shares during the quarter. Pinnacle Financial Partners Inc’s holdings in Prologis were worth $330,000 as of its most recent filing with the SEC.

A number of other large investors have also recently bought and sold shares of the stock. ASB Consultores LLC boosted its stake in shares of Prologis by 3.7% during the third quarter. ASB Consultores LLC now owns 2,423 shares of the real estate investment trust’s stock valued at $306,000 after acquiring an additional 86 shares during the last quarter. Arbor Capital Management Inc. ADV boosted its stake 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 worth $1,299,000 after purchasing an additional 87 shares during the last quarter. CX Institutional grew its holdings in shares of Prologis by 2.7% during the third quarter. CX Institutional now owns 3,347 shares of the real estate investment trust’s stock worth $423,000 after buying an additional 88 shares in the last quarter. Mitchell Sinkler & Starr PA raised its position in shares of 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 valued at $228,000 after buying an additional 90 shares during the last quarter. Finally, Destination Wealth Management lifted its stake in shares of Prologis by 4.7% during the second quarter. Destination Wealth Management now owns 2,033 shares of the real estate investment trust’s stock valued at $228,000 after buying an additional 92 shares during the period. Institutional investors and hedge funds own 93.50% of the company’s stock.

Prologis Stock Down 1.6 %

Shares of NYSE PLD opened at $114.75 on Friday. The company has a debt-to-equity ratio of 0.56, a quick ratio of 0.43 and a current ratio of 0.43. Prologis, Inc. has a 1 year low of $101.11 and a 1 year high of $137.52. The stock’s 50-day simple moving average is $121.87 and its 200-day simple moving average is $117.90. The firm has a market cap of $106.28 billion, a price-to-earnings ratio of 34.67, a PEG ratio of 2.96 and a beta of 1.08.

Prologis (NYSE:PLD) last posted its quarterly earnings data on Wednesday, October 16th. The real estate investment trust reported $1.08 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.37 by ($0.29). The business had revenue of $1.90 billion for the quarter, compared to analysts’ expectations of $1.91 billion. Prologis had a return on equity of 5.34% and a net margin of 39.08%. Prologis’s revenue for the quarter was up 6.9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.30 earnings per share. As a group, equities analysts anticipate that Prologis, Inc. will post 5.45 earnings per share for the current fiscal year.

Prologis Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Monday, September 16th were issued a dividend of $0.96 per share. This represents a $3.84 annualized dividend and a yield of 3.35%. The ex-dividend date was Monday, September 16th. Prologis’s dividend payout ratio is currently 116.01%.

Insider Activity at Prologis

In related 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 transaction of $671,164.00. Following the transaction, the executive now directly owns 13,187 shares in the company, valued at $1,702,046.09. This trade represents a 28.28 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.50% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the stock. Wells Fargo & Company raised their target price on shares of Prologis from $142.00 to $146.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 28th. JPMorgan Chase & Co. lowered their price objective on shares of Prologis from $138.00 to $131.00 and set an “overweight” rating for the company in a research note on Monday, October 21st. Bank of America reaffirmed a “neutral” rating and issued a $128.00 target price on shares of Prologis in a research report on Monday, August 12th. The Goldman Sachs Group reissued a “neutral” rating and set a $132.00 price target (down previously from $142.00) on shares of Prologis in a research report on Monday, October 21st. Finally, Argus raised their price objective on Prologis from $120.00 to $135.00 and gave the stock a “buy” rating in a report on Tuesday, July 23rd. Eight investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Prologis currently has an average rating of “Moderate Buy” and a consensus price target of $131.12.

Prologis Company 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.