Principal Financial Group Inc. Lowers Holdings in Prologis, Inc. (NYSE:PLD)

Principal Financial Group Inc. lowered its holdings in shares of Prologis, Inc. (NYSE:PLD) by 1.8% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 12,048,249 shares of the real estate investment trust’s stock after selling 217,677 shares during the quarter. Prologis makes up 0.8% of Principal Financial Group Inc.’s portfolio, making the stock its 19th biggest holding. Principal Financial Group Inc. owned approximately 1.30% of Prologis worth $1,521,441,000 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in the business. Semmax Financial Advisors Inc. bought a new stake in shares of Prologis in the second quarter worth about $27,000. American Capital Advisory LLC purchased a new stake in shares of Prologis during the 2nd quarter valued at about $26,000. Central Valley Advisors LLC purchased a new position in Prologis in the second quarter worth about $29,000. Sunbelt Securities Inc. boosted its holdings in shares of Prologis by 640.0% in the 2nd quarter. Sunbelt Securities Inc. now owns 259 shares of the real estate investment trust’s stock worth $29,000 after purchasing an additional 224 shares during the period. Finally, Wetzel Investment Advisors Inc. bought a new position in shares of Prologis during the 2nd quarter valued at approximately $31,000. 93.50% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Prologis

In other Prologis news, CIO Joseph Ghazal sold 5,200 shares of the firm’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 completion of the sale, the executive now directly owns 13,187 shares in the company, valued at $1,702,046.09. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.50% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the stock. Scotiabank reduced their target price on shares of Prologis from $142.00 to $136.00 and set a “sector outperform” rating on the stock in a research note on Friday, October 25th. Royal Bank of Canada lowered Prologis from an “outperform” rating to a “sector perform” rating and boosted their target price for the company from $124.00 to $127.00 in a research report on Monday, August 5th. Bank of America reiterated a “neutral” rating and issued a $128.00 price target on shares of Prologis in a report on Monday, August 12th. The Goldman Sachs Group restated a “neutral” rating and set a $132.00 price objective (down previously from $142.00) on shares of Prologis in a report on Monday, October 21st. Finally, Wells Fargo & Company increased their target price on Prologis from $142.00 to $146.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 28th. Eight equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $131.12.

Prologis Price Performance

NYSE PLD opened at $113.74 on Thursday. The company has a market cap of $105.34 billion, a PE ratio of 34.36, a P/E/G ratio of 2.97 and a beta of 1.08. Prologis, Inc. has a 52-week low of $101.11 and a 52-week high of $137.52. The company has a debt-to-equity ratio of 0.56, a quick ratio of 0.43 and a current ratio of 0.43. The firm’s 50 day moving average price is $123.15 and its 200-day moving average price is $117.52.

Prologis (NYSE:PLD) last released its quarterly earnings results on Wednesday, October 16th. The real estate investment trust reported $1.08 EPS for the quarter, missing the consensus estimate of $1.37 by ($0.29). Prologis had a return on equity of 5.34% and a net margin of 39.08%. The company had revenue of $1.90 billion during the quarter, compared to the consensus estimate of $1.91 billion. During the same period in the previous year, the firm posted $1.30 earnings per share. The company’s revenue was up 6.9% on a year-over-year basis. Sell-side analysts forecast that Prologis, Inc. will post 5.45 EPS for the current fiscal year.

Prologis Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Monday, September 16th were issued a $0.96 dividend. This represents a $3.84 dividend on an annualized basis and a dividend yield of 3.38%. The ex-dividend date of this dividend was Monday, September 16th. Prologis’s dividend payout ratio is currently 116.01%.

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.