Sumitomo Mitsui Trust Group Inc. Sells 104,047 Shares of Prologis, Inc. (NYSE:PLD)

Sumitomo Mitsui Trust Group Inc. lessened its position in shares of Prologis, Inc. (NYSE:PLD) by 2.4% in the third quarter, Holdings Channel.com reports. The institutional investor owned 4,205,183 shares of the real estate investment trust’s stock after selling 104,047 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in Prologis were worth $531,031,000 at the end of the most recent quarter.

A number of other institutional investors have also bought and sold shares of the company. ASB Consultores LLC grew its holdings in Prologis by 3.7% during the third quarter. ASB Consultores LLC now owns 2,423 shares of the real estate investment trust’s stock worth $306,000 after buying an additional 86 shares in the last quarter. Arbor Capital Management Inc. ADV raised its position in Prologis by 0.8% in the second quarter. Arbor Capital Management Inc. ADV now owns 11,602 shares of the real estate investment trust’s stock worth $1,299,000 after acquiring an additional 87 shares during the period. CX Institutional grew its position in shares of Prologis by 2.7% during the 3rd quarter. CX Institutional now owns 3,347 shares of the real estate investment trust’s stock valued at $423,000 after acquiring an additional 88 shares during the period. Mitchell Sinkler & Starr PA raised its holdings in shares of Prologis by 5.1% in the 2nd quarter. Mitchell Sinkler & Starr PA now owns 1,860 shares of the real estate investment trust’s stock worth $228,000 after purchasing an additional 90 shares during the period. Finally, Destination Wealth Management raised its stake in shares of Prologis by 4.7% in 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 own 93.50% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on PLD shares. Morgan Stanley upped their price target on Prologis from $132.00 to $133.00 and gave the company an “overweight” rating in a research report on Wednesday, August 14th. StockNews.com raised Prologis from a “sell” rating to a “hold” rating in a report on Thursday, July 18th. Wells Fargo & Company boosted their price objective on Prologis from $142.00 to $146.00 and gave the stock an “overweight” rating in a report on Wednesday, August 28th. Royal Bank of Canada cut shares of Prologis from an “outperform” rating to a “sector perform” rating and boosted their price target for the stock from $124.00 to $127.00 in a research note on Monday, August 5th. Finally, The Goldman Sachs Group reissued a “neutral” rating and set a $132.00 price target (down from $142.00) on shares of Prologis in a research note on Monday, October 21st. Eight research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Prologis currently has an average rating of “Moderate Buy” and an average target price of $131.12.

Insider Activity

In other news, CIO Joseph Ghazal sold 5,200 shares of the business’s stock in a transaction on Friday, August 23rd. The shares were 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. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.50% of the stock is owned by company insiders.

Prologis Stock Performance

Shares of PLD opened at $114.10 on Tuesday. The stock has a market cap of $105.68 billion, a P/E ratio of 34.47, a PEG ratio of 3.04 and a beta of 1.08. Prologis, Inc. has a 12-month low of $101.11 and a 12-month high of $137.52. The company has a current ratio of 0.43, a quick ratio of 0.43 and a debt-to-equity ratio of 0.56. The company has a 50-day moving average of $122.42 and a two-hundred day moving average of $117.85.

Prologis (NYSE:PLD) last released 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 quarterly revenue 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, research analysts predict that Prologis, Inc. will post 5.45 EPS for the current fiscal year.

Prologis Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Monday, September 16th were issued a $0.96 dividend. The ex-dividend date of this dividend was Monday, September 16th. This represents a $3.84 annualized dividend and a dividend yield of 3.37%. 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.