Sumitomo Mitsui Trust Holdings Inc. cut its stake in shares of Prologis Inc (NYSE:PLD) by 8.3% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 2,677,405 shares of the real estate investment trust’s stock after selling 243,731 shares during the quarter. Sumitomo Mitsui Trust Holdings Inc.’s holdings in Prologis were worth $192,639,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Clean Yield Group acquired a new position in Prologis during the 4th quarter worth about $31,000. Benjamin F. Edwards & Company Inc. lifted its holdings in Prologis by 134.5% during the 4th quarter. Benjamin F. Edwards & Company Inc. now owns 523 shares of the real estate investment trust’s stock worth $31,000 after buying an additional 300 shares during the period. Lindbrook Capital LLC acquired a new position in Prologis during the 4th quarter worth about $33,000. PRW Wealth Management LLC acquired a new position in Prologis during the 4th quarter worth about $33,000. Finally, Evolution Wealth Advisors LLC acquired a new position in shares of Prologis in the 4th quarter valued at about $35,000. 94.95% of the stock is currently owned by hedge funds and other institutional investors.
In related news, insider Edward S. Nekritz sold 16,059 shares of the company’s stock in a transaction that occurred on Thursday, March 21st. The stock was sold at an average price of $71.86, for a total transaction of $1,153,999.74. Following the transaction, the insider now directly owns 51,792 shares of the company’s stock, valued at approximately $3,721,773.12. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Edward S. Nekritz sold 30,671 shares of the company’s stock in a transaction that occurred on Wednesday, April 24th. The stock was sold at an average price of $75.01, for a total value of $2,300,631.71. Following the transaction, the insider now directly owns 21,121 shares in the company, valued at $1,584,286.21. The disclosure for this sale can be found here. 1.10% of the stock is currently owned by corporate insiders.
Prologis (NYSE:PLD) last posted its quarterly earnings results on Tuesday, April 16th. The real estate investment trust reported $0.73 earnings per share for the quarter, topping analysts’ consensus estimates of $0.72 by $0.01. Prologis had a return on equity of 6.83% and a net margin of 56.56%. The business had revenue of $696.80 million for the quarter, compared to the consensus estimate of $687.21 million. During the same period in the prior year, the business earned $0.80 EPS. The firm’s revenue for the quarter was up 25.3% on a year-over-year basis. Analysts anticipate that Prologis Inc will post 3.22 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Thursday, June 13th will be paid a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a yield of 2.79%. The ex-dividend date of this dividend is Wednesday, June 12th. Prologis’s dividend payout ratio (DPR) is currently 69.97%.
A number of brokerages have recently issued reports on PLD. Zacks Investment Research downgraded Prologis from a “buy” rating to a “hold” rating in a research note on Thursday. Goldman Sachs Group began coverage on Prologis in a research note on Wednesday, May 15th. They issued a “conviction-buy” rating on the stock. Citigroup set a $86.00 price objective on Prologis and gave the company a “buy” rating in a research note on Wednesday, May 8th. KeyCorp set a $79.00 price objective on Prologis and gave the company a “buy” rating in a research note on Tuesday, April 23rd. Finally, BMO Capital Markets reissued a “buy” rating and issued a $70.00 price objective on shares of Prologis in a research note on Sunday, April 21st. Four research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $74.15.
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Prologis, Inc is the global leader in logistics real estate with a focus on high-barrier, high-growth markets. As of December 31, 2018, 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 768 million square feet (71 million square meters) in 19 countries.
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