Magnolia Wealth Management LLC purchased a new stake in Prologis, Inc. (NYSE:PLD – Get Rating) in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 36,565 shares of the real estate investment trust’s stock, valued at approximately $5,778,000. Prologis accounts for approximately 0.4% of Magnolia Wealth Management LLC’s holdings, making the stock its 18th biggest holding.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. boosted its stake in Prologis by 1.9% in the 1st quarter. Vanguard Group Inc. now owns 97,672,838 shares of the real estate investment trust’s stock worth $15,772,211,000 after purchasing an additional 1,814,967 shares during the period. BlackRock Inc. boosted its position in shares of Prologis by 5.7% during the fourth quarter. BlackRock Inc. now owns 77,044,162 shares of the real estate investment trust’s stock worth $12,971,155,000 after buying an additional 4,127,777 shares during the period. State Street Corp boosted its position in shares of Prologis by 10.4% during the first quarter. State Street Corp now owns 51,717,111 shares of the real estate investment trust’s stock worth $8,351,279,000 after buying an additional 4,861,668 shares during the period. Cohen & Steers Inc. boosted its position in shares of Prologis by 23.5% during the first quarter. Cohen & Steers Inc. now owns 18,488,000 shares of the real estate investment trust’s stock worth $2,985,801,000 after buying an additional 3,513,643 shares during the period. Finally, Geode Capital Management LLC boosted its position in shares of Prologis by 2.4% during the fourth quarter. Geode Capital Management LLC now owns 13,702,145 shares of the real estate investment trust’s stock worth $2,300,903,000 after buying an additional 320,029 shares during the period. Institutional investors and hedge funds own 94.01% of the company’s stock.
Wall Street Analyst Weigh In
A number of research firms have weighed in on PLD. Evercore ISI set a $134.00 price target on Prologis in a research report on Tuesday, July 19th. Barclays reduced their target price on shares of Prologis from $190.00 to $183.00 and set an “overweight” rating for the company in a report on Thursday, July 21st. Wells Fargo & Company increased their price objective on shares of Prologis from $160.00 to $163.00 and gave the stock an “overweight” rating in a research note on Thursday, August 11th. Wolfe Research upgraded shares of Prologis from a “peer perform” rating to an “outperform” rating and set a $200.00 price objective for the company in a research note on Wednesday, August 24th. Finally, Raymond James reduced their price target on Prologis from $190.00 to $160.00 in a research report on Thursday, July 21st. One investment analyst has rated the stock with a hold rating, eight have given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $173.38.
Prologis Trading Down 3.9 %
Shares of Prologis stock opened at $125.08 on Wednesday. The business has a fifty day simple moving average of $128.09 and a two-hundred day simple moving average of $137.02. Prologis, Inc. has a 1 year low of $106.46 and a 1 year high of $174.54. The company has a market capitalization of $92.61 billion, a price-to-earnings ratio of 25.02, a P/E/G ratio of 2.78 and a beta of 0.88. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.42 and a quick ratio of 0.42.
Prologis (NYSE:PLD – Get Rating) last posted its earnings results on Monday, July 18th. The real estate investment trust reported $0.82 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.12 by ($0.30). The company had revenue of $1.25 billion for the quarter, compared to analyst estimates of $1.09 billion. Prologis had a return on equity of 9.85% and a net margin of 75.72%. The business’s quarterly revenue was up 8.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.01 EPS. Research analysts forecast that Prologis, Inc. will post 5.17 EPS for the current year.
Prologis Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 30th. Shareholders of record on Thursday, September 15th will be given a dividend of $0.79 per share. The ex-dividend date of this dividend is Wednesday, September 14th. This represents a $3.16 annualized dividend and a yield of 2.53%. Prologis’s dividend payout ratio (DPR) is presently 63.20%.
Prologis, Inc is the global leader in logistics real estate with a focus on high-barrier, high-growth markets. As of December 31, 2020, 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 984 million square feet (91 million square meters) in 19 countries.
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