CIBC Asset Management Inc Buys 19,029 Shares of Prologis, Inc. (NYSE:PLD)

CIBC Asset Management Inc boosted its position in shares of Prologis, Inc. (NYSE:PLD) by 11.3% in the 3rd quarter, Holdings Channel.com reports. The fund owned 187,992 shares of the real estate investment trust’s stock after purchasing an additional 19,029 shares during the period. CIBC Asset Management Inc’s holdings in Prologis were worth $23,740,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Semmax Financial Advisors Inc. bought a new position in shares of Prologis in the second quarter worth approximately $27,000. American Capital Advisory LLC purchased a new position in Prologis in the 2nd quarter worth approximately $26,000. Central Valley Advisors LLC bought a new position in shares of Prologis in the 2nd quarter worth $29,000. Sunbelt Securities Inc. raised its position in shares of Prologis by 640.0% during the 2nd quarter. Sunbelt Securities Inc. now owns 259 shares of the real estate investment trust’s stock valued at $29,000 after buying an additional 224 shares in the last quarter. Finally, Wetzel Investment Advisors Inc. purchased a new stake in shares of Prologis during the 2nd quarter valued at $31,000. Hedge funds and other institutional investors own 93.50% of the company’s stock.

Insider Activity at Prologis

In related news, CIO Joseph Ghazal sold 5,200 shares of the company’s stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $129.07, for a total value of $671,164.00. Following the sale, the executive now directly owns 13,187 shares of the company’s stock, valued at $1,702,046.09. This represents a 28.28 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.50% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the stock. Royal Bank of Canada lowered shares of Prologis from an “outperform” rating to a “sector perform” rating and upped their target price for the stock from $124.00 to $127.00 in a research report on Monday, August 5th. Morgan Stanley upped their price objective on Prologis from $132.00 to $133.00 and gave the stock an “overweight” rating in a report on Wednesday, August 14th. Evercore ISI raised their price objective on Prologis from $124.00 to $128.00 and gave the company an “in-line” rating in a report on Monday, September 16th. Wells Fargo & Company boosted their target price on Prologis from $142.00 to $146.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 28th. Finally, Bank of America reiterated a “neutral” rating and set a $128.00 price target on shares of Prologis in a research report on Monday, August 12th. Eight analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $131.12.

Prologis Stock Down 1.2 %

Shares of NYSE:PLD opened at $113.38 on Friday. The stock’s 50-day moving average is $121.62 and its 200 day moving average is $117.88. The company has a market cap of $105.01 billion, a PE ratio of 34.25, a P/E/G ratio of 3.06 and a beta of 1.08. The company has a debt-to-equity ratio of 0.56, a current ratio of 0.43 and a quick ratio of 0.43. Prologis, Inc. has a 1 year low of $101.11 and a 1 year high of $137.52.

Prologis (NYSE:PLD) last posted its earnings results 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). Prologis had a net margin of 39.08% and a return on equity of 5.34%. The business had revenue of $1.90 billion for the quarter, compared to analysts’ expectations of $1.91 billion. During the same period last year, the firm posted $1.30 earnings per share. Prologis’s quarterly revenue was up 6.9% on a year-over-year basis. Sell-side analysts anticipate that Prologis, Inc. will post 5.45 EPS for the current year.

Prologis Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Monday, September 16th were paid a dividend of $0.96 per share. This represents a $3.84 dividend on an annualized basis and a dividend yield of 3.39%. The ex-dividend date was Monday, September 16th. Prologis’s payout ratio is 116.01%.

Prologis 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.