Camden National Bank boosted its holdings in shares of Prologis Inc (NYSE:PLD) by 99.5% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 52,752 shares of the real estate investment trust’s stock after purchasing an additional 26,311 shares during the quarter. Camden National Bank’s holdings in Prologis were worth $4,496,000 at the end of the most recent reporting period.
Other hedge funds have also modified their holdings of the company. Prestige Wealth Management Group LLC purchased a new position in Prologis during the second quarter worth approximately $39,000. Thor Advisors LLC purchased a new position in shares of Prologis in the first quarter valued at approximately $37,000. Hexavest Inc. purchased a new position in shares of Prologis in the second quarter valued at approximately $42,000. HM Payson & Co. purchased a new position in shares of Prologis in the second quarter valued at approximately $43,000. Finally, Meeder Asset Management Inc. lifted its position in shares of Prologis by 4,300.0% in the second quarter. Meeder Asset Management Inc. now owns 660 shares of the real estate investment trust’s stock valued at $53,000 after acquiring an additional 645 shares in the last quarter. Institutional investors own 95.99% of the company’s stock.
Several equities analysts have recently weighed in on PLD shares. ValuEngine downgraded Prologis from a “buy” rating to a “hold” rating in a research report on Wednesday, October 2nd. KeyCorp lifted their price objective on Prologis from $79.00 to $86.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 10th. Evercore ISI set a $80.00 price objective on Prologis and gave the stock a “hold” rating in a research report on Monday, August 12th. Deutsche Bank lifted their price objective on Prologis from $74.00 to $82.00 and gave the stock a “buy” rating in a research report on Thursday, July 18th. Finally, BMO Capital Markets reiterated a “buy” rating and set a $85.00 price objective on shares of Prologis in a research report on Wednesday, July 17th. Six equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company’s stock. Prologis presently has a consensus rating of “Buy” and an average target price of $79.68.
Shares of NYSE PLD traded up $0.07 during trading on Friday, reaching $85.88. The stock had a trading volume of 102,583 shares, compared to its average volume of 2,059,746. Prologis Inc has a fifty-two week low of $55.21 and a fifty-two week high of $86.94. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.54 and a current ratio of 0.54. The business’s 50-day moving average price is $84.44 and its 200-day moving average price is $79.41. The company has a market cap of $53.73 billion, a P/E ratio of 28.33, a PEG ratio of 4.59 and a beta of 1.01.
Prologis (NYSE:PLD) last issued its quarterly earnings data on Monday, July 15th. The real estate investment trust reported $0.60 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.76 by ($0.16). Prologis had a net margin of 55.04% and a return on equity of 6.55%. The firm had revenue of $700.69 million during the quarter, compared to analyst estimates of $704.19 million. During the same period in the previous year, the firm posted $0.71 earnings per share. The company’s quarterly revenue was up 28.6% compared to the same quarter last year. Analysts forecast that Prologis Inc will post 3.27 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Friday, September 20th were paid a dividend of $0.53 per share. The ex-dividend date of this dividend was Thursday, September 19th. This represents a $2.12 annualized dividend and a yield of 2.47%. Prologis’s payout ratio is 69.97%.
In related news, insider Eugene F. Reilly sold 12,500 shares of the business’s stock in a transaction on Wednesday, July 31st. The stock was sold at an average price of $81.72, for a total transaction of $1,021,500.00. Following the completion of the transaction, the insider now directly owns 10,685 shares of the company’s stock, valued at approximately $873,178.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Thomas S. Olinger sold 13,051 shares of the business’s stock in a transaction on Tuesday, July 23rd. The stock was sold at an average price of $82.25, for a total value of $1,073,444.75. Following the transaction, the chief financial officer now directly owns 20,667 shares of the company’s stock, valued at $1,699,860.75. The disclosure for this sale can be found here. Insiders own 1.10% of the company’s stock.
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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