Balboa Wealth Partners Purchases Shares of 2,075 Prologis, Inc. (NYSE:PLD)

Balboa Wealth Partners acquired a new position in shares of Prologis, Inc. (NYSE:PLD) during the 3rd quarter, according to its most recent filing with the SEC. The institutional investor acquired 2,075 shares of the real estate investment trust’s stock, valued at approximately $262,000.

Several other hedge funds have also modified their holdings of the stock. Blair William & Co. IL increased its holdings in shares of Prologis by 16.0% during the 1st quarter. Blair William & Co. IL now owns 29,186 shares of the real estate investment trust’s stock worth $3,801,000 after buying an additional 4,020 shares during the last quarter. Nwam LLC raised its holdings in shares of Prologis by 49.9% in the 1st quarter. Nwam LLC now owns 2,827 shares of the real estate investment trust’s stock worth $368,000 after purchasing an additional 941 shares during the period. Banco Santander S.A. acquired a new position in shares of Prologis in the 1st quarter valued at about $470,000. M&G Plc purchased a new stake in shares of Prologis during the 1st quarter worth about $378,000. Finally, First Foundation Advisors increased its position in Prologis by 13.1% during the 1st quarter. First Foundation Advisors now owns 1,969 shares of the real estate investment trust’s stock worth $256,000 after purchasing an additional 228 shares in the last quarter. 93.50% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, CIO Joseph Ghazal sold 5,200 shares of Prologis stock in a transaction dated Friday, August 23rd. The shares were 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 in the company, valued at $1,702,046.09. This trade represents a 28.28 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 0.50% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the stock. The Goldman Sachs Group reaffirmed a “neutral” rating and set a $132.00 price target (down from $142.00) on shares of Prologis in a research report on Monday, October 21st. Truist Financial upped their price target on shares of Prologis from $125.00 to $137.00 and gave the stock a “buy” rating in a research report on Monday, August 5th. Morgan Stanley boosted their price objective on Prologis from $132.00 to $133.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 14th. Barclays lowered their target price on Prologis from $142.00 to $131.00 and set an “overweight” rating for the company in a research note on Thursday, October 10th. Finally, Royal Bank of Canada lowered 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 report on Monday, August 5th. 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’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $131.12.

Prologis Price Performance

Shares of PLD opened at $113.38 on Friday. The stock has a 50 day moving average of $121.62 and a 200-day moving average of $117.88. Prologis, Inc. has a 52 week low of $101.11 and a 52 week high of $137.52. The firm has a market cap of $105.01 billion, a price-to-earnings ratio of 34.25, a PEG ratio of 3.06 and a beta of 1.08. The company has a current ratio of 0.43, a quick ratio of 0.43 and a debt-to-equity ratio of 0.56.

Prologis (NYSE:PLD) last issued its earnings results on Wednesday, October 16th. The real estate investment trust reported $1.08 earnings per share for the quarter, missing analysts’ consensus estimates of $1.37 by ($0.29). Prologis had a return on equity of 5.34% and a net margin of 39.08%. The business had revenue of $1.90 billion for the quarter, compared to analyst estimates of $1.91 billion. During the same period last year, the company posted $1.30 earnings per share. The firm’s revenue for the quarter was up 6.9% on a year-over-year basis. As a group, analysts forecast that Prologis, Inc. will post 5.45 EPS for the current year.

Prologis Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Monday, September 16th were given 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.