State of New Jersey Common Pension Fund D Cuts Stock Position in Prologis, Inc. $PLD

State of New Jersey Common Pension Fund D lessened its stake in shares of Prologis, Inc. (NYSE:PLD) by 2.4% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 739,742 shares of the real estate investment trust’s stock after selling 18,500 shares during the quarter. State of New Jersey Common Pension Fund D owned about 0.08% of Prologis worth $77,762,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of PLD. Nuveen LLC purchased a new position in Prologis in the first quarter worth $1,456,768,000. Valeo Financial Advisors LLC raised its position in Prologis by 282.5% in the first quarter. Valeo Financial Advisors LLC now owns 3,875,386 shares of the real estate investment trust’s stock worth $433,229,000 after acquiring an additional 2,862,183 shares in the last quarter. Price T Rowe Associates Inc. MD raised its position in Prologis by 13.0% in the first quarter. Price T Rowe Associates Inc. MD now owns 9,965,037 shares of the real estate investment trust’s stock worth $1,113,994,000 after acquiring an additional 1,146,454 shares in the last quarter. Strs Ohio purchased a new position in Prologis in the first quarter worth $98,308,000. Finally, Vanguard Group Inc. raised its position in Prologis by 0.7% in the first quarter. Vanguard Group Inc. now owns 121,339,410 shares of the real estate investment trust’s stock worth $13,564,533,000 after acquiring an additional 869,310 shares in the last quarter. Hedge funds and other institutional investors own 93.50% of the company’s stock.

Insider Transactions at Prologis

In other Prologis news, Director Cristina Gabriela Bita sold 1,000 shares of the company’s stock in a transaction dated Wednesday, September 3rd. The shares were sold at an average price of $111.00, for a total value of $111,000.00. Following the transaction, the director directly owned 9,829 shares in the company, valued at approximately $1,091,019. This represents a 9.23% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Lori A. Palazzolo sold 25,000 shares of the firm’s stock in a transaction dated Tuesday, August 26th. The stock was sold at an average price of $111.33, for a total value of $2,783,250.00. Following the completion of the sale, the chief accounting officer directly owned 414 shares in the company, valued at approximately $46,090.62. The trade was a 98.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 26,500 shares of company stock worth $2,952,095. 0.57% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the company. Citigroup dropped their price target on Prologis from $150.00 to $140.00 and set a “buy” rating for the company in a research report on Wednesday, July 23rd. Bank of America upgraded Prologis from a “neutral” rating to a “buy” rating and raised their price target for the company from $118.00 to $130.00 in a research report on Tuesday, September 16th. BMO Capital Markets upgraded Prologis from an “underperform” rating to a “market perform” rating and set a $119.00 price target for the company in a research report on Monday. Weiss Ratings restated a “hold (c)” rating on shares of Prologis in a research report on Wednesday, October 8th. Finally, Evercore ISI raised their price target on Prologis from $113.00 to $116.00 and gave the company an “in-line” rating in a research report on Thursday, October 16th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and seven have given a Hold rating to the company’s stock. According to MarketBeat.com, Prologis has a consensus rating of “Moderate Buy” and an average target price of $124.44.

Prologis Price Performance

NYSE:PLD opened at $126.60 on Friday. The firm has a market cap of $117.57 billion, a price-to-earnings ratio of 36.91, a price-to-earnings-growth ratio of 3.19 and a beta of 1.28. The company has a current ratio of 0.20, a quick ratio of 0.65 and a debt-to-equity ratio of 0.62. The company’s 50-day moving average is $115.20 and its two-hundred day moving average is $109.00. Prologis, Inc. has a 12-month low of $85.35 and a 12-month high of $127.50.

Prologis (NYSE:PLD) last released its earnings results on Wednesday, October 15th. The real estate investment trust reported $1.49 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.44 by $0.05. The company had revenue of $2.05 billion for the quarter, compared to analyst estimates of $2.03 billion. Prologis had a net margin of 36.71% and a return on equity of 5.55%. The firm’s quarterly revenue was up 8.6% on a year-over-year basis. During the same period in the prior year, the firm earned $1.43 EPS. Prologis has set its FY 2025 guidance at 5.780-5.810 EPS. Research analysts expect that Prologis, Inc. will post 5.73 EPS for the current year.

Prologis Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 16th were issued a $1.01 dividend. This represents a $4.04 dividend on an annualized basis and a yield of 3.2%. The ex-dividend date was Tuesday, September 16th. Prologis’s dividend payout ratio is 117.78%.

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.