The Manufacturers Life Insurance Company Purchases 9,147 Shares of Prologis, Inc. (NYSE:PLD)

The Manufacturers Life Insurance Company lifted its position in Prologis, Inc. (NYSE:PLD) by 1.3% during the 3rd quarter, Holdings Channel reports. The firm owned 728,921 shares of the real estate investment trust’s stock after buying an additional 9,147 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Prologis were worth $92,048,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in PLD. Swedbank AB increased its position in Prologis by 9.2% in the 2nd quarter. Swedbank AB now owns 5,002,274 shares of the real estate investment trust’s stock valued at $561,805,000 after acquiring an additional 420,687 shares in the last quarter. Envestnet Portfolio Solutions Inc. increased its position in Prologis by 36.1% in the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 162,990 shares of the real estate investment trust’s stock valued at $18,305,000 after acquiring an additional 43,235 shares in the last quarter. Sunflower Bank N.A. acquired a new stake in Prologis in the 3rd quarter valued at about $249,000. Cetera Advisors LLC increased its position in Prologis by 118.7% in the 1st quarter. Cetera Advisors LLC now owns 37,992 shares of the real estate investment trust’s stock valued at $4,947,000 after acquiring an additional 20,623 shares in the last quarter. Finally, Abundance Wealth Counselors acquired a new stake in Prologis in the 2nd quarter valued at about $973,000. Institutional investors own 93.50% of the company’s stock.

Analyst Ratings Changes

Several research firms have weighed in on PLD. Royal Bank of Canada cut shares of Prologis from an “outperform” rating to a “sector perform” rating and raised their price objective for the company from $124.00 to $127.00 in a research report on Monday, August 5th. Morgan Stanley lifted their price target on shares of Prologis from $132.00 to $133.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 14th. Wells Fargo & Company lifted their price target on shares of Prologis from $142.00 to $146.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 28th. 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. Finally, The Goldman Sachs Group reiterated a “neutral” rating and set a $132.00 price target (down previously from $142.00) on shares of Prologis in a research report on Monday, October 21st. Eight research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Prologis currently has an average rating of “Moderate Buy” and a consensus price target of $131.25.

Prologis Price Performance

NYSE:PLD opened at $117.81 on Thursday. Prologis, Inc. has a one year low of $101.11 and a one year high of $137.52. The company has a market cap of $109.11 billion, a P/E ratio of 35.59, a P/E/G ratio of 3.45 and a beta of 1.08. The firm’s fifty day moving average price is $119.09 and its two-hundred day moving average price is $118.61. 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 (NYSE:PLD) last released its quarterly earnings data on Wednesday, October 16th. The real estate investment trust reported $1.08 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 company had revenue of $1.90 billion during the quarter, compared to analyst estimates of $1.91 billion. During the same quarter in the prior year, the firm earned $1.30 earnings per share. Prologis’s revenue for the quarter was up 6.9% on a year-over-year basis. Equities analysts expect that Prologis, Inc. will post 5.45 earnings per share for the current year.

Prologis Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Monday, September 16th were issued a $0.96 dividend. The ex-dividend date of this dividend was Monday, September 16th. This represents a $3.84 annualized dividend and a dividend yield of 3.26%. Prologis’s dividend payout ratio is currently 116.01%.

Prologis Company 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.