Brown Brothers Harriman & Co. Raises Stake in Prologis, Inc. (NYSE:PLD)

Brown Brothers Harriman & Co. raised its holdings in Prologis, Inc. (NYSE:PLD) by 5.1% during the third quarter, HoldingsChannel reports. The firm owned 4,132 shares of the real estate investment trust’s stock after buying an additional 202 shares during the period. Brown Brothers Harriman & Co.’s holdings in Prologis were worth $522,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in PLD. Swedbank AB acquired a new position in Prologis in the 1st quarter valued at about $596,614,000. Barrow Hanley Mewhinney & Strauss LLC acquired a new stake in Prologis during the 2nd quarter worth approximately $203,223,000. AMF Tjanstepension AB grew its stake in shares of Prologis by 267.9% in the 3rd quarter. AMF Tjanstepension AB now owns 1,875,612 shares of the real estate investment trust’s stock valued at $236,879,000 after purchasing an additional 1,365,811 shares during the last quarter. Federated Hermes Inc. increased its holdings in shares of Prologis by 326.3% in the second quarter. Federated Hermes Inc. now owns 1,774,932 shares of the real estate investment trust’s stock valued at $199,343,000 after purchasing an additional 1,358,542 shares during the period. Finally, 1832 Asset Management L.P. raised its stake in shares of Prologis by 137.7% during the second quarter. 1832 Asset Management L.P. now owns 1,856,632 shares of the real estate investment trust’s stock worth $208,518,000 after purchasing an additional 1,075,614 shares during the last quarter. 93.50% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. Evercore ISI lifted their price objective on shares of Prologis from $124.00 to $128.00 and gave the company an “in-line” rating in a research report on Monday, September 16th. Morgan Stanley raised their target price on shares of Prologis from $132.00 to $133.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 14th. Royal Bank of Canada lowered shares of 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 note on Monday, August 5th. Barclays increased their price target on shares of Prologis from $131.00 to $132.00 and gave the stock an “overweight” rating in a report on Monday, November 18th. Finally, Truist Financial lifted their price objective on Prologis from $125.00 to $137.00 and gave the company a “buy” rating in a report on Monday, August 5th. Eight equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $131.25.

Prologis Stock Performance

NYSE PLD opened at $116.16 on Wednesday. The business has a 50 day moving average price of $119.27 and a 200 day moving average price of $118.61. The company has a market capitalization of $107.58 billion, a P/E ratio of 35.09, a PEG ratio of 3.05 and a beta of 1.08. Prologis, Inc. has a 1-year low of $101.11 and a 1-year high of $137.52. 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 announced its quarterly 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 net margin of 39.08% and a return on equity of 5.34%. The firm had revenue of $1.90 billion during the quarter, compared to analysts’ expectations of $1.91 billion. During the same quarter in the prior year, the business earned $1.30 EPS. The company’s quarterly revenue was up 6.9% compared to the same quarter last year. Sell-side analysts expect that Prologis, Inc. will post 5.45 EPS for the current fiscal year.

Prologis Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 30th. Shareholders 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 yield of 3.31%. The ex-dividend date was Monday, September 16th. Prologis’s 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.