Piedmont Investment Advisors Inc. Decreases Stake in Prologis Inc (PLD)
Piedmont Investment Advisors Inc. lowered its position in Prologis Inc (NYSE:PLD) by 15.4% in the 1st quarter, HoldingsChannel reports. The fund owned 132,107 shares of the real estate investment trust’s stock after selling 24,091 shares during the quarter. Piedmont Investment Advisors Inc.’s holdings in Prologis were worth $9,505,000 as of its most recent SEC filing.
Several other large investors have also recently made changes to their positions in PLD. Vanguard Group Inc raised its position in shares of Prologis by 17.4% in the 3rd quarter. Vanguard Group Inc now owns 81,760,597 shares of the real estate investment trust’s stock worth $5,542,552,000 after acquiring an additional 12,095,509 shares in the last quarter. Norges Bank bought a new position in shares of Prologis in the 4th quarter worth approximately $314,275,000. Oregon Public Employees Retirement Fund raised its position in shares of Prologis by 5,700.0% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 4,003,295 shares of the real estate investment trust’s stock worth $68,000 after acquiring an additional 3,934,273 shares in the last quarter. Daiwa Securities Group Inc. raised its position in shares of Prologis by 27.4% in the 4th quarter. Daiwa Securities Group Inc. now owns 6,949,148 shares of the real estate investment trust’s stock worth $408,054,000 after acquiring an additional 1,496,078 shares in the last quarter. Finally, BlackRock Inc. raised its position in shares of Prologis by 2.0% in the 4th quarter. BlackRock Inc. now owns 66,632,462 shares of the real estate investment trust’s stock worth $3,912,659,000 after acquiring an additional 1,302,676 shares in the last quarter. 94.52% of the stock is owned by hedge funds and other institutional investors.
Several research firms recently weighed in on PLD. Zacks Investment Research downgraded Prologis from a “buy” rating to a “hold” rating in a research note on Friday, May 10th. BMO Capital Markets restated a “buy” rating and issued a $70.00 price target on shares of Prologis in a research note on Sunday, April 21st. Citigroup upped their price target on Prologis from $73.00 to $86.00 and gave the stock a “buy” rating in a research note on Tuesday, April 30th. Goldman Sachs Group began coverage on Prologis in a research note on Wednesday, May 15th. They issued a “conviction-buy” rating on the stock. Finally, Robert W. Baird downgraded Prologis from an “outperform” rating to a “neutral” rating and cut their price target for the stock from $73.00 to $71.00 in a research note on Friday, March 1st. Four research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company has an average rating of “Buy” and an average price target of $74.15.
Prologis (NYSE:PLD) last issued its earnings results on Tuesday, April 16th. The real estate investment trust reported $0.73 EPS for the quarter, beating the consensus estimate of $0.72 by $0.01. Prologis had a return on equity of 6.83% and a net margin of 56.56%. The business had revenue of $696.80 million for the quarter, compared to the consensus estimate of $687.21 million. During the same period last year, the business posted $0.80 EPS. The company’s revenue was up 25.3% compared to the same quarter last year. On average, analysts expect that Prologis Inc will post 3.22 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Thursday, June 13th will be paid a dividend of $0.53 per share. The ex-dividend date of this dividend is Wednesday, June 12th. This represents a $2.12 annualized dividend and a yield of 2.78%. Prologis’s dividend payout ratio is 69.97%.
In other news, insider Edward S. Nekritz sold 16,059 shares of the stock in a transaction on Thursday, March 21st. The stock was sold at an average price of $71.86, for a total transaction of $1,153,999.74. Following the transaction, the insider now directly owns 51,792 shares of the company’s stock, valued at approximately $3,721,773.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Edward S. Nekritz sold 30,671 shares of the stock in a transaction on Wednesday, April 24th. The shares were sold at an average price of $75.01, for a total value of $2,300,631.71. Following the transaction, the insider now directly owns 21,121 shares in the company, valued at $1,584,286.21. The disclosure for this sale can be found here. Company insiders own 1.10% of the company’s stock.
TRADEMARK VIOLATION NOTICE: This story was originally posted by TheOlympiaReport and is the property of of TheOlympiaReport. If you are reading this story on another publication, it was copied illegally and republished in violation of U.S. and international copyright laws. The legal version of this story can be viewed at https://theolympiareport.com/2019/05/23/piedmont-investment-advisors-inc-decreases-stake-in-prologis-inc-pld.html.
Prologis Company Profile
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.
Featured Story: How to Invest in an Index Fund
Want to see what other hedge funds are holding PLD? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Prologis Inc (NYSE:PLD).
Receive News & Ratings for Prologis Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Prologis and related companies with MarketBeat.com's FREE daily email newsletter.