Northside Capital Management LLC acquired a new position in Prologis Inc (NYSE:PLD) in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 2,900 shares of the real estate investment trust’s stock, valued at approximately $247,000.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Prestige Wealth Management Group LLC purchased a new position in Prologis in the 2nd quarter worth approximately $39,000. Thor Advisors LLC purchased a new position in Prologis in the 1st quarter worth approximately $37,000. Hexavest Inc. purchased a new position in Prologis in the 2nd quarter worth approximately $42,000. HM Payson & Co. purchased a new position in Prologis in the 2nd quarter worth approximately $43,000. Finally, Meeder Asset Management Inc. raised its holdings in Prologis by 4,300.0% in the 2nd quarter. Meeder Asset Management Inc. now owns 660 shares of the real estate investment trust’s stock worth $53,000 after acquiring an additional 645 shares during the last quarter. Institutional investors own 95.99% of the company’s stock.
In other news, insider Eugene F. Reilly sold 12,500 shares of the business’s stock in a transaction on Wednesday, July 31st. The shares were sold at an average price of $81.72, for a total transaction of $1,021,500.00. Following the completion of the sale, the insider now owns 10,685 shares of the company’s stock, valued at approximately $873,178.20. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Thomas S. Olinger sold 13,051 shares of the business’s stock in a transaction on Tuesday, July 23rd. The shares were sold at an average price of $82.25, for a total transaction of $1,073,444.75. Following the sale, the chief financial officer now directly owns 20,667 shares of the company’s stock, valued at approximately $1,699,860.75. The disclosure for this sale can be found here. 1.10% of the stock is currently owned by insiders.
Prologis (NYSE:PLD) last announced its earnings results on Monday, July 15th. The real estate investment trust reported $0.60 earnings per share for the quarter, missing analysts’ consensus estimates of $0.76 by ($0.16). The company had revenue of $700.69 million for the quarter, compared to analysts’ expectations of $704.19 million. Prologis had a net margin of 55.04% and a return on equity of 6.55%. Prologis’s quarterly revenue was up 28.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.71 earnings per share. As a group, sell-side analysts forecast that Prologis Inc will post 3.27 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Friday, September 20th were paid a dividend of $0.53 per share. The ex-dividend date was Thursday, September 19th. This represents a $2.12 dividend on an annualized basis and a yield of 2.46%. Prologis’s dividend payout ratio is presently 69.97%.
A number of brokerages recently weighed in on PLD. Evercore ISI set a $80.00 price objective on shares of Prologis and gave the stock a “hold” rating in a report on Monday, August 12th. ValuEngine lowered shares of Prologis from a “buy” rating to a “hold” rating in a report on Wednesday, October 2nd. Deutsche Bank boosted their price objective on shares of Prologis from $74.00 to $82.00 and gave the stock a “buy” rating in a report on Thursday, July 18th. SunTrust Banks boosted their price objective on shares of Prologis from $81.00 to $89.00 and gave the stock a “buy” rating in a report on Tuesday, August 13th. Finally, BMO Capital Markets restated a “buy” rating and issued a $85.00 price objective on shares of Prologis in a report on Wednesday, July 17th. Six analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average price target of $79.68.
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.
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