Independence Bank of Kentucky Buys 365 Shares of Prologis, Inc. (NYSE:PLD)

Independence Bank of Kentucky grew its stake in shares of Prologis, Inc. (NYSE:PLD) by 38.2% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,320 shares of the real estate investment trust’s stock after buying an additional 365 shares during the period. Independence Bank of Kentucky’s holdings in Prologis were worth $172,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently modified their holdings of PLD. Kestra Advisory Services LLC acquired a new stake in shares of Prologis during the third quarter worth about $260,000. Bank of Nova Scotia grew its stake in Prologis by 12.9% in the third quarter. Bank of Nova Scotia now owns 92,178 shares of the real estate investment trust’s stock valued at $10,343,000 after purchasing an additional 10,526 shares in the last quarter. Sherbrooke Park Advisers LLC grew its stake in Prologis by 110.1% in the third quarter. Sherbrooke Park Advisers LLC now owns 3,991 shares of the real estate investment trust’s stock valued at $448,000 after purchasing an additional 2,091 shares in the last quarter. Ancora Advisors LLC boosted its stake in shares of Prologis by 14.1% during the 3rd quarter. Ancora Advisors LLC now owns 874 shares of the real estate investment trust’s stock worth $98,000 after acquiring an additional 108 shares during the period. Finally, Gotham Asset Management LLC boosted its stake in shares of Prologis by 53.1% during the 3rd quarter. Gotham Asset Management LLC now owns 43,359 shares of the real estate investment trust’s stock worth $4,865,000 after acquiring an additional 15,047 shares during the period. Institutional investors and hedge funds own 93.50% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently commented on PLD shares. StockNews.com downgraded Prologis from a “hold” rating to a “sell” rating in a research note on Friday, June 21st. Robert W. Baird reduced their target price on Prologis from $137.00 to $117.00 and set a “neutral” rating for the company in a research note on Wednesday, May 1st. The Goldman Sachs Group reduced their target price on Prologis from $163.00 to $140.00 and set a “buy” rating for the company in a research note on Monday, April 22nd. JPMorgan Chase & Co. reduced their target price on Prologis from $143.00 to $128.00 and set an “overweight” rating for the company in a research note on Thursday, April 25th. Finally, Scotiabank reduced their target price on Prologis from $149.00 to $130.00 and set a “sector outperform” rating for the company in a research note on Thursday, May 16th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $129.76.

Prologis Price Performance

NYSE PLD traded up $0.96 during midday trading on Friday, hitting $112.31. The company had a trading volume of 5,436,382 shares, compared to its average volume of 4,492,900. The company has a current ratio of 0.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.51. Prologis, Inc. has a twelve month low of $96.64 and a twelve month high of $137.52. The company has a market capitalization of $103.98 billion, a PE ratio of 32.85, a P/E/G ratio of 2.48 and a beta of 1.07. The firm has a 50-day moving average price of $108.14 and a 200-day moving average price of $121.83.

Prologis Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Monday, June 17th were issued a $0.96 dividend. The ex-dividend date was Monday, June 17th. This represents a $3.84 dividend on an annualized basis and a yield of 3.42%. Prologis’s payout ratio is presently 112.28%.

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.