DAVENPORT & Co LLC Buys 13,666 Shares of Prologis, Inc. $PLD

DAVENPORT & Co LLC grew its stake in shares of Prologis, Inc. (NYSE:PLD) by 36.7% during the third quarter, Holdings Channel.com reports. The institutional investor owned 50,912 shares of the real estate investment trust’s stock after acquiring an additional 13,666 shares during the quarter. DAVENPORT & Co LLC’s holdings in Prologis were worth $5,830,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of PLD. Vanguard Group Inc. raised its position in shares of Prologis by 0.3% in the 2nd quarter. Vanguard Group Inc. now owns 121,741,332 shares of the real estate investment trust’s stock valued at $12,797,449,000 after acquiring an additional 401,922 shares during the period. State Street Corp raised its holdings in Prologis by 1.9% in the second quarter. State Street Corp now owns 58,640,842 shares of the real estate investment trust’s stock worth $6,164,325,000 after purchasing an additional 1,088,544 shares during the period. Geode Capital Management LLC raised its holdings in Prologis by 1.4% in the second quarter. Geode Capital Management LLC now owns 22,416,833 shares of the real estate investment trust’s stock worth $2,345,922,000 after purchasing an additional 310,333 shares during the period. Massachusetts Financial Services Co. MA boosted its position in shares of Prologis by 1.6% during the second quarter. Massachusetts Financial Services Co. MA now owns 16,506,899 shares of the real estate investment trust’s stock worth $1,735,205,000 after purchasing an additional 253,338 shares in the last quarter. Finally, Norges Bank acquired a new position in shares of Prologis in the 2nd quarter valued at $1,288,936,000. 93.50% of the stock is currently owned by institutional investors and hedge funds.

Prologis Stock Up 0.9%

NYSE:PLD opened at $128.94 on Friday. The stock has a 50-day simple moving average of $126.52 and a 200 day simple moving average of $115.88. Prologis, Inc. has a 52-week low of $85.35 and a 52-week high of $131.70. The company has a market cap of $119.77 billion, a PE ratio of 37.59, a PEG ratio of 3.97 and a beta of 1.40. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.64 and a current ratio of 0.64.

Prologis (NYSE:PLD) last released its quarterly earnings results on Tuesday, October 28th. The real estate investment trust reported $0.82 earnings per share for the quarter. The firm had revenue of $2.21 billion during the quarter. Prologis had a return on equity of 5.55% and a net margin of 36.71%. On average, sell-side analysts expect that Prologis, Inc. will post 5.73 EPS for the current fiscal year.

Prologis Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 31st. Investors of record on Tuesday, December 16th will be issued a dividend of $1.01 per share. The ex-dividend date is Tuesday, December 16th. This represents a $4.04 annualized dividend and a yield of 3.1%. Prologis’s dividend payout ratio is presently 117.78%.

Wall Street Analyst Weigh In

Several analysts recently commented on PLD shares. Scotiabank raised their price objective on Prologis from $127.00 to $133.00 and gave the stock a “sector perform” rating in a research note on Monday, November 10th. Industrial Alliance Securities set a $119.00 price target on Prologis in a research report on Monday, October 20th. Mizuho boosted their price objective on Prologis from $118.00 to $138.00 and gave the company an “outperform” rating in a research report on Thursday, December 4th. BMO Capital Markets raised Prologis from an “underperform” rating to a “market perform” rating and set a $119.00 target price for the company in a research note on Monday, October 20th. Finally, UBS Group set a $138.00 price target on shares of Prologis in a research note on Thursday, December 4th. Two analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and six have given a Hold rating to the stock. According to MarketBeat, Prologis has a consensus rating of “Moderate Buy” and an average price target of $127.00.

Insiders Place Their Bets

In other Prologis news, Director Cristina Gabriela Bita sold 621 shares of Prologis stock in a transaction on Monday, December 1st. The shares were sold at an average price of $127.60, for a total value of $79,239.60. Following the sale, the director directly owned 8,208 shares in the company, valued at approximately $1,047,340.80. The trade was a 7.03% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders have sold a total of 1,621 shares of company stock valued at $198,655 over the last ninety days. 0.57% of the stock is currently owned by company insiders.

Prologis Profile

Prologis, Inc is a real estate investment trust (REIT) specializing in logistics and distribution facilities. The company focuses on acquiring, developing, and managing high-quality industrial real estate assets that support supply chain infrastructure for third-party logistics providers, e-commerce businesses, retailers and manufacturers. Its portfolio primarily consists of warehouse and distribution centers designed to optimize goods movement and storage near key transportation hubs.

With a global presence, Prologis serves customers across the Americas, Europe and Asia Pacific.