Westpac Banking Corp lowered its position in Prologis Inc (NYSE:PLD) by 3.9% in the 1st quarter, Holdings Channel reports. The fund owned 841,482 shares of the real estate investment trust’s stock after selling 34,105 shares during the period. Prologis accounts for about 1.0% of Westpac Banking Corp’s holdings, making the stock its 9th biggest position. Westpac Banking Corp’s holdings in Prologis were worth $60,545,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also recently made changes to their positions in PLD. Cipher Capital LP purchased a new stake in shares of Prologis in the fourth quarter valued at approximately $4,142,000. Phocas Financial Corp. grew its holdings in shares of Prologis by 78.5% during the fourth quarter. Phocas Financial Corp. now owns 35,214 shares of the real estate investment trust’s stock worth $2,068,000 after buying an additional 15,491 shares during the last quarter. Candriam Luxembourg S.C.A. grew its holdings in shares of Prologis by 3.3% during the fourth quarter. Candriam Luxembourg S.C.A. now owns 88,103 shares of the real estate investment trust’s stock worth $5,173,000 after buying an additional 2,819 shares during the last quarter. State Treasurer State of Michigan grew its holdings in shares of Prologis by 0.8% during the first quarter. State Treasurer State of Michigan now owns 181,611 shares of the real estate investment trust’s stock worth $13,067,000 after buying an additional 1,400 shares during the last quarter. Finally, Cerity Partners LLC grew its holdings in shares of Prologis by 15.5% during the fourth quarter. Cerity Partners LLC now owns 49,807 shares of the real estate investment trust’s stock worth $2,925,000 after buying an additional 6,667 shares during the last quarter. 95.46% of the stock is owned by institutional investors.
NYSE:PLD traded up $0.19 during mid-day trading on Wednesday, reaching $79.02. The stock had a trading volume of 87,790 shares, compared to its average volume of 2,381,071. The company has a quick ratio of 0.36, a current ratio of 0.36 and a debt-to-equity ratio of 0.42. The company has a market cap of $49.59 billion, a P/E ratio of 26.08, a PEG ratio of 4.35 and a beta of 1.00. Prologis Inc has a twelve month low of $55.21 and a twelve month high of $78.89.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Thursday, June 13th will be given a $0.53 dividend. The ex-dividend date of this dividend is Wednesday, June 12th. This represents a $2.12 dividend on an annualized basis and a yield of 2.68%. Prologis’s payout ratio is currently 69.97%.
In other news, insider Edward S. Nekritz sold 16,059 shares of Prologis stock in a transaction that occurred on Thursday, March 21st. The shares were sold at an average price of $71.86, for a total transaction of $1,153,999.74. Following the completion of the sale, the insider now directly owns 51,792 shares in the company, valued at approximately $3,721,773.12. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Edward S. Nekritz sold 30,671 shares of Prologis stock in a transaction that occurred on Wednesday, April 24th. The shares were sold at an average price of $75.01, for a total transaction of $2,300,631.71. Following the sale, the insider now owns 21,121 shares of the company’s stock, valued at $1,584,286.21. The disclosure for this sale can be found here. 1.10% of the stock is owned by company insiders.
A number of research firms recently issued reports on PLD. Barclays reissued a “buy” rating on shares of Prologis in a report on Thursday, February 21st. Zacks Investment Research raised Prologis from a “hold” rating to a “buy” rating and set a $84.00 price target on the stock in a report on Friday, April 26th. BMO Capital Markets reissued a “buy” rating and set a $70.00 price target on shares of Prologis in a report on Sunday, April 21st. Citigroup set a $86.00 price target on Prologis and gave the stock a “buy” rating in a report on Thursday, June 6th. Finally, Morgan Stanley raised their price target on Prologis from $75.00 to $78.50 and gave the stock an “overweight” rating in a report on Monday, June 3rd. Four equities research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average price target of $74.46.
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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