Prudential Financial Inc. Sells 11,056 Shares of Prologis, Inc. (NYSE:PLD)

Prudential Financial Inc. lessened its holdings in Prologis, Inc. (NYSE:PLD) by 0.3% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 3,880,533 shares of the real estate investment trust’s stock after selling 11,056 shares during the period. Prologis makes up about 0.6% of Prudential Financial Inc.’s investment portfolio, making the stock its 25th largest position. Prudential Financial Inc. owned about 0.42% of Prologis worth $410,172,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Syntax Research Inc. raised its position in shares of Prologis by 7.8% during the 4th quarter. Syntax Research Inc. now owns 34,064 shares of the real estate investment trust’s stock valued at $3,601,000 after buying an additional 2,462 shares in the last quarter. Congress Wealth Management LLC DE raised its position in Prologis by 7.4% during the fourth quarter. Congress Wealth Management LLC DE now owns 20,930 shares of the real estate investment trust’s stock valued at $2,212,000 after purchasing an additional 1,449 shares during the period. Cannon Global Investment Management LLC bought a new stake in shares of Prologis in the 4th quarter valued at approximately $613,000. Crowley Wealth Management Inc. purchased a new position in shares of Prologis in the 4th quarter worth approximately $27,000. Finally, LPL Financial LLC lifted its holdings in shares of Prologis by 16.8% in the 4th quarter. LPL Financial LLC now owns 951,459 shares of the real estate investment trust’s stock worth $100,569,000 after acquiring an additional 136,545 shares during the last quarter. Hedge funds and other institutional investors own 93.50% of the company’s stock.

Prologis Stock Performance

PLD opened at $108.27 on Monday. The company has a market cap of $100.35 billion, a P/E ratio of 27.07, a price-to-earnings-growth ratio of 2.70 and a beta of 1.09. Prologis, Inc. has a 52-week low of $100.82 and a 52-week high of $132.57. The company has a quick ratio of 0.43, a current ratio of 0.75 and a debt-to-equity ratio of 0.53. The firm’s 50-day moving average price is $117.54 and its 200-day moving average price is $116.92.

Prologis Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Tuesday, March 18th will be paid a dividend of $1.01 per share. This is an increase from Prologis’s previous quarterly dividend of $0.96. This represents a $4.04 annualized dividend and a dividend yield of 3.73%. The ex-dividend date of this dividend is Tuesday, March 18th. Prologis’s payout ratio is presently 101.00%.

Insider Activity

In related news, CIO Joseph Ghazal sold 10,997 shares of Prologis stock in a transaction dated Wednesday, February 5th. The stock was sold at an average price of $118.74, for a total transaction of $1,305,783.78. Following the completion of the sale, the executive now owns 7,977 shares of the company’s stock, valued at $947,188.98. The trade was a 57.96 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 0.50% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the company. BNP Paribas upgraded Prologis to a “strong-buy” rating in a report on Wednesday, January 22nd. Royal Bank of Canada upped their price target on shares of Prologis from $125.00 to $128.00 and gave the stock a “sector perform” rating in a report on Monday, January 27th. Scotiabank decreased their price objective on shares of Prologis from $134.00 to $133.00 and set a “sector outperform” rating for the company in a report on Monday, January 27th. Robert W. Baird raised their target price on shares of Prologis from $123.00 to $124.00 and gave the stock an “outperform” rating in a research report on Thursday, January 30th. Finally, UBS Group upped their target price on Prologis from $121.00 to $137.00 and gave the stock a “buy” rating in a report on Tuesday, January 28th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, eleven have assigned a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $128.78.

About Prologis

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.