Norges Bank Makes New Investment in Prologis, Inc. (NYSE:PLD)

Norges Bank bought a new position in shares of Prologis, Inc. (NYSE:PLD) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 8,999,653 shares of the real estate investment trust’s stock, valued at approximately $951,263,000. Norges Bank owned 0.97% of Prologis as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently made changes to their positions in the company. Loomis Sayles & Co. L P raised its holdings in Prologis by 9.2% in the fourth quarter. Loomis Sayles & Co. L P now owns 1,346 shares of the real estate investment trust’s stock worth $142,000 after purchasing an additional 113 shares in the last quarter. NEOS Investment Management LLC increased its stake in shares of Prologis by 31.5% in the 4th quarter. NEOS Investment Management LLC now owns 56,655 shares of the real estate investment trust’s stock worth $5,988,000 after acquiring an additional 13,587 shares in the last quarter. UniSuper Management Pty Ltd lifted its position in Prologis by 4.6% during the 4th quarter. UniSuper Management Pty Ltd now owns 319,821 shares of the real estate investment trust’s stock valued at $33,805,000 after acquiring an additional 14,159 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in Prologis by 8.0% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 2,090,875 shares of the real estate investment trust’s stock worth $220,859,000 after acquiring an additional 155,768 shares in the last quarter. Finally, Tyler Stone Wealth Management grew its holdings in Prologis by 19.2% in the fourth quarter. Tyler Stone Wealth Management now owns 2,612 shares of the real estate investment trust’s stock worth $276,000 after purchasing an additional 421 shares during the period. Institutional investors own 93.50% of the company’s stock.

Prologis Stock Performance

PLD opened at $110.95 on Friday. The company’s 50 day moving average is $117.72 and its 200 day moving average is $116.59. The company has a current ratio of 0.75, a quick ratio of 0.43 and a debt-to-equity ratio of 0.53. The company has a market cap of $102.84 billion, a price-to-earnings ratio of 27.74, a PEG ratio of 2.70 and a beta of 1.09. Prologis, Inc. has a 12-month low of $100.82 and a 12-month high of $132.57.

Prologis Increases Dividend

The firm also recently declared 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 represents a $4.04 annualized dividend and a dividend yield of 3.64%. The ex-dividend date of this dividend is Tuesday, March 18th. This is a boost from Prologis’s previous quarterly dividend of $0.96. Prologis’s dividend payout ratio (DPR) is currently 101.00%.

Insider Transactions at Prologis

In related news, CIO Joseph Ghazal sold 10,997 shares of Prologis stock in a transaction on 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 transaction, the executive now directly owns 7,977 shares in the company, valued at approximately $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 Securities & Exchange Commission, which is accessible through the SEC website. 0.50% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of analysts have recently commented on the company. BTIG Research dropped their price target on Prologis from $154.00 to $134.00 and set a “buy” rating on the stock in a research report on Friday, January 17th. BNP Paribas raised shares of Prologis to a “strong-buy” rating in a report on Wednesday, January 22nd. Mizuho cut their price target on shares of Prologis from $119.00 to $117.00 and set a “neutral” rating on the stock in a report on Wednesday, January 8th. Royal Bank of Canada boosted their price objective 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. Finally, UBS Group increased their target price on Prologis from $121.00 to $137.00 and gave the company a “buy” rating in a research note on Tuesday, January 28th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, eleven have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $128.78.

Prologis Company 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.