Cannell & Spears LLC Trims Stake in Prologis, Inc. (NYSE:PLD)

Cannell & Spears LLC cut its stake in shares of Prologis, Inc. (NYSE:PLD) by 12.3% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 177,837 shares of the real estate investment trust’s stock after selling 24,970 shares during the period. Cannell & Spears LLC’s holdings in Prologis were worth $18,797,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of the stock. Empirical Asset Management LLC lifted its position in shares of Prologis by 339.0% during the 4th quarter. Empirical Asset Management LLC now owns 68,584 shares of the real estate investment trust’s stock valued at $7,249,000 after buying an additional 52,963 shares in the last quarter. Cardano Risk Management B.V. lifted its holdings in Prologis by 2.9% during the fourth quarter. Cardano Risk Management B.V. now owns 893,009 shares of the real estate investment trust’s stock valued at $94,391,000 after purchasing an additional 25,266 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Prologis by 29.8% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 784,360 shares of the real estate investment trust’s stock worth $82,907,000 after purchasing an additional 179,880 shares during the period. Worldquant Millennium Advisors LLC purchased a new stake in shares of Prologis in the third quarter worth $1,051,000. Finally, Banco Santander S.A. raised its position in shares of Prologis by 88.0% during the 4th quarter. Banco Santander S.A. now owns 4,683 shares of the real estate investment trust’s stock valued at $495,000 after purchasing an additional 2,192 shares during the period. Institutional investors own 93.50% of the company’s stock.

Insiders Place Their Bets

In related news, CIO Joseph Ghazal sold 10,997 shares of the business’s stock in a transaction that occurred on Wednesday, February 5th. The stock was sold at an average price of $118.74, for a total value of $1,305,783.78. Following the completion of the sale, the executive now 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.50% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the company. BTIG Research cut their price target on Prologis from $154.00 to $134.00 and set a “buy” rating for the company in a research note on Friday, January 17th. Raymond James reissued a “market perform” rating on shares of Prologis in a report on Monday, February 3rd. Scotiabank cut 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. BMO Capital Markets cut shares of Prologis from a “market perform” rating to an “underperform” rating and reduced their price objective for the company from $120.00 to $104.00 in a research report on Friday, December 6th. Finally, UBS Group upped their target price on shares of Prologis from $121.00 to $137.00 and gave the stock a “buy” rating in a research report on Tuesday, January 28th. One analyst has rated the stock with a sell rating, seven have issued a hold rating, eleven have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, Prologis currently has an average rating of “Moderate Buy” and a consensus target price of $128.78.

Prologis Stock Performance

Shares of Prologis stock opened at $110.37 on Monday. Prologis, Inc. has a 52 week low of $100.82 and a 52 week high of $132.57. The company has a market capitalization of $102.29 billion, a PE ratio of 27.59, a price-to-earnings-growth ratio of 2.70 and a beta of 1.09. The stock’s fifty day moving average is $117.74 and its two-hundred day moving average is $116.24. The company has a quick ratio of 0.43, a current ratio of 0.75 and a debt-to-equity ratio of 0.53.

Prologis Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Tuesday, March 18th will be issued a dividend of $1.01 per share. This is a positive change from Prologis’s previous quarterly dividend of $0.96. The ex-dividend date of this dividend is Tuesday, March 18th. This represents a $4.04 dividend on an annualized basis and a yield of 3.66%. Prologis’s dividend payout ratio (DPR) is presently 101.00%.

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.