Migdal Insurance & Financial Holdings Ltd. Purchases New Shares in Prologis, Inc. (NYSE:PLD)

Migdal Insurance & Financial Holdings Ltd. acquired a new stake in Prologis, Inc. (NYSE:PLD) during the fourth quarter, according to its most recent filing with the SEC. The firm acquired 308,000 shares of the real estate investment trust’s stock, valued at approximately $41,056,000.

A number of other hedge funds have also recently bought and sold shares of PLD. Massachusetts Financial Services Co. MA raised its holdings in Prologis by 6.7% during the third quarter. Massachusetts Financial Services Co. MA now owns 16,519,324 shares of the real estate investment trust’s stock worth $1,853,633,000 after acquiring an additional 1,034,211 shares in the last quarter. FMR LLC increased its position in Prologis by 1.2% during the third quarter. FMR LLC now owns 16,224,729 shares of the real estate investment trust’s stock worth $1,820,577,000 after buying an additional 197,693 shares during the last quarter. Morgan Stanley increased its position in Prologis by 48.0% during the fourth quarter. Morgan Stanley now owns 14,577,827 shares of the real estate investment trust’s stock worth $1,643,359,000 after buying an additional 4,729,040 shares during the last quarter. Northern Trust Corp increased its position in Prologis by 0.7% during the third quarter. Northern Trust Corp now owns 12,721,262 shares of the real estate investment trust’s stock worth $1,427,453,000 after buying an additional 92,036 shares during the last quarter. Finally, Principal Financial Group Inc. increased its position in Prologis by 2.3% during the third quarter. Principal Financial Group Inc. now owns 12,201,657 shares of the real estate investment trust’s stock worth $1,369,140,000 after buying an additional 268,667 shares during the last quarter. 93.50% of the stock is currently owned by institutional investors.

Prologis Stock Down 6.2 %

PLD traded down $7.15 during midday trading on Wednesday, reaching $107.59. The company’s stock had a trading volume of 6,814,534 shares, compared to its average volume of 3,296,722. The firm has a market capitalization of $99.53 billion, a price-to-earnings ratio of 34.87, a PEG ratio of 2.31 and a beta of 1.00. The company has a current ratio of 0.30, a quick ratio of 0.30 and a debt-to-equity ratio of 0.50. Prologis, Inc. has a 1 year low of $96.64 and a 1 year high of $137.52. The stock’s 50-day moving average is $129.44 and its 200-day moving average is $122.30.

Prologis (NYSE:PLD) last announced its quarterly earnings data on Wednesday, January 17th. The real estate investment trust reported $0.68 earnings per share for the quarter, missing analysts’ consensus estimates of $1.26 by ($0.58). The business had revenue of $1.89 billion during the quarter, compared to analysts’ expectations of $1.85 billion. Prologis had a return on equity of 5.29% and a net margin of 38.13%. Prologis’s revenue for the quarter was up 7.8% compared to the same quarter last year. During the same quarter last year, the company posted $1.24 EPS. As a group, research analysts expect that Prologis, Inc. will post 5.5 EPS for the current year.

Prologis Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Monday, March 18th were issued a dividend of $0.96 per share. This is a boost from Prologis’s previous quarterly dividend of $0.87. The ex-dividend date was Friday, March 15th. This represents a $3.84 dividend on an annualized basis and a dividend yield of 3.57%. Prologis’s dividend payout ratio is presently 116.72%.

Analysts Set New Price Targets

PLD has been the topic of several research reports. Robert W. Baird upped their target price on Prologis from $133.00 to $137.00 and gave the company a “neutral” rating in a research report on Tuesday, January 23rd. Barclays dropped their price target on Prologis from $153.00 to $141.00 and set an “overweight” rating for the company in a research note on Wednesday, March 27th. Evercore ISI reaffirmed an “in-line” rating and set a $136.00 target price on shares of Prologis in a research report on Monday, March 18th. Raymond James raised their target price on Prologis from $130.00 to $145.00 and gave the stock a “strong-buy” rating in a research report on Wednesday, January 24th. Finally, TheStreet raised Prologis from a “c+” rating to a “b-” rating in a research report on Friday, January 26th. Four investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $141.67.

Prologis Profile

Prologis, Inc is the global leader in logistics real estate with a focus on high-barrier, high-growth markets. At December 31, 2023, 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.