Van ECK Associates Corp Purchases 46,779 Shares of Prologis, Inc. (NYSE:PLD)

Van ECK Associates Corp raised its holdings in Prologis, Inc. (NYSE:PLD) by 13.3% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 399,022 shares of the real estate investment trust’s stock after buying an additional 46,779 shares during the quarter. Van ECK Associates Corp’s holdings in Prologis were worth $53,189,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Thompson Investment Management Inc. acquired a new position in Prologis in the fourth quarter valued at approximately $28,000. FinTrust Capital Advisors LLC grew its holdings in Prologis by 966.7% in the third quarter. FinTrust Capital Advisors LLC now owns 256 shares of the real estate investment trust’s stock worth $29,000 after purchasing an additional 232 shares during the period. Salem Investment Counselors Inc. acquired a new position in shares of Prologis during the fourth quarter valued at about $37,000. FNY Investment Advisers LLC bought a new stake in Prologis in the 4th quarter worth about $39,000. Finally, Valley National Advisers Inc. increased its stake in shares of Prologis by 178.6% during the 3rd quarter. Valley National Advisers Inc. now owns 390 shares of the real estate investment trust’s stock worth $44,000 after purchasing an additional 250 shares during the last quarter. 93.50% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several analysts have weighed in on PLD shares. Morgan Stanley boosted their price target on shares of Prologis from $128.00 to $141.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 24th. Barclays cut their target price on shares of Prologis from $135.00 to $123.00 and set an “overweight” rating for the company in a report on Monday. Evercore ISI dropped their target price on shares of Prologis from $136.00 to $123.00 and set an “in-line” rating on the stock in a research note on Thursday, April 18th. UBS Group lowered their target price on shares of Prologis from $151.00 to $138.00 and set a “buy” rating for the company in a research note on Thursday, April 18th. Finally, Raymond James lifted their price objective on Prologis from $130.00 to $145.00 and gave the stock a “strong-buy” rating in a report on Wednesday, January 24th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $133.53.

Prologis Price Performance

Shares of PLD traded down $1.92 during mid-day trading on Tuesday, hitting $103.09. The company’s stock had a trading volume of 1,099,247 shares, compared to its average volume of 3,446,240. The company has a current ratio of 0.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.51. The firm has a 50-day simple moving average of $124.49 and a 200 day simple moving average of $121.98. Prologis, Inc. has a 1-year low of $96.64 and a 1-year high of $137.52. The firm has a market capitalization of $95.44 billion, a P/E ratio of 30.71, a P/E/G ratio of 2.17 and a beta of 1.00.

Prologis Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Monday, March 18th were issued a $0.96 dividend. The ex-dividend date was Friday, March 15th. This represents a $3.84 dividend on an annualized basis and a yield of 3.72%. This is a positive change from Prologis’s previous quarterly dividend of $0.87. Prologis’s payout ratio is currently 112.28%.

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.