State of Michigan Retirement System Acquires 200 Shares of Prologis, Inc. (NYSE:PLD)

State of Michigan Retirement System raised its holdings in shares of Prologis, Inc. (NYSE:PLD) by 0.1% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 267,218 shares of the real estate investment trust’s stock after buying an additional 200 shares during the period. State of Michigan Retirement System’s holdings in Prologis were worth $34,797,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Optimum Investment Advisors purchased a new stake in Prologis in the 1st quarter worth approximately $26,000. True Wealth Design LLC bought a new position in shares of Prologis in the fourth quarter worth approximately $27,000. Thompson Investment Management Inc. purchased a new stake in shares of Prologis in the fourth quarter worth $28,000. JFS Wealth Advisors LLC raised its position in shares of Prologis by 254.5% during the 4th quarter. JFS Wealth Advisors LLC now owns 234 shares of the real estate investment trust’s stock valued at $31,000 after purchasing an additional 168 shares during the period. Finally, Clear Investment Research LLC lifted its stake in shares of Prologis by 188.1% during the 4th quarter. Clear Investment Research LLC now owns 242 shares of the real estate investment trust’s stock valued at $32,000 after buying an additional 158 shares in the last quarter. 93.50% of the stock is currently owned by institutional investors.

Prologis Stock Performance

NYSE:PLD traded up $1.26 during trading hours on Tuesday, hitting $113.21. 2,805,900 shares of the company were exchanged, compared to its average volume of 3,747,795. The company’s 50 day moving average price is $108.29 and its 200-day moving average price is $121.60. The stock has a market capitalization of $104.81 billion, a price-to-earnings ratio of 33.08, a PEG ratio of 2.50 and a beta of 1.06. Prologis, Inc. has a 52-week low of $96.64 and a 52-week high of $137.52. The company has a debt-to-equity ratio of 0.51, a current ratio of 0.29 and a quick ratio of 0.29.

Prologis Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Monday, June 17th were given a $0.96 dividend. This represents a $3.84 annualized dividend and a dividend yield of 3.39%. The ex-dividend date of this dividend was Monday, June 17th. Prologis’s payout ratio is 112.28%.

Analyst Upgrades and Downgrades

PLD has been the subject of a number of analyst reports. Scotiabank decreased their price target on Prologis from $149.00 to $130.00 and set a “sector outperform” rating on the stock in a report on Thursday, May 16th. Barclays cut their price target on Prologis from $135.00 to $123.00 and set an “overweight” rating for the company in a report on Monday, April 29th. The Goldman Sachs Group decreased their price target on shares of Prologis from $163.00 to $140.00 and set a “buy” rating on the stock in a research note on Monday, April 22nd. Royal Bank of Canada decreased their price objective on Prologis from $145.00 to $124.00 and set an “outperform” rating on the stock in a research report on Monday, May 6th. Finally, UBS Group lowered their price target on Prologis from $151.00 to $138.00 and set a “buy” rating for the company in a research report on Thursday, April 18th. One analyst has rated the stock with a sell rating, four have issued a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Prologis presently has an average rating of “Moderate Buy” and an average price target of $129.76.

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.