QRG Capital Management Inc. Raises Stake in Prologis, Inc. (NYSE:PLD)

QRG Capital Management Inc. increased its stake in shares of Prologis, Inc. (NYSE:PLD) by 16.3% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 100,697 shares of the real estate investment trust’s stock after buying an additional 14,132 shares during the period. QRG Capital Management Inc.’s holdings in Prologis were worth $10,644,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. AMF Tjanstepension AB raised its holdings in shares of Prologis by 267.9% in the 3rd quarter. AMF Tjanstepension AB now owns 1,875,612 shares of the real estate investment trust’s stock worth $236,879,000 after purchasing an additional 1,365,811 shares during the period. Assenagon Asset Management S.A. raised its stake in shares of Prologis by 14.5% in the third quarter. Assenagon Asset Management S.A. now owns 28,534 shares of the real estate investment trust’s stock valued at $3,603,000 after buying an additional 3,614 shares during the period. Wealth Enhancement Advisory Services LLC lifted its position in shares of Prologis by 0.7% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 46,210 shares of the real estate investment trust’s stock valued at $5,835,000 after buying an additional 327 shares during the last quarter. Integrated Advisors Network LLC grew its stake in shares of Prologis by 2.4% during the 3rd quarter. Integrated Advisors Network LLC now owns 5,442 shares of the real estate investment trust’s stock worth $687,000 after acquiring an additional 126 shares during the period. Finally, Pinnacle Associates Ltd. increased its holdings in Prologis by 10.8% in the 3rd quarter. Pinnacle Associates Ltd. now owns 62,853 shares of the real estate investment trust’s stock worth $8,378,000 after acquiring an additional 6,124 shares during the last quarter. Hedge funds and other institutional investors own 93.50% of the company’s stock.

Analysts Set New Price Targets

PLD has been the topic of several recent research reports. UBS Group upped their price objective on shares of Prologis from $121.00 to $137.00 and gave the company a “buy” rating in a report on Tuesday, January 28th. Robert W. Baird raised their price objective on shares of Prologis from $123.00 to $124.00 and gave the stock an “outperform” rating in a report on Thursday, January 30th. Baird R W upgraded shares of Prologis from a “hold” rating to a “strong-buy” rating in a research note on Monday, January 6th. BMO Capital Markets lowered Prologis from a “market perform” rating to an “underperform” rating and cut their price target for the stock from $120.00 to $104.00 in a report on Friday, December 6th. Finally, Scotiabank decreased their price objective on Prologis from $134.00 to $133.00 and set a “sector outperform” rating on the stock in a research note on Monday, January 27th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, eleven have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $128.78.

Prologis Price Performance

Shares of NYSE:PLD opened at $122.91 on Friday. The company’s fifty day moving average price is $113.87 and its 200-day moving average price is $118.05. The company has a debt-to-equity ratio of 0.53, a current ratio of 0.75 and a quick ratio of 0.43. The firm has a market capitalization of $113.92 billion, a price-to-earnings ratio of 30.73, a PEG ratio of 2.70 and a beta of 1.10. Prologis, Inc. has a one year low of $100.82 and a one year high of $135.76.

Prologis Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Tuesday, March 18th will be paid a $1.01 dividend. This represents a $4.04 dividend on an annualized basis and a yield of 3.29%. 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 is currently 101.00%.

Insider Buying and Selling at Prologis

In other Prologis news, CIO Joseph Ghazal sold 10,997 shares of the company’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 of the company’s stock, valued at $947,188.98. This represents a 57.96 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.56% of the company’s stock.

Prologis 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.