Covington Investment Advisors Inc. Lowers Stock Position in Prologis, Inc. (NYSE:PLD)

Covington Investment Advisors Inc. cut its holdings in Prologis, Inc. (NYSE:PLD) by 3.7% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 44,599 shares of the real estate investment trust’s stock after selling 1,695 shares during the quarter. Covington Investment Advisors Inc.’s holdings in Prologis were worth $4,714,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of the business. State Street Corp grew its holdings in Prologis by 1.4% in the third quarter. State Street Corp now owns 57,413,342 shares of the real estate investment trust’s stock worth $7,250,157,000 after purchasing an additional 767,609 shares during the period. Geode Capital Management LLC boosted its position in shares of Prologis by 0.9% in the 3rd quarter. Geode Capital Management LLC now owns 20,761,980 shares of the real estate investment trust’s stock worth $2,612,395,000 after purchasing an additional 194,472 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of Prologis by 1.7% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 10,402,731 shares of the real estate investment trust’s stock worth $1,099,569,000 after buying an additional 173,531 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in Prologis by 534.7% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 10,143,554 shares of the real estate investment trust’s stock valued at $1,280,928,000 after buying an additional 8,545,336 shares in the last quarter. Finally, Norges Bank purchased a new position in Prologis during the fourth quarter valued at $951,263,000. 93.50% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, CIO Joseph Ghazal sold 10,997 shares of the firm’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 directly owns 7,977 shares of the company’s stock, valued at $947,188.98. This trade represents a 57.96 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.50% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the company. Raymond James reissued a “market perform” rating on shares of Prologis in a research note on Monday, February 3rd. Wolfe Research reduced their price objective on shares of Prologis from $135.00 to $128.00 and set an “overweight” rating for the company in a research note on Friday, January 17th. UBS Group lifted their target price on shares of Prologis from $121.00 to $137.00 and gave the stock a “buy” rating in a report on Tuesday, January 28th. Royal Bank of Canada increased their price target on shares of Prologis from $125.00 to $128.00 and gave the company a “sector perform” rating in a report on Monday, January 27th. Finally, Baird R W upgraded shares of Prologis from a “hold” rating to a “strong-buy” rating in a report on Monday, January 6th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, eleven have given a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $128.78.

Prologis Price Performance

PLD stock opened at $110.95 on Friday. Prologis, Inc. has a 52 week low of $100.82 and a 52 week high of $132.57. The firm has a market capitalization of $102.84 billion, a P/E ratio of 27.74, a price-to-earnings-growth ratio of 2.70 and a beta of 1.09. The company has a fifty day simple moving average of $117.72 and a two-hundred day simple moving average of $116.59. 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 declared a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Tuesday, March 18th will be given a $1.01 dividend. The ex-dividend date is Tuesday, March 18th. This represents a $4.04 annualized dividend and a yield of 3.64%. This is a positive change from Prologis’s previous quarterly dividend of $0.96. Prologis’s dividend payout ratio (DPR) is currently 101.00%.

About Prologis

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.