Prologis, Inc. (NYSE:PLD) Stock Holdings Cut by Legal & General Group Plc

Legal & General Group Plc lessened its position in Prologis, Inc. (NYSE:PLD) by 16.3% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 10,365,517 shares of the real estate investment trust’s stock after selling 2,013,087 shares during the period. Legal & General Group Plc owned approximately 1.12% of Prologis worth $1,095,635,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Invesco Ltd. boosted its position in shares of Prologis by 0.4% during the 4th quarter. Invesco Ltd. now owns 11,577,456 shares of the real estate investment trust’s stock valued at $1,223,737,000 after purchasing an additional 44,702 shares in the last quarter. Employees Retirement System of Texas grew its position in Prologis by 2.9% in the fourth quarter. Employees Retirement System of Texas now owns 960,055 shares of the real estate investment trust’s stock worth $101,478,000 after buying an additional 27,000 shares during the last quarter. FMR LLC lifted its position in shares of Prologis by 11.7% during the 4th quarter. FMR LLC now owns 17,878,397 shares of the real estate investment trust’s stock valued at $1,889,747,000 after acquiring an additional 1,875,978 shares during the last quarter. Federated Hermes Inc. lifted its position in shares of Prologis by 0.5% during the 4th quarter. Federated Hermes Inc. now owns 2,927,825 shares of the real estate investment trust’s stock valued at $309,471,000 after acquiring an additional 15,055 shares during the last quarter. Finally, MIG Capital LLC acquired a new position in shares of Prologis in the 4th quarter worth $16,849,000. Institutional investors and hedge funds own 93.50% of the company’s stock.

Prologis Trading Down 3.4 %

Shares of NYSE:PLD opened at $98.10 on Monday. The firm has a fifty day moving average price of $116.86 and a 200 day moving average price of $115.46. The company has a current ratio of 0.75, a quick ratio of 0.43 and a debt-to-equity ratio of 0.53. Prologis, Inc. has a 1 year low of $95.34 and a 1 year high of $132.57. The stock has a market capitalization of $90.94 billion, a PE ratio of 24.53, a P/E/G ratio of 2.70 and a beta of 1.20.

Prologis Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Tuesday, March 18th were paid a $1.01 dividend. This represents a $4.04 dividend on an annualized basis and a dividend yield of 4.12%. This is a boost from Prologis’s previous quarterly dividend of $0.96. The ex-dividend date was Tuesday, March 18th. Prologis’s payout ratio is presently 101.00%.

Insiders Place Their Bets

In other news, CIO Joseph Ghazal sold 10,997 shares of the firm’s stock in a transaction on Wednesday, February 5th. The shares were sold at an average price of $118.74, for a total value of $1,305,783.78. Following the sale, the executive now owns 7,977 shares in the company, valued at approximately $947,188.98. This trade represents a 57.96 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 0.50% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the company. Royal Bank of Canada lifted their price target on Prologis from $125.00 to $128.00 and gave the stock a “sector perform” rating in a research note on Monday, January 27th. Wolfe Research cut their price target on shares of Prologis from $135.00 to $128.00 and set an “overweight” rating on the stock in a report on Friday, January 17th. Truist Financial upped their price target on shares of Prologis from $121.00 to $123.00 and gave the company a “buy” rating in a research report on Monday, January 27th. Scotiabank lowered their price objective on shares of Prologis from $134.00 to $133.00 and set a “sector outperform” rating on the stock in a research report on Monday, January 27th. Finally, Mizuho reduced their target price on Prologis from $119.00 to $117.00 and set a “neutral” rating for the company in a report on Wednesday, January 8th. One research analyst has rated the stock with a sell rating, seven have given a hold rating, eleven have issued a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $128.78.

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.