Sherman Asset Management Inc. Acquires Shares of 1,329 Prologis, Inc. (NYSE:PLD)

Sherman Asset Management Inc. acquired a new stake in Prologis, Inc. (NYSE:PLD) during the fourth quarter, according to its most recent filing with the SEC. The firm acquired 1,329 shares of the real estate investment trust’s stock, valued at approximately $140,000.

A number of other hedge funds have also recently bought and sold shares of PLD. HM Payson & Co. boosted its position in Prologis by 20.4% in the 3rd quarter. HM Payson & Co. now owns 589 shares of the real estate investment trust’s stock valued at $74,000 after buying an additional 100 shares during the last quarter. Stephens Inc. AR lifted its stake in shares of Prologis by 2.3% in the 3rd quarter. Stephens Inc. AR now owns 52,631 shares of the real estate investment trust’s stock valued at $6,646,000 after purchasing an additional 1,173 shares during the period. Principal Securities Inc. lifted its stake in shares of Prologis by 16.7% in the 3rd quarter. Principal Securities Inc. now owns 21,259 shares of the real estate investment trust’s stock valued at $2,685,000 after purchasing an additional 3,045 shares during the period. Focus Financial Network Inc. acquired a new position in shares of Prologis in the 3rd quarter valued at $299,000. Finally, Gladstone Institutional Advisory LLC lifted its stake in shares of Prologis by 3.7% in the 3rd quarter. Gladstone Institutional Advisory LLC now owns 4,028 shares of the real estate investment trust’s stock valued at $509,000 after purchasing an additional 144 shares during the period. 93.50% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on the company. Scotiabank cut their price target 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. Barclays increased their price target on Prologis from $131.00 to $132.00 and gave the company an “overweight” rating in a research note on Monday, November 18th. Royal Bank of Canada increased their price target on Prologis from $125.00 to $128.00 and gave the company a “sector perform” rating in a research note on Monday, January 27th. BNP Paribas raised Prologis to a “strong-buy” rating in a research note on Wednesday, January 22nd. Finally, BTIG Research cut their price target on Prologis from $154.00 to $134.00 and set a “buy” rating on the stock in a research note on Friday, January 17th. One 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, Prologis currently has a consensus rating of “Moderate Buy” and an average price target of $128.78.

Prologis Price Performance

PLD stock opened at $123.88 on Friday. The stock has a 50-day moving average price of $114.28 and a two-hundred day moving average price of $118.05. The stock has a market cap of $114.82 billion, a PE ratio of 30.97, a price-to-earnings-growth ratio of 2.70 and a beta of 1.10. 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 $100.82 and a 1 year high of $135.76.

Prologis Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Tuesday, March 18th will be issued a dividend of $1.01 per share. This represents a $4.04 dividend on an annualized basis and a yield of 3.26%. 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 101.00%.

Insider Activity

In other news, CIO Joseph Ghazal sold 10,997 shares of the firm’s stock in a transaction dated 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 transaction, the executive now owns 7,977 shares in the company, valued at $947,188.98. This trade represents a 57.96 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.50% of the stock is owned by corporate insiders.

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.