State of Michigan Retirement System Sells 16,351 Shares of Prologis, Inc. (NYSE:PLD)

State of Michigan Retirement System decreased its position in shares of Prologis, Inc. (NYSE:PLD) by 6.1% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 251,367 shares of the real estate investment trust’s stock after selling 16,351 shares during the period. State of Michigan Retirement System’s holdings in Prologis were worth $26,569,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in the company. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of Prologis by 534.7% in the third 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 worth $1,280,928,000 after purchasing an additional 8,545,336 shares during the period. Janus Henderson Group PLC increased its position in shares of Prologis by 145.0% in the third quarter. Janus Henderson Group PLC now owns 3,613,494 shares of the real estate investment trust’s stock worth $456,320,000 after purchasing an additional 2,138,693 shares during the period. Cardano Risk Management B.V. bought a new position in shares of Prologis in the third quarter worth $109,579,000. Jennison Associates LLC increased its position in shares of Prologis by 395.3% in the fourth quarter. Jennison Associates LLC now owns 1,039,333 shares of the real estate investment trust’s stock worth $109,858,000 after purchasing an additional 829,504 shares during the period. Finally, State Street Corp increased its position in shares of 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. Institutional investors own 93.50% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently commented on PLD. Robert W. Baird raised their price target on Prologis from $123.00 to $124.00 and gave the stock an “outperform” rating in a research report on Thursday, January 30th. BMO Capital Markets cut Prologis from a “market perform” rating to an “underperform” rating and decreased their price target for the stock from $120.00 to $104.00 in a research report on Friday, December 6th. Raymond James reiterated a “market perform” rating on shares of Prologis in a research report on Monday, February 3rd. Truist Financial lifted their target price on Prologis from $121.00 to $123.00 and gave the company a “buy” rating in a research report on Monday, January 27th. Finally, Baird R W upgraded Prologis from a “hold” rating to a “strong-buy” rating in a research report on Monday, January 6th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, eleven have issued a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $128.78.

Prologis Price Performance

Prologis stock opened at $123.48 on Tuesday. The stock’s 50 day moving average is $114.66 and its 200 day moving average is $118.00. 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 cap of $114.45 billion, a P/E ratio of 30.87, a P/E/G 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 business also recently disclosed 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 is a positive change from Prologis’s previous quarterly dividend of $0.96. This represents a $4.04 dividend on an annualized basis and a dividend yield of 3.27%. The ex-dividend date of this dividend is Tuesday, March 18th. Prologis’s payout ratio is currently 101.00%.

Insider Buying and Selling

In related news, CIO Joseph Ghazal sold 10,997 shares of Prologis 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 transaction, the executive now directly owns 7,977 shares of the company’s stock, valued at $947,188.98. The trade was a 57.96 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.50% of the stock is owned by 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.