Destination Wealth Management Cuts Position in Prologis, Inc. (NYSE:PLD)

Destination Wealth Management lessened its holdings in Prologis, Inc. (NYSE:PLD) by 15.9% during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 3,788 shares of the real estate investment trust’s stock after selling 716 shares during the period. Destination Wealth Management’s holdings in Prologis were worth $400,000 at the end of the most recent reporting period.

A number of other hedge funds also recently modified their holdings of the stock. Centricity Wealth Management LLC bought a new stake in Prologis during the 4th quarter valued at $30,000. Dunhill Financial LLC increased its holdings in shares of Prologis by 239.5% in the third quarter. Dunhill Financial LLC now owns 258 shares of the real estate investment trust’s stock worth $33,000 after purchasing an additional 182 shares during the period. Whipplewood Advisors LLC bought a new position in shares of Prologis in the fourth quarter worth $34,000. Promus Capital LLC bought a new position in shares of Prologis in the fourth quarter worth $34,000. Finally, Hara Capital LLC bought a new position in shares of Prologis in the third quarter worth $48,000. Institutional investors own 93.50% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. Mizuho decreased their price target on shares of Prologis from $119.00 to $117.00 and set a “neutral” rating on the stock in a report on Wednesday, January 8th. Raymond James reaffirmed a “market perform” rating on shares of Prologis in a report on Monday, February 3rd. Wolfe Research decreased 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. Royal Bank of Canada upped their target price on shares of Prologis from $125.00 to $128.00 and gave the stock a “sector perform” rating in a research report on Monday, January 27th. Finally, Robert W. Baird upped their target price on shares of Prologis from $123.00 to $124.00 and gave the stock an “outperform” rating in a research report on Thursday, January 30th. One analyst has rated the stock with a sell rating, seven have issued a hold rating, eleven have assigned 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 a consensus target price of $128.78.

Prologis Stock Performance

Shares of NYSE:PLD opened at $119.89 on Friday. The company has a market cap of $111.12 billion, a price-to-earnings ratio of 29.97, a price-to-earnings-growth ratio of 2.70 and a beta of 1.09. The company has a 50-day moving average price of $115.96 and a 200-day moving average price of $118.02. 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 12 month low of $100.82 and a 12 month high of $135.76.

Prologis Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Tuesday, March 18th will be paid a dividend of $1.01 per share. This represents a $4.04 annualized dividend and a dividend yield of 3.37%. This is an increase from Prologis’s previous quarterly dividend of $0.96. The ex-dividend date of this dividend is Tuesday, March 18th. Prologis’s dividend payout ratio is 101.00%.

Insider Activity

In other news, CIO Joseph Ghazal sold 10,997 shares of the company’s stock in a transaction dated Wednesday, February 5th. The shares were sold at an average price of $118.74, for a total transaction of $1,305,783.78. Following the completion of the transaction, the executive now directly owns 7,977 shares of the company’s stock, valued at approximately $947,188.98. This 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. Insiders own 0.50% 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.