Zions Bancorporation N.A. Buys 16,178 Shares of Prologis, Inc. (NYSE:PLD)

Zions Bancorporation N.A. grew its stake in Prologis, Inc. (NYSE:PLD) by 32.8% during the fourth quarter, HoldingsChannel reports. The firm owned 65,528 shares of the real estate investment trust’s stock after buying an additional 16,178 shares during the quarter. Zions Bancorporation N.A.’s holdings in Prologis were worth $6,926,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Empirical Asset Management LLC grew its holdings in shares of Prologis by 339.0% during the fourth quarter. Empirical Asset Management LLC now owns 68,584 shares of the real estate investment trust’s stock worth $7,249,000 after purchasing an additional 52,963 shares during the last quarter. Cardano Risk Management B.V. boosted its position in Prologis by 2.9% during the 4th quarter. Cardano Risk Management B.V. now owns 893,009 shares of the real estate investment trust’s stock worth $94,391,000 after buying an additional 25,266 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in Prologis by 29.8% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 784,360 shares of the real estate investment trust’s stock worth $82,907,000 after acquiring an additional 179,880 shares during the last quarter. Worldquant Millennium Advisors LLC bought a new stake in Prologis during the 3rd quarter worth approximately $1,051,000. Finally, The Manufacturers Life Insurance Company increased its position in Prologis by 1.3% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 728,921 shares of the real estate investment trust’s stock valued at $92,048,000 after acquiring an additional 9,147 shares during the period. 93.50% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several brokerages have commented on PLD. Robert W. Baird lifted their target price on Prologis from $123.00 to $124.00 and gave the stock an “outperform” rating in a report on Thursday, January 30th. Royal Bank of Canada lifted their price objective on Prologis from $125.00 to $128.00 and gave the stock a “sector perform” rating in a research note on Monday, January 27th. BNP Paribas raised shares of Prologis to a “strong-buy” rating in a research report on Wednesday, January 22nd. Scotiabank dropped their price target 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, BMO Capital Markets lowered shares of Prologis from a “market perform” rating to an “underperform” rating and reduced their price objective for the company from $120.00 to $104.00 in a research note on Friday, December 6th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, eleven have assigned a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $128.78.

Prologis Trading Up 1.8 %

Shares of NYSE PLD opened at $110.35 on Tuesday. The firm has a 50-day moving average of $117.64 and a 200 day moving average of $116.80. Prologis, Inc. has a 1 year low of $100.82 and a 1 year high of $132.57. The stock has a market cap of $102.28 billion, a P/E ratio of 27.59, a price-to-earnings-growth ratio of 2.70 and a beta of 1.09. The company has a debt-to-equity ratio of 0.53, a current ratio of 0.75 and a quick ratio of 0.43.

Prologis Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Tuesday, March 18th will be issued a dividend of $1.01 per share. This is a boost from Prologis’s previous quarterly dividend of $0.96. The ex-dividend date is Tuesday, March 18th. This represents a $4.04 dividend on an annualized basis and a dividend yield of 3.66%. Prologis’s dividend payout ratio is presently 101.00%.

Insider Activity at Prologis

In other news, CIO Joseph Ghazal sold 10,997 shares of the company’s stock in a transaction on Wednesday, February 5th. The stock was sold at an average price of $118.74, for a total transaction 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. This represents a 57.96 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, 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.