Advisors Capital Management LLC Raises Stock Position in Prologis, Inc. (NYSE:PLD)

Advisors Capital Management LLC increased its holdings in shares of Prologis, Inc. (NYSE:PLD) by 0.4% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 206,741 shares of the real estate investment trust’s stock after purchasing an additional 878 shares during the period. Advisors Capital Management LLC’s holdings in Prologis were worth $21,853,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in the stock. Pine Valley Investments Ltd Liability Co raised its holdings in shares of Prologis by 14.1% during the 3rd quarter. Pine Valley Investments Ltd Liability Co now owns 18,163 shares of the real estate investment trust’s stock valued at $2,294,000 after buying an additional 2,245 shares during the period. World Investment Advisors LLC purchased a new stake in shares of Prologis during the third quarter valued at approximately $989,000. Wilmington Savings Fund Society FSB acquired a new position in shares of Prologis during the third quarter worth $1,348,000. Destination Wealth Management boosted its stake in shares of Prologis by 121.5% in the third quarter. Destination Wealth Management now owns 4,504 shares of the real estate investment trust’s stock valued at $569,000 after purchasing an additional 2,471 shares during the period. Finally, Tidal Investments LLC grew its holdings in Prologis by 12.7% during the 3rd quarter. Tidal Investments LLC now owns 200,250 shares of the real estate investment trust’s stock valued at $25,288,000 after purchasing an additional 22,516 shares in the last quarter. 93.50% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, CIO Joseph Ghazal sold 10,997 shares of Prologis stock in a transaction dated 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 directly 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 document filed with the SEC, which is available through this hyperlink. Corporate insiders own 0.56% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have commented on the stock. Scotiabank reiterated a “sector underperform” rating and issued a $97.00 price objective (down previously from $133.00) on shares of Prologis in a report on Monday, April 7th. Raymond James reissued a “market perform” rating on shares of Prologis in a report on Monday, February 3rd. Baird R W upgraded Prologis from a “hold” rating to a “strong-buy” rating in a report on Monday, January 6th. BTIG Research decreased their price target on shares of Prologis from $154.00 to $134.00 and set a “buy” rating for the company in a research report on Friday, January 17th. Finally, 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 report on Monday, January 27th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating, ten have given 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 a consensus rating of “Moderate Buy” and an average price target of $126.78.

Prologis Stock Up 1.3 %

Shares of Prologis stock opened at $96.14 on Friday. Prologis, Inc. has a twelve month low of $85.35 and a twelve month high of $132.57. The stock has a market capitalization of $89.12 billion, a price-to-earnings ratio of 24.04, a PEG ratio of 2.70 and a beta of 1.20. The company has a current ratio of 0.75, a quick ratio of 0.43 and a debt-to-equity ratio of 0.53. The business’s 50 day simple moving average is $113.34 and its 200-day simple moving average is $114.06.

Prologis Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Tuesday, March 18th were paid a $1.01 dividend. This represents a $4.04 dividend on an annualized basis and a yield of 4.20%. This is a boost from Prologis’s previous quarterly dividend of $0.96. The ex-dividend date was Tuesday, March 18th. Prologis’s dividend payout ratio (DPR) is presently 101.00%.

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.