NFJ Investment Group LLC Increases Stake in Prologis, Inc. (NYSE:PLD)

NFJ Investment Group LLC lifted its position in Prologis, Inc. (NYSE:PLD) by 6.9% during the 4th quarter, Holdings Channel reports. The firm owned 143,848 shares of the real estate investment trust’s stock after acquiring an additional 9,276 shares during the period. NFJ Investment Group LLC’s holdings in Prologis were worth $15,205,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Phoenix Financial Ltd. boosted its holdings in Prologis by 1.0% in the fourth quarter. Phoenix Financial Ltd. now owns 9,032 shares of the real estate investment trust’s stock valued at $955,000 after acquiring an additional 86 shares in the last quarter. Principle Wealth Partners LLC lifted its position in shares of Prologis by 2.9% in the 4th quarter. Principle Wealth Partners LLC now owns 3,302 shares of the real estate investment trust’s stock worth $349,000 after purchasing an additional 92 shares during the period. Black Diamond Financial LLC increased its position in shares of Prologis by 2.2% during the fourth quarter. Black Diamond Financial LLC now owns 4,246 shares of the real estate investment trust’s stock valued at $449,000 after buying an additional 93 shares during the period. Berkshire Bank raised its stake in Prologis by 2.3% in the fourth quarter. Berkshire Bank now owns 4,195 shares of the real estate investment trust’s stock worth $443,000 after buying an additional 95 shares in the last quarter. Finally, CreativeOne Wealth LLC lifted its holdings in Prologis by 1.7% in the fourth quarter. CreativeOne Wealth LLC now owns 6,073 shares of the real estate investment trust’s stock worth $642,000 after buying an additional 100 shares during the period. 93.50% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, CIO Joseph Ghazal sold 10,997 shares of the firm’s stock in a transaction 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 in the company, valued at $947,188.98. This trade represents a 57.96 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. 0.50% of the stock is currently owned by insiders.

Prologis Price Performance

PLD opened at $98.42 on Wednesday. The company’s 50-day simple moving average is $112.53 and its two-hundred day simple moving average is $113.68. Prologis, Inc. has a 52-week low of $85.35 and a 52-week high of $132.57. The stock has a market capitalization of $91.23 billion, a P/E ratio of 24.60, a P/E/G ratio of 2.70 and a beta of 1.20. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.43 and a current ratio of 0.75.

Prologis Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Tuesday, March 18th were issued a $1.01 dividend. The ex-dividend date of this dividend was Tuesday, March 18th. This represents a $4.04 annualized dividend and a yield of 4.10%. This is a boost from Prologis’s previous quarterly dividend of $0.96. Prologis’s dividend payout ratio (DPR) is currently 101.00%.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on PLD shares. Mizuho reduced their target price on Prologis from $119.00 to $117.00 and set a “neutral” rating on the stock in a report on Wednesday, January 8th. UBS Group increased their price objective on Prologis from $121.00 to $137.00 and gave the stock a “buy” rating in a report on Tuesday, January 28th. Royal Bank of Canada boosted their target price on shares of Prologis from $125.00 to $128.00 and gave the company a “sector perform” rating in a report on Monday, January 27th. Wolfe Research dropped their price target on Prologis from $135.00 to $128.00 and set an “overweight” rating on the stock in a research report on Friday, January 17th. Finally, Robert W. Baird raised their price objective on Prologis from $123.00 to $124.00 and gave the company an “outperform” rating in a research report on Thursday, January 30th. Two analysts have rated the stock with a sell rating, seven have given a hold rating, ten have issued a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $126.78.

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.