Russell Investments Group Ltd. Trims Stake in Prologis, Inc. (NYSE:PLD)

Russell Investments Group Ltd. cut its holdings in Prologis, Inc. (NYSE:PLD) by 10.2% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,097,090 shares of the real estate investment trust’s stock after selling 352,590 shares during the quarter. Prologis makes up about 0.5% of Russell Investments Group Ltd.’s holdings, making the stock its 25th biggest holding. Russell Investments Group Ltd.’s holdings in Prologis were worth $327,200,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Geode Capital Management LLC boosted its position in shares of Prologis by 2.9% during the fourth quarter. Geode Capital Management LLC now owns 21,372,231 shares of the real estate investment trust’s stock valued at $2,252,853,000 after buying an additional 610,251 shares during the last quarter. Massachusetts Financial Services Co. MA raised its position in shares of Prologis by 2.1% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 16,596,799 shares of the real estate investment trust’s stock valued at $1,754,282,000 after purchasing an additional 334,907 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in Prologis by 1.7% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 10,402,731 shares of the real estate investment trust’s stock valued at $1,099,569,000 after acquiring an additional 173,531 shares during the period. Norges Bank purchased a new position in Prologis in the 4th quarter worth approximately $951,263,000. Finally, Bank of New York Mellon Corp boosted its position in shares of Prologis by 0.5% during the fourth quarter. Bank of New York Mellon Corp now owns 5,972,246 shares of the real estate investment trust’s stock worth $631,266,000 after acquiring an additional 32,644 shares during the last quarter. Institutional investors own 93.50% of the company’s stock.

Prologis Stock Down 3.4 %

PLD opened at $98.10 on Friday. Prologis, Inc. has a one year low of $95.34 and a one year high of $132.57. The company has a market cap of $90.94 billion, a price-to-earnings ratio of 24.53, a PEG ratio of 2.70 and a beta of 1.20. The business’s fifty day moving average is $116.86 and its two-hundred day moving average is $115.64. 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 disclosed a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Tuesday, March 18th were given a $1.01 dividend. This is an increase from Prologis’s previous quarterly dividend of $0.96. This represents a $4.04 annualized dividend and a dividend yield of 4.12%. The ex-dividend date was Tuesday, March 18th. Prologis’s dividend payout ratio is currently 101.00%.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the stock. BTIG Research decreased their price target on shares of Prologis from $154.00 to $134.00 and set a “buy” rating on the stock in a research note on Friday, January 17th. Royal Bank of Canada increased their target price on Prologis from $125.00 to $128.00 and gave the stock a “sector perform” rating in a research note on Monday, January 27th. UBS Group increased their price objective on Prologis from $121.00 to $137.00 and gave the stock a “buy” rating in a research note on Tuesday, January 28th. Mizuho reduced their price target on shares of Prologis from $119.00 to $117.00 and set a “neutral” rating for the company in a report on Wednesday, January 8th. Finally, BMO Capital Markets lowered shares of Prologis from a “market perform” rating to an “underperform” rating and decreased their price target for the company from $120.00 to $104.00 in a research report on Friday, December 6th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, eleven have given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $128.78.

Insider Activity at Prologis

In other 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 transaction of $1,305,783.78. Following the completion of the sale, the executive now directly owns 7,977 shares in the company, valued at $947,188.98. The trade was a 57.96 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 0.50% of the company’s stock.

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.