Norges Bank Takes Position in Prologis, Inc. (NYSE:PLD)

Norges Bank bought a new position in Prologis, Inc. (NYSE:PLD) in the 4th quarter, Holdings Channel.com reports. The fund bought 8,999,653 shares of the real estate investment trust’s stock, valued at approximately $951,263,000.

A number of other institutional investors have also bought and sold shares of the business. State Street Corp lifted its position in shares of Prologis by 1.4% in the third quarter. State Street Corp now owns 57,413,342 shares of the real estate investment trust’s stock valued at $7,250,157,000 after acquiring an additional 767,609 shares in the last quarter. Geode Capital Management LLC lifted its holdings in Prologis by 0.9% in the 3rd quarter. Geode Capital Management LLC now owns 20,761,980 shares of the real estate investment trust’s stock worth $2,612,395,000 after purchasing an additional 194,472 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in Prologis by 1.7% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 10,402,731 shares of the real estate investment trust’s stock worth $1,099,569,000 after purchasing an additional 173,531 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in Prologis by 534.7% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 10,143,554 shares of the real estate investment trust’s stock valued at $1,280,928,000 after buying an additional 8,545,336 shares in the last quarter. Finally, Bank of New York Mellon Corp raised 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 valued at $631,266,000 after buying an additional 32,644 shares during the last quarter. Hedge funds and other institutional investors own 93.50% of the company’s stock.

Prologis Trading Down 0.2 %

PLD opened at $110.95 on Friday. Prologis, Inc. has a one year low of $100.82 and a one year high of $132.57. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.43 and a current ratio of 0.75. The stock has a market cap of $102.84 billion, a price-to-earnings ratio of 27.74, a P/E/G ratio of 2.70 and a beta of 1.09. The stock’s 50 day moving average price is $117.72 and its 200-day moving average price is $116.59.

Prologis Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Tuesday, March 18th will be given a dividend of $1.01 per share. This represents a $4.04 annualized dividend and a dividend yield of 3.64%. This is an increase from Prologis’s previous quarterly dividend of $0.96. The ex-dividend date is Tuesday, March 18th. Prologis’s dividend payout ratio (DPR) is 101.00%.

Insider Activity

In other Prologis news, CIO Joseph Ghazal sold 10,997 shares of the business’s 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 completion of the sale, the executive now directly owns 7,977 shares of the company’s stock, valued at $947,188.98. The trade was a 57.96 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.50% of the company’s stock.

Wall Street Analyst Weigh In

PLD has been the subject of a number of research reports. UBS Group upped their target price on shares of Prologis from $121.00 to $137.00 and gave the stock a “buy” rating in a research report on Tuesday, January 28th. BMO Capital Markets lowered Prologis from a “market perform” rating to an “underperform” rating and cut their price objective for the company from $120.00 to $104.00 in a research report on Friday, December 6th. Wolfe Research decreased their target price on Prologis from $135.00 to $128.00 and set an “overweight” rating on the stock in a research report on Friday, January 17th. Robert W. Baird raised their price target on Prologis from $123.00 to $124.00 and gave the company an “outperform” rating in a report on Thursday, January 30th. Finally, BTIG Research decreased their price objective on Prologis from $154.00 to $134.00 and set a “buy” rating on the stock in a report on Friday, January 17th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, eleven have assigned a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Prologis has a consensus rating of “Moderate Buy” and an average price target of $128.78.

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.