Cannell & Spears LLC Lowers Stake in Prologis, Inc. (NYSE:PLD)

Cannell & Spears LLC lessened its stake in shares of Prologis, Inc. (NYSE:PLD) by 12.3% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 177,837 shares of the real estate investment trust’s stock after selling 24,970 shares during the quarter. Cannell & Spears LLC’s holdings in Prologis were worth $18,797,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in PLD. Norges Bank bought a new position in Prologis in the fourth quarter worth about $951,263,000. Raymond James Financial Inc. purchased a new position in Prologis during the 4th quarter worth $254,876,000. Janus Henderson Group PLC increased its position in Prologis by 145.0% during the 3rd quarter. Janus Henderson Group PLC now owns 3,613,494 shares of the real estate investment trust’s stock valued at $456,320,000 after buying an additional 2,138,693 shares in the last quarter. Barrow Hanley Mewhinney & Strauss LLC boosted its holdings in Prologis by 83.8% in the fourth quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 3,779,830 shares of the real estate investment trust’s stock worth $399,528,000 after acquiring an additional 1,723,129 shares in the last quarter. Finally, CIBC Private Wealth Group LLC grew its stake in shares of Prologis by 59.5% during the fourth quarter. CIBC Private Wealth Group LLC now owns 2,584,288 shares of the real estate investment trust’s stock worth $272,642,000 after acquiring an additional 964,454 shares during the last quarter. 93.50% of the stock is currently owned by hedge funds and other institutional investors.

Prologis Stock Performance

NYSE:PLD opened at $110.37 on Monday. The company’s 50-day moving average is $117.74 and its two-hundred day moving average is $116.24. Prologis, Inc. has a 1-year low of $100.82 and a 1-year high of $132.57. The company has a debt-to-equity ratio of 0.53, a current ratio of 0.75 and a quick ratio of 0.43. The firm has a market capitalization of $102.29 billion, a price-to-earnings ratio of 27.59, a PEG ratio of 2.70 and a beta of 1.09.

Prologis Increases Dividend

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

Analyst Ratings Changes

A number of analysts recently commented on the stock. Scotiabank lowered their target price on shares of Prologis from $134.00 to $133.00 and set a “sector outperform” rating for the company in a research note on Monday, January 27th. BNP Paribas raised Prologis to a “strong-buy” rating in a research report on Wednesday, January 22nd. Mizuho reduced their target price on Prologis from $119.00 to $117.00 and set a “neutral” rating for the company in a research note on Wednesday, January 8th. Truist Financial boosted their price target on Prologis from $121.00 to $123.00 and gave the company a “buy” rating in a research note on Monday, January 27th. Finally, Baird R W upgraded Prologis from a “hold” rating to a “strong-buy” rating in a research note on Monday, January 6th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, eleven have issued a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Prologis has an average rating of “Moderate Buy” and an average target price of $128.78.

Insider Buying and Selling

In other news, CIO Joseph Ghazal sold 10,997 shares of the 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 completion of the transaction, the executive now directly owns 7,977 shares in the company, valued at approximately $947,188.98. This represents a 57.96 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.50% of the stock is currently owned by company insiders.

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.