Employees Retirement System of Texas Increases Holdings in Prologis, Inc. (NYSE:PLD)

Employees Retirement System of Texas increased its holdings in shares of Prologis, Inc. (NYSE:PLD) by 2.9% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 960,055 shares of the real estate investment trust’s stock after purchasing an additional 27,000 shares during the quarter. Employees Retirement System of Texas’ holdings in Prologis were worth $101,478,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in PLD. Norges Bank bought a new position in Prologis in the 4th quarter worth approximately $951,263,000. Raymond James Financial Inc. bought a new position in shares of Prologis during the fourth quarter worth $254,876,000. FMR LLC increased its holdings in Prologis by 11.7% in the 4th quarter. FMR LLC now owns 17,878,397 shares of the real estate investment trust’s stock valued at $1,889,747,000 after acquiring an additional 1,875,978 shares during the last quarter. Barrow Hanley Mewhinney & Strauss LLC lifted its stake in Prologis by 83.8% in the 4th 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 purchasing an additional 1,723,129 shares in the last quarter. Finally, CIBC Private Wealth Group LLC grew its position 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 valued at $272,642,000 after purchasing an additional 964,454 shares in the last quarter. Hedge funds and other institutional investors own 93.50% of the company’s stock.

Analyst Ratings Changes

PLD has been the subject of several research analyst reports. Mizuho cut their price target on Prologis from $119.00 to $117.00 and set a “neutral” rating for the company in a report on Wednesday, January 8th. Royal Bank of Canada boosted their price target on shares of Prologis from $125.00 to $128.00 and gave the stock a “sector perform” rating in a research report on Monday, January 27th. BTIG Research lowered their price objective 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. BNP Paribas upgraded shares of Prologis to a “strong-buy” rating in a report on Wednesday, January 22nd. Finally, Wolfe Research decreased their target price on shares of Prologis from $135.00 to $128.00 and set an “overweight” rating on the stock in a research report on Friday, January 17th. One analyst has rated the stock with a sell rating, seven have issued a hold rating, eleven have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $128.78.

Insider Activity

In other 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 owns 7,977 shares in the company, valued at approximately $947,188.98. The trade was 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. Insiders own 0.50% of the company’s stock.

Prologis Stock Down 3.4 %

Shares of NYSE:PLD opened at $98.10 on Monday. The business’s 50 day moving average is $116.86 and its 200 day moving average is $115.46. The stock has a market cap of $90.94 billion, a P/E ratio of 24.53, a price-to-earnings-growth ratio of 2.70 and a beta of 1.20. Prologis, Inc. has a 52-week low of $95.34 and a 52-week high of $132.57. The company has a quick ratio of 0.43, a current ratio of 0.75 and a debt-to-equity ratio of 0.53.

Prologis Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Tuesday, March 18th were given a dividend of $1.01 per share. This is an increase from Prologis’s previous quarterly dividend of $0.96. The ex-dividend date was Tuesday, March 18th. This represents a $4.04 dividend on an annualized basis and a dividend yield of 4.12%. Prologis’s dividend payout ratio 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.