PNC Financial Services Group Inc. Sells 16,008 Shares of Prologis, Inc. (NYSE:PLD)

PNC Financial Services Group Inc. cut its holdings in Prologis, Inc. (NYSE:PLD) by 3.3% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 462,528 shares of the real estate investment trust’s stock after selling 16,008 shares during the period. PNC Financial Services Group Inc.’s holdings in Prologis were worth $48,889,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently bought and sold shares of PLD. Verdence Capital Advisors LLC boosted its holdings in Prologis by 131.1% in the 3rd quarter. Verdence Capital Advisors LLC now owns 10,283 shares of the real estate investment trust’s stock worth $1,299,000 after buying an additional 5,833 shares during the period. Assetmark Inc. boosted its holdings in Prologis by 77.1% in the 3rd quarter. Assetmark Inc. now owns 53,165 shares of the real estate investment trust’s stock valued at $6,714,000 after purchasing an additional 23,140 shares during the period. Lindbrook Capital LLC boosted its holdings in Prologis by 9.2% in the 3rd quarter. Lindbrook Capital LLC now owns 3,494 shares of the real estate investment trust’s stock valued at $441,000 after purchasing an additional 294 shares during the period. Atria Investments Inc boosted its holdings in Prologis by 16.1% in the 3rd quarter. Atria Investments Inc now owns 104,702 shares of the real estate investment trust’s stock valued at $13,222,000 after purchasing an additional 14,558 shares during the period. Finally, Sustainable Insight Capital Management LLC boosted its holdings in Prologis by 89.7% in the 3rd quarter. Sustainable Insight Capital Management LLC now owns 4,553 shares of the real estate investment trust’s stock valued at $575,000 after purchasing an additional 2,153 shares during the period. 93.50% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research analysts have commented on PLD shares. Mizuho cut 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. BTIG Research cut their price target on shares of Prologis from $154.00 to $134.00 and set a “buy” rating for the company in a report on Friday, January 17th. Baird R W raised shares of Prologis from a “hold” rating to a “strong-buy” rating in a report on Monday, January 6th. BMO Capital Markets downgraded shares of Prologis from a “market perform” rating to an “underperform” rating and cut their price target for the company from $120.00 to $104.00 in a report on Friday, December 6th. Finally, Scotiabank cut their price target on shares of Prologis from $134.00 to $133.00 and set a “sector outperform” rating for the company in a report on Monday, January 27th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, eleven have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $128.78.

Insider Buying and Selling

In other Prologis news, CIO Joseph Ghazal sold 10,997 shares of the firm’s stock in a transaction on 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 sale, the executive now owns 7,977 shares of the company’s stock, valued at $947,188.98. This trade represents a 57.96 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.50% of the stock is owned by corporate insiders.

Prologis Price Performance

Shares of NYSE:PLD opened at $119.89 on Monday. The stock has a market cap of $111.12 billion, a PE ratio of 29.97, a PEG ratio of 2.70 and a beta of 1.09. The company’s fifty day moving average is $115.96 and its 200 day moving average is $117.93. Prologis, Inc. has a 52 week low of $100.82 and a 52 week high of $135.76. 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 firm also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Tuesday, March 18th will be given a $1.01 dividend. This represents a $4.04 dividend on an annualized basis and a yield of 3.37%. The ex-dividend date of this dividend is Tuesday, March 18th. This is a boost from Prologis’s previous quarterly dividend of $0.96. Prologis’s dividend payout ratio (DPR) 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.