Vestcor Inc Sells 3,481 Shares of Prologis, Inc. (NYSE:PLD)

Vestcor Inc decreased its stake in Prologis, Inc. (NYSE:PLD) by 2.8% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 120,055 shares of the real estate investment trust’s stock after selling 3,481 shares during the period. Vestcor Inc’s holdings in Prologis were worth $12,690,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in PLD. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in shares of Prologis by 534.7% in 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 worth $1,280,928,000 after buying an additional 8,545,336 shares during the last quarter. Raymond James Financial Inc. bought a new position in shares of Prologis in the 4th quarter worth $254,876,000. Janus Henderson Group PLC increased its holdings in shares of Prologis by 145.0% in the 3rd quarter. Janus Henderson Group PLC now owns 3,613,494 shares of the real estate investment trust’s stock worth $456,320,000 after buying an additional 2,138,693 shares during the last quarter. Cardano Risk Management B.V. bought a new position in shares of Prologis in the 3rd quarter worth $109,579,000. Finally, Jennison Associates LLC increased its holdings in shares of Prologis by 395.3% in the 4th quarter. Jennison Associates LLC now owns 1,039,333 shares of the real estate investment trust’s stock worth $109,858,000 after buying an additional 829,504 shares during the last quarter. Institutional investors own 93.50% of the company’s stock.

Prologis Price Performance

Shares of NYSE:PLD opened at $115.70 on Thursday. 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 firm has a fifty day moving average price of $116.65 and a 200 day moving average price of $117.78. Prologis, Inc. has a fifty-two week low of $100.82 and a fifty-two week high of $135.27. The firm has a market cap of $107.23 billion, a price-to-earnings ratio of 28.92, a P/E/G ratio of 2.70 and a beta of 1.09.

Prologis Increases Dividend

The business 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 dividend of $1.01 per share. This is a positive change from Prologis’s previous quarterly dividend of $0.96. The ex-dividend date is Tuesday, March 18th. This represents a $4.04 dividend on an annualized basis and a dividend yield of 3.49%. Prologis’s dividend payout ratio is currently 101.00%.

Insider Buying and Selling

In related news, CIO Joseph Ghazal sold 10,997 shares of the company’s stock in a transaction on 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 transaction, the executive now owns 7,977 shares in the company, valued at approximately $947,188.98. This represents a 57.96 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.50% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of equities analysts have recently commented on PLD shares. Mizuho decreased their price target on shares of Prologis from $119.00 to $117.00 and set a “neutral” rating on the stock in a report on Wednesday, January 8th. Scotiabank reduced their target price on shares of Prologis from $134.00 to $133.00 and set a “sector outperform” rating on the stock in a report on Monday, January 27th. Robert W. Baird increased their target price on shares of Prologis from $123.00 to $124.00 and gave the company an “outperform” rating in a report on Thursday, January 30th. Wolfe Research reduced their target price on shares of Prologis from $135.00 to $128.00 and set an “overweight” rating on the stock in a report on Friday, January 17th. Finally, Barclays increased their target price on shares of Prologis from $131.00 to $132.00 and gave the company an “overweight” rating in a report on Monday, November 18th. 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. According to data from MarketBeat.com, Prologis has a consensus rating of “Moderate Buy” and a consensus target price of $128.78.

Prologis 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.