Prologis, Inc. (NYSE:PLD) Shares Purchased by Zions Bancorporation N.A.

Zions Bancorporation N.A. raised its stake in shares of Prologis, Inc. (NYSE:PLD) by 32.8% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 65,528 shares of the real estate investment trust’s stock after acquiring an additional 16,178 shares during the quarter. Zions Bancorporation N.A.’s holdings in Prologis were worth $6,926,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Crowley Wealth Management Inc. bought a new position in Prologis during the fourth quarter worth $27,000. Centricity Wealth Management LLC acquired a new stake in shares of Prologis during the fourth quarter worth $30,000. Dunhill Financial LLC lifted its position in shares of Prologis by 239.5% in the 3rd quarter. Dunhill Financial LLC now owns 258 shares of the real estate investment trust’s stock worth $33,000 after buying an additional 182 shares during the last quarter. Whipplewood Advisors LLC acquired a new position in shares of Prologis in the 4th quarter valued at about $34,000. Finally, Promus Capital LLC acquired a new position in shares of Prologis in the 4th quarter valued at about $34,000. 93.50% of the stock is owned by institutional investors and hedge funds.

Prologis Stock Performance

PLD opened at $110.35 on Tuesday. The company has a market capitalization of $102.28 billion, a price-to-earnings ratio of 27.59, a P/E/G ratio of 2.70 and a beta of 1.09. The business’s 50-day moving average price is $117.64 and its two-hundred day moving average price is $116.80. 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.

Prologis Increases Dividend

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

Insider Activity

In other news, CIO Joseph Ghazal sold 10,997 shares of the company’s stock in a transaction that occurred 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 sale, the executive now owns 7,977 shares in the company, valued at $947,188.98. This represents a 57.96 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. 0.50% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on PLD shares. BNP Paribas raised Prologis to a “strong-buy” rating in a research report on Wednesday, January 22nd. BMO Capital Markets cut shares of Prologis from a “market perform” rating to an “underperform” rating and dropped their price objective for the stock from $120.00 to $104.00 in a report on Friday, December 6th. BTIG Research reduced their target price on shares of Prologis from $154.00 to $134.00 and set a “buy” rating for the company in a research note on Friday, January 17th. Raymond James restated a “market perform” rating on shares of Prologis in a research note on Monday, February 3rd. Finally, Royal Bank of Canada lifted their price target on Prologis from $125.00 to $128.00 and gave the company a “sector perform” rating in a report on Monday, January 27th. One research analyst has rated the stock with a sell rating, seven have given a hold rating, eleven have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $128.78.

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.