Envestnet Asset Management Inc. Decreases Stake in Prologis, Inc. (NYSE:PLD)

Envestnet Asset Management Inc. cut its holdings in shares of Prologis, Inc. (NYSE:PLD) by 2.9% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,627,148 shares of the real estate investment trust’s stock after selling 79,582 shares during the quarter. Envestnet Asset Management Inc. owned approximately 0.28% of Prologis worth $277,690,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in PLD. HighTower Advisors LLC boosted its holdings in Prologis by 19.7% in the 3rd quarter. HighTower Advisors LLC now owns 169,928 shares of the real estate investment trust’s stock worth $21,500,000 after buying an additional 27,923 shares during the period. Worldquant Millennium Advisors LLC bought a new position in shares of Prologis in the third quarter worth $1,051,000. Voya Financial Advisors Inc. grew its position in shares of Prologis by 22.1% in the third quarter. Voya Financial Advisors Inc. now owns 4,709 shares of the real estate investment trust’s stock valued at $591,000 after purchasing an additional 852 shares in the last quarter. Insigneo Advisory Services LLC bought a new stake in shares of Prologis during the 3rd quarter valued at $282,000. Finally, EP Wealth Advisors LLC lifted its holdings in Prologis by 11.5% during the 3rd quarter. EP Wealth Advisors LLC now owns 14,418 shares of the real estate investment trust’s stock worth $1,821,000 after purchasing an additional 1,492 shares in the last quarter. Institutional investors own 93.50% of the company’s stock.

Prologis Stock Performance

NYSE PLD opened at $98.10 on Friday. The company has a 50-day simple moving average of $116.86 and a two-hundred day simple moving average of $115.54. Prologis, Inc. has a 12-month low of $95.34 and a 12-month high of $132.57. The firm has a market cap of $90.94 billion, a price-to-earnings ratio of 24.53, a PEG ratio of 2.70 and a beta of 1.20. 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 disclosed a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Tuesday, March 18th were given a dividend of $1.01 per share. The ex-dividend date of this dividend was Tuesday, March 18th. This represents a $4.04 annualized dividend and a yield of 4.12%. This is a positive change from Prologis’s previous quarterly dividend of $0.96. Prologis’s dividend payout ratio (DPR) is currently 101.00%.

Insider Activity

In other news, CIO Joseph Ghazal sold 10,997 shares of the business’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 value of $1,305,783.78. Following the sale, the executive now directly owns 7,977 shares of the company’s stock, valued at $947,188.98. The trade was a 57.96 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 0.50% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on PLD shares. Baird R W raised Prologis from a “hold” rating to a “strong-buy” rating in a report on Monday, January 6th. Raymond James reaffirmed a “market perform” rating on shares of Prologis in a report on Monday, February 3rd. Robert W. Baird increased their target price on shares of Prologis from $123.00 to $124.00 and gave the stock an “outperform” rating in a research note on Thursday, January 30th. BNP Paribas upgraded shares of Prologis to a “strong-buy” rating in a research report on Wednesday, January 22nd. Finally, Wolfe Research lowered their price objective on Prologis from $135.00 to $128.00 and set an “overweight” rating on the stock in a research report on Friday, January 17th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, eleven have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average 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.