Prologis, Inc. (NYSE:PLD) Shares Sold by Fred Alger Management LLC

Fred Alger Management LLC trimmed its stake in shares of Prologis, Inc. (NYSE:PLD) by 1.8% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 24,374 shares of the real estate investment trust’s stock after selling 440 shares during the period. Fred Alger Management LLC’s holdings in Prologis were worth $2,576,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently bought and sold shares of the company. Phoenix Financial Ltd. grew its holdings in shares of Prologis by 1.0% during the fourth quarter. Phoenix Financial Ltd. now owns 9,032 shares of the real estate investment trust’s stock worth $955,000 after purchasing an additional 86 shares during the last quarter. Principle Wealth Partners LLC grew its stake in Prologis by 2.9% during the 4th quarter. Principle Wealth Partners LLC now owns 3,302 shares of the real estate investment trust’s stock worth $349,000 after buying an additional 92 shares during the last quarter. Black Diamond Financial LLC lifted its stake in Prologis by 2.2% in the fourth quarter. Black Diamond Financial LLC now owns 4,246 shares of the real estate investment trust’s stock valued at $449,000 after buying an additional 93 shares during the last quarter. Berkshire Bank boosted its holdings in shares of Prologis by 2.3% in the fourth quarter. Berkshire Bank now owns 4,195 shares of the real estate investment trust’s stock valued at $443,000 after acquiring an additional 95 shares during the period. Finally, CreativeOne Wealth LLC grew its position in shares of Prologis by 1.7% during the fourth quarter. CreativeOne Wealth LLC now owns 6,073 shares of the real estate investment trust’s stock worth $642,000 after acquiring an additional 100 shares during the last quarter. 93.50% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. Scotiabank reiterated a “sector underperform” rating and set a $97.00 price target (down previously from $133.00) on shares of Prologis in a research note on Monday, April 7th. BMO Capital Markets reduced their price objective on Prologis from $105.00 to $95.00 and set an “outperform” rating for the company in a research note on Monday, April 14th. Royal Bank of Canada dropped their target price on Prologis from $128.00 to $117.00 and set a “sector perform” rating on the stock in a report on Tuesday, April 29th. Evercore ISI decreased their price target on Prologis from $111.00 to $106.00 and set an “in-line” rating for the company in a report on Thursday, April 17th. Finally, Barclays dropped their price objective on shares of Prologis from $132.00 to $119.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 30th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, ten have issued a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $121.68.

Prologis Stock Up 1.4 %

PLD stock opened at $106.97 on Friday. 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, Inc. has a 12 month low of $85.35 and a 12 month high of $132.57. The firm has a market capitalization of $99.26 billion, a PE ratio of 26.74, a P/E/G ratio of 2.70 and a beta of 1.25. The company’s 50 day simple moving average is $105.95 and its 200-day simple moving average is $111.43.

Prologis (NYSE:PLD) last released its quarterly earnings results on Wednesday, April 16th. The real estate investment trust reported $1.42 earnings per share for the quarter, topping the consensus estimate of $1.38 by $0.04. Prologis had a return on equity of 6.44% and a net margin of 45.50%. The company had revenue of $1.99 billion during the quarter, compared to the consensus estimate of $1.99 billion. Equities analysts expect that Prologis, Inc. will post 5.73 earnings per share for the current fiscal year.

Prologis Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Tuesday, June 17th will be given a dividend of $1.01 per share. The ex-dividend date is Tuesday, June 17th. This represents a $4.04 dividend on an annualized basis and a yield of 3.78%. Prologis’s dividend payout ratio (DPR) is currently 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.