Advisors Capital Management LLC Boosts Stock Holdings in Prologis, Inc. (NYSE:PLD)

Advisors Capital Management LLC raised its holdings in Prologis, Inc. (NYSE:PLD) by 0.4% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 206,741 shares of the real estate investment trust’s stock after purchasing an additional 878 shares during the quarter. Advisors Capital Management LLC’s holdings in Prologis were worth $21,853,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also modified their holdings of the business. Norges Bank acquired a new position in Prologis during the fourth quarter worth $951,263,000. Raymond James Financial Inc. acquired a new position in shares of Prologis during the 4th quarter worth $254,876,000. FMR LLC increased its holdings in shares of Prologis by 11.7% in the 4th quarter. FMR LLC now owns 17,878,397 shares of the real estate investment trust’s stock valued at $1,889,747,000 after purchasing an additional 1,875,978 shares in the last quarter. Barrow Hanley Mewhinney & Strauss LLC lifted its stake in shares of Prologis by 83.8% in the fourth quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 3,779,830 shares of the real estate investment trust’s stock valued at $399,528,000 after purchasing an additional 1,723,129 shares during the period. Finally, CIBC Private Wealth Group LLC boosted its holdings in Prologis by 59.5% during the fourth quarter. CIBC Private Wealth Group LLC now owns 2,584,288 shares of the real estate investment trust’s stock worth $272,642,000 after buying an additional 964,454 shares in the last quarter. 93.50% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

PLD has been the subject of a number of research reports. Baird R W upgraded shares of Prologis from a “hold” rating to a “strong-buy” rating in a research report on Monday, January 6th. Wolfe Research lowered their target price on Prologis from $135.00 to $128.00 and set an “overweight” rating on the stock in a report on Friday, January 17th. Royal Bank of Canada lifted their price target on Prologis from $125.00 to $128.00 and gave the stock a “sector perform” rating in a research note on Monday, January 27th. BTIG Research lowered their price objective on shares of Prologis from $154.00 to $134.00 and set a “buy” rating on the stock in a research note on Friday, January 17th. Finally, Scotiabank restated a “sector underperform” rating and set a $97.00 target price (down from $133.00) on shares of Prologis in a report on Monday, April 7th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating, ten have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat, Prologis currently has an average rating of “Moderate Buy” and an average target price of $126.78.

Insider Activity

In related news, CIO Joseph Ghazal sold 10,997 shares of Prologis stock in a transaction 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 transaction, the executive now owns 7,977 shares in the company, valued at approximately $947,188.98. This trade 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 the SEC website. Corporate insiders own 0.56% of the company’s stock.

Prologis Trading Up 1.3 %

Shares of PLD stock opened at $96.14 on Friday. Prologis, Inc. has a 1-year low of $85.35 and a 1-year high of $132.57. The firm’s 50-day simple moving average is $113.34 and its 200-day simple moving average is $114.06. The firm has a market cap of $89.12 billion, a P/E ratio of 24.04, a PEG ratio of 2.70 and a beta of 1.20. 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 business also recently declared a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Tuesday, March 18th were issued a $1.01 dividend. This represents a $4.04 dividend on an annualized basis and a dividend yield of 4.20%. The ex-dividend date of this dividend was Tuesday, March 18th. This is a positive change from Prologis’s previous quarterly dividend of $0.96. Prologis’s dividend payout ratio (DPR) is 101.00%.

Prologis Company 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.