New York Life Investment Management LLC Reduces Stock Position in Prologis, Inc. (NYSE:PLD)

New York Life Investment Management LLC cut its stake in shares of Prologis, Inc. (NYSE:PLD) by 28.4% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 137,570 shares of the real estate investment trust’s stock after selling 54,700 shares during the period. New York Life Investment Management LLC’s holdings in Prologis were worth $14,541,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of PLD. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in Prologis by 534.7% during the third 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 valued at $1,280,928,000 after acquiring an additional 8,545,336 shares during the last quarter. Janus Henderson Group PLC grew its stake in shares of Prologis by 145.0% during the 3rd quarter. Janus Henderson Group PLC now owns 3,613,494 shares of the real estate investment trust’s stock valued at $456,320,000 after purchasing an additional 2,138,693 shares during the period. AMF Tjanstepension AB increased its position in shares of Prologis by 267.9% during the 3rd quarter. AMF Tjanstepension AB now owns 1,875,612 shares of the real estate investment trust’s stock valued at $236,879,000 after purchasing an additional 1,365,811 shares during the last quarter. Cardano Risk Management B.V. bought a new position in shares of Prologis in the 3rd quarter worth approximately $109,579,000. Finally, Jennison Associates LLC boosted its holdings in shares of Prologis by 395.3% in the fourth 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. 93.50% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of analysts have commented on PLD shares. Barclays upped 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. UBS Group upped their price objective on Prologis from $121.00 to $137.00 and gave the stock a “buy” rating in a research note on Tuesday, January 28th. Mizuho decreased their target price on Prologis from $119.00 to $117.00 and set a “neutral” rating on the stock in a report on Wednesday, January 8th. Truist Financial boosted their price target on Prologis from $121.00 to $123.00 and gave the company a “buy” rating in a report on Monday, January 27th. Finally, BNP Paribas upgraded Prologis to a “strong-buy” rating in a research report on Wednesday, January 22nd. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, eleven have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $128.78.

Insider Activity

In related news, CIO Joseph Ghazal sold 10,997 shares of the 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 completion of the transaction, the executive now directly owns 7,977 shares of the company’s stock, valued at approximately $947,188.98. This represents a 57.96 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.56% of the company’s stock.

Prologis Price Performance

PLD stock opened at $122.91 on Friday. The company has a market capitalization of $113.92 billion, a PE ratio of 30.73, a price-to-earnings-growth ratio of 2.70 and a beta of 1.10. The company’s fifty day moving average price is $113.87 and its 200-day moving average price is $118.05. Prologis, Inc. has a one year low of $100.82 and a one year high of $135.76. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.43 and a current ratio of 0.75.

Prologis Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Tuesday, March 18th will be issued a dividend of $1.01 per share. This represents a $4.04 annualized dividend and a dividend yield of 3.29%. The ex-dividend date is Tuesday, March 18th. This is an increase from Prologis’s previous quarterly dividend of $0.96. Prologis’s dividend payout ratio is 101.00%.

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.