Alliancebernstein L.P. Has $369.56 Million Holdings in Prologis, Inc. (NYSE:PLD)

Alliancebernstein L.P. grew its holdings in Prologis, Inc. (NYSE:PLD) by 0.9% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 3,496,280 shares of the real estate investment trust’s stock after purchasing an additional 30,985 shares during the period. Alliancebernstein L.P. owned about 0.38% of Prologis worth $369,557,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the stock. State Street Corp increased its stake in Prologis by 1.4% in the 3rd quarter. State Street Corp now owns 57,413,342 shares of the real estate investment trust’s stock valued at $7,250,157,000 after buying an additional 767,609 shares during the period. Geode Capital Management LLC increased its stake in shares of Prologis by 0.9% in the third quarter. Geode Capital Management LLC now owns 20,761,980 shares of the real estate investment trust’s stock worth $2,612,395,000 after acquiring an additional 194,472 shares during the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of Prologis by 1.7% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 10,402,731 shares of the real estate investment trust’s stock worth $1,099,569,000 after acquiring an additional 173,531 shares in the last quarter. Norges Bank acquired a new stake in Prologis during the fourth quarter valued at $951,263,000. Finally, Bank of New York Mellon Corp grew its stake in Prologis by 0.5% in the fourth quarter. Bank of New York Mellon Corp now owns 5,972,246 shares of the real estate investment trust’s stock valued at $631,266,000 after purchasing an additional 32,644 shares in the last quarter. 93.50% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

PLD has been the subject of a number of recent research reports. Royal Bank of Canada raised 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 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. Wolfe Research dropped their price target on shares of Prologis from $135.00 to $128.00 and set an “overweight” rating on the stock in a research note on Friday, January 17th. Truist Financial lifted their price objective on shares of Prologis from $121.00 to $123.00 and gave the company a “buy” rating in a research note on Monday, January 27th. Finally, Mizuho lowered their target price on shares of Prologis from $119.00 to $117.00 and set a “neutral” rating on the stock in a research report on Wednesday, January 8th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, eleven have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $128.78.

Prologis Price Performance

NYSE:PLD opened at $111.79 on Tuesday. 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 one year low of $100.82 and a one year high of $132.57. The company has a fifty day moving average price of $117.78 and a 200 day moving average price of $116.11. The stock has a market cap of $103.61 billion, a P/E ratio of 27.95, a PEG ratio of 2.70 and a beta of 1.09.

Prologis Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Stockholders 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 dividend on an annualized basis and a dividend yield of 3.61%. This is a positive change from Prologis’s previous quarterly dividend of $0.96. Prologis’s dividend payout ratio is currently 101.00%.

Insider Activity at Prologis

In other Prologis 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 value of $1,305,783.78. Following the completion of the transaction, the executive now owns 7,977 shares of the company’s stock, valued at $947,188.98. This represents a 57.96 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.50% of the stock is owned by corporate insiders.

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.