Bridges Investment Management Inc. Sells 1,537 Shares of Prologis, Inc. (NYSE:PLD)

Bridges Investment Management Inc. reduced its position in Prologis, Inc. (NYSE:PLD) by 1.1% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 134,235 shares of the real estate investment trust’s stock after selling 1,537 shares during the period. Bridges Investment Management Inc.’s holdings in Prologis were worth $14,189,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of PLD. Dunhill Financial LLC lifted its stake in shares of Prologis by 239.5% in the third quarter. Dunhill Financial LLC now owns 258 shares of the real estate investment trust’s stock valued at $33,000 after buying an additional 182 shares in the last quarter. Centricity Wealth Management LLC bought a new position in Prologis in the 4th quarter valued at about $30,000. Whipplewood Advisors LLC acquired a new position in Prologis during the 4th quarter valued at about $34,000. Hara Capital LLC bought a new stake in Prologis during the 3rd quarter worth approximately $48,000. Finally, Coastline Trust Co bought a new stake in Prologis during the 3rd quarter worth approximately $52,000. Institutional investors and hedge funds own 93.50% of the company’s stock.

Insiders Place Their Bets

In other news, CIO Joseph Ghazal sold 10,997 shares of the stock in a transaction dated Wednesday, February 5th. The shares were 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 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 SEC, which can be accessed through the SEC website. 0.50% of the stock is owned by corporate insiders.

Prologis Trading Up 0.9 %

Shares of PLD stock opened at $123.88 on Friday. Prologis, Inc. has a 1 year low of $100.82 and a 1 year high of $135.76. The company’s fifty day simple moving average is $114.28 and its two-hundred day simple moving average is $118.05. The company has a debt-to-equity ratio of 0.53, a current ratio of 0.75 and a quick ratio of 0.43. The stock has a market capitalization of $114.82 billion, a price-to-earnings ratio of 30.97, a PEG ratio of 2.70 and a beta of 1.10.

Prologis Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Tuesday, March 18th will be issued a dividend of $1.01 per share. This is a boost from Prologis’s previous quarterly dividend of $0.96. The ex-dividend date of this dividend is Tuesday, March 18th. This represents a $4.04 dividend on an annualized basis and a yield of 3.26%. Prologis’s dividend payout ratio is 101.00%.

Analyst Ratings Changes

Several brokerages recently issued reports on PLD. BTIG Research cut their target price on Prologis from $154.00 to $134.00 and set a “buy” rating on the stock in a research report on Friday, January 17th. Truist Financial lifted their price objective on shares of Prologis from $121.00 to $123.00 and gave the stock a “buy” rating in a report on Monday, January 27th. BNP Paribas upgraded shares of Prologis to a “strong-buy” rating in a report on Wednesday, January 22nd. BMO Capital Markets lowered shares of Prologis from a “market perform” rating to an “underperform” rating and dropped their price target for the company from $120.00 to $104.00 in a research report on Friday, December 6th. Finally, Scotiabank reduced their price objective on shares of Prologis from $134.00 to $133.00 and set a “sector outperform” rating for the company in a research report on Monday, January 27th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, eleven have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, Prologis currently has an average rating of “Moderate Buy” and an average price target of $128.78.

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.