Rafferty Asset Management LLC Increases Position in Prologis, Inc. (NYSE:PLD)

Rafferty Asset Management LLC raised its position in Prologis, Inc. (NYSE:PLDFree Report) by 20.1% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 123,931 shares of the real estate investment trust’s stock after purchasing an additional 20,724 shares during the period. Rafferty Asset Management LLC’s holdings in Prologis were worth $16,520,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently modified their holdings of the company. Norges Bank acquired a new stake in Prologis during the 4th quarter worth $1,074,648,000. Envestnet Asset Management Inc. lifted its stake in shares of Prologis by 43.0% in the third quarter. Envestnet Asset Management Inc. now owns 2,402,293 shares of the real estate investment trust’s stock valued at $269,561,000 after purchasing an additional 721,910 shares during the period. PGGM Investments increased its holdings in Prologis by 29.2% during the 4th quarter. PGGM Investments now owns 3,169,612 shares of the real estate investment trust’s stock valued at $422,509,000 after acquiring an additional 717,172 shares in the last quarter. Schroder Investment Management Group increased its holdings in Prologis by 89.8% during the 3rd quarter. Schroder Investment Management Group now owns 1,004,732 shares of the real estate investment trust’s stock valued at $112,741,000 after acquiring an additional 475,229 shares in the last quarter. Finally, Lord Abbett & CO. LLC increased its holdings in Prologis by 49.1% during the 3rd quarter. Lord Abbett & CO. LLC now owns 1,261,809 shares of the real estate investment trust’s stock valued at $141,587,000 after acquiring an additional 415,587 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 several recent research reports. BMO Capital Markets downgraded shares of Prologis from an “outperform” rating to a “market perform” rating and dropped their target price for the company from $145.00 to $112.00 in a report on Monday, April 22nd. UBS Group dropped their target price on shares of Prologis from $151.00 to $138.00 and set a “buy” rating for the company in a report on Thursday, April 18th. Scotiabank dropped their target price on shares of Prologis from $149.00 to $130.00 and set a “sector outperform” rating for the company in a report on Thursday, May 16th. JPMorgan Chase & Co. lowered their price target on shares of Prologis from $143.00 to $128.00 and set an “overweight” rating for the company in a report on Thursday, April 25th. Finally, Barclays lowered their price target on shares of Prologis from $135.00 to $123.00 and set an “overweight” rating for the company in a report on Monday, April 29th. Five analysts have rated the stock with a hold rating, eleven have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Prologis currently has a consensus rating of “Moderate Buy” and a consensus price target of $129.76.

Read Our Latest Stock Analysis on Prologis

Prologis Trading Up 1.3 %

PLD stock traded up $1.37 during mid-day trading on Tuesday, reaching $108.77. 5,494,122 shares of the stock traded hands, compared to its average volume of 3,695,967. The company has a market cap of $100.70 billion, a P/E ratio of 31.39, a P/E/G ratio of 2.46 and a beta of 1.07. Prologis, Inc. has a 52-week low of $96.64 and a 52-week high of $137.52. The company has a current ratio of 0.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.51. The stock’s fifty day moving average is $112.09 and its 200-day moving average is $122.51.

Prologis Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Monday, June 17th will be issued a $0.96 dividend. The ex-dividend date is Monday, June 17th. This represents a $3.84 dividend on an annualized basis and a dividend yield of 3.53%. Prologis’s dividend payout ratio is 112.28%.

About Prologis

(Free Report)

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.

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Institutional Ownership by Quarter for Prologis (NYSE:PLD)

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