Corebridge Financial Inc. Reduces Stock Holdings in Prologis, Inc. (NYSE:PLD)

Corebridge Financial Inc. lessened its stake in shares of Prologis, Inc. (NYSE:PLD) by 3.9% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 249,673 shares of the real estate investment trust’s stock after selling 10,134 shares during the quarter. Corebridge Financial Inc.’s holdings in Prologis were worth $26,390,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Principle Wealth Partners LLC grew its stake in shares of Prologis by 2.9% during the fourth quarter. Principle Wealth Partners LLC now owns 3,302 shares of the real estate investment trust’s stock worth $349,000 after acquiring an additional 92 shares during the last quarter. Black Diamond Financial LLC boosted its stake in Prologis by 2.2% in the 4th quarter. Black Diamond Financial LLC now owns 4,246 shares of the real estate investment trust’s stock worth $449,000 after purchasing an additional 93 shares in the last quarter. Berkshire Bank boosted its stake in Prologis by 2.3% in the 4th quarter. Berkshire Bank now owns 4,195 shares of the real estate investment trust’s stock worth $443,000 after purchasing an additional 95 shares in the last quarter. J.Safra Asset Management Corp grew its position in Prologis by 22.3% during the 4th quarter. J.Safra Asset Management Corp now owns 559 shares of the real estate investment trust’s stock worth $59,000 after purchasing an additional 102 shares during the last quarter. Finally, Bridgewater Associates LP increased its stake in Prologis by 4.0% during the 3rd quarter. Bridgewater Associates LP now owns 2,676 shares of the real estate investment trust’s stock valued at $338,000 after purchasing an additional 103 shares in the last quarter. 93.50% of the stock is currently owned by institutional investors.

Prologis Price Performance

Shares of Prologis stock opened at $108.27 on Monday. The firm has a market cap of $100.35 billion, a PE ratio of 27.07, a P/E/G ratio of 2.70 and a beta of 1.09. Prologis, Inc. has a twelve month low of $100.82 and a twelve month high of $132.57. The company has a quick ratio of 0.43, a current ratio of 0.75 and a debt-to-equity ratio of 0.53. The business has a 50-day moving average price of $117.54 and a 200 day moving average price of $116.92.

Prologis Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Tuesday, March 18th will be given a $1.01 dividend. The ex-dividend date is Tuesday, March 18th. This is a boost from Prologis’s previous quarterly dividend of $0.96. This represents a $4.04 dividend on an annualized basis and a dividend yield of 3.73%. Prologis’s payout ratio is 101.00%.

Wall Street Analysts Forecast Growth

PLD has been the topic of several research reports. Truist Financial upped their target price on Prologis from $121.00 to $123.00 and gave the company a “buy” rating in a research report on Monday, January 27th. Scotiabank reduced their price objective on Prologis from $134.00 to $133.00 and set a “sector outperform” rating for the company in a research note on Monday, January 27th. BTIG Research dropped 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. Royal Bank of Canada raised their price target on shares of Prologis from $125.00 to $128.00 and gave the stock a “sector perform” rating in a research report on Monday, January 27th. Finally, Mizuho dropped their price objective on shares of Prologis from $119.00 to $117.00 and set a “neutral” rating on the stock in a report on Wednesday, January 8th. One research analyst has rated the stock with a sell rating, seven have given a hold rating, eleven have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $128.78.

Insider Transactions at Prologis

In related news, CIO Joseph Ghazal sold 10,997 shares of the business’s stock in a transaction on 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 completion of the sale, the executive now owns 7,977 shares of the company’s stock, valued at approximately $947,188.98. The trade was a 57.96 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.50% of the company’s stock.

About Prologis

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.