Payden & Rygel Decreases Holdings in Prologis, Inc. (NYSE:PLD)

Payden & Rygel reduced its position in Prologis, Inc. (NYSE:PLD) by 31.5% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 80,600 shares of the real estate investment trust’s stock after selling 37,100 shares during the period. Payden & Rygel’s holdings in Prologis were worth $8,519,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Wedbush Securities Inc. increased its position in shares of Prologis by 12.8% in the fourth quarter. Wedbush Securities Inc. now owns 11,433 shares of the real estate investment trust’s stock valued at $1,208,000 after buying an additional 1,293 shares in the last quarter. Perennial Investment Advisors LLC increased its holdings in Prologis by 8.2% during the 4th quarter. Perennial Investment Advisors LLC now owns 2,649 shares of the real estate investment trust’s stock valued at $280,000 after acquiring an additional 200 shares in the last quarter. Aviva PLC raised its position in Prologis by 36.6% during the fourth quarter. Aviva PLC now owns 695,187 shares of the real estate investment trust’s stock worth $73,481,000 after acquiring an additional 186,187 shares during the last quarter. Resona Asset Management Co. Ltd. acquired a new position in Prologis during the fourth quarter worth about $55,512,000. Finally, Prudential PLC lifted its holdings in shares of Prologis by 21.2% in the fourth quarter. Prudential PLC now owns 23,014 shares of the real estate investment trust’s stock valued at $2,433,000 after purchasing an additional 4,019 shares in the last quarter. 93.50% of the stock is owned by institutional investors and hedge funds.

Prologis Stock Performance

NYSE PLD opened at $98.10 on Friday. 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 1-year low of $95.34 and a 1-year high of $132.57. The firm has a market capitalization of $90.94 billion, a P/E ratio of 24.53, a P/E/G ratio of 2.70 and a beta of 1.20. The business’s 50-day simple moving average is $116.86 and its 200-day simple moving average is $115.64.

Prologis Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Tuesday, March 18th were given a dividend of $1.01 per share. This represents a $4.04 dividend on an annualized basis and a yield of 4.12%. This is a boost from Prologis’s previous quarterly dividend of $0.96. The ex-dividend date of this dividend was Tuesday, March 18th. Prologis’s payout ratio is 101.00%.

Insiders Place Their Bets

In related news, CIO Joseph Ghazal sold 10,997 shares of Prologis stock in a transaction on Wednesday, February 5th. The shares were sold at an average price of $118.74, for a total transaction of $1,305,783.78. Following the transaction, the executive now owns 7,977 shares in the company, valued at approximately $947,188.98. The trade was a 57.96 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.50% of the stock is owned by insiders.

Analyst Ratings Changes

Several brokerages recently issued reports on PLD. Truist Financial lifted their price objective on Prologis from $121.00 to $123.00 and gave the stock a “buy” rating in a research report on Monday, January 27th. Mizuho cut their price target on Prologis from $119.00 to $117.00 and set a “neutral” rating for the company in a report on Wednesday, January 8th. Raymond James reaffirmed a “market perform” rating on shares of Prologis in a research note on Monday, February 3rd. Royal Bank of Canada boosted their target price on shares of Prologis from $125.00 to $128.00 and gave the company a “sector perform” rating in a research note on Monday, January 27th. Finally, Scotiabank decreased their price target on shares of Prologis from $134.00 to $133.00 and set a “sector outperform” rating on the stock in a research note on Monday, January 27th. One research 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’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $128.78.

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.