Prologis, Inc. (NYSE:PLD) Shares Sold by Spinnaker Trust

Spinnaker Trust trimmed its holdings in shares of Prologis, Inc. (NYSE:PLD) by 72.6% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 16,487 shares of the real estate investment trust’s stock after selling 43,651 shares during the quarter. Spinnaker Trust’s holdings in Prologis were worth $2,198,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. J.P. Morgan Private Wealth Advisors LLC purchased a new position in Prologis during the 3rd quarter valued at about $185,164,000. Massachusetts Financial Services Co. MA boosted its holdings in Prologis by 6.7% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 16,519,324 shares of the real estate investment trust’s stock valued at $1,853,633,000 after acquiring an additional 1,034,211 shares during the period. Envestnet Asset Management Inc. boosted its holdings in Prologis by 43.0% during the 3rd 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 acquiring an additional 721,910 shares during the period. Barclays PLC boosted its holdings in Prologis by 23.0% during the 3rd quarter. Barclays PLC now owns 2,809,487 shares of the real estate investment trust’s stock valued at $315,253,000 after acquiring an additional 525,171 shares during the period. Finally, Schroder Investment Management Group boosted 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 during the period. 93.50% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages recently commented on PLD. The Goldman Sachs Group lowered their target price on Prologis from $163.00 to $140.00 and set a “buy” rating for the company in a report on Monday, April 22nd. Morgan Stanley lifted their price objective on Prologis from $128.00 to $141.00 and gave the company an “overweight” rating in a research note on Wednesday, January 24th. UBS Group decreased their price objective on Prologis from $151.00 to $138.00 and set a “buy” rating for the company in a research note on Thursday, April 18th. Mizuho reiterated a “neutral” rating and issued a $130.00 price objective on shares of Prologis in a research note on Tuesday, April 2nd. Finally, Barclays decreased their price objective on Prologis from $141.00 to $135.00 and set an “overweight” rating for the company in a research note on Wednesday, April 17th. One analyst has rated the stock with a sell rating, four have issued a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $134.24.

Prologis Stock Performance

PLD traded up $0.71 during trading on Friday, hitting $104.06. 4,037,744 shares of the stock were exchanged, compared to its average volume of 4,340,292. The firm has a market capitalization of $96.26 billion, a P/E ratio of 30.42, a PEG ratio of 2.15 and a beta of 1.00. Prologis, Inc. has a 1-year low of $96.64 and a 1-year high of $137.52. The stock has a fifty day moving average price of $125.06 and a two-hundred day moving average price of $121.86. The company has a quick ratio of 0.30, a current ratio of 0.08 and a debt-to-equity ratio of 0.51.

Prologis Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Monday, March 18th were given a dividend of $0.96 per share. This is a positive change from Prologis’s previous quarterly dividend of $0.87. The ex-dividend date was Friday, March 15th. This represents a $3.84 annualized dividend and a yield of 3.69%. Prologis’s payout ratio is 112.28%.

Prologis Company Profile

Prologis, Inc is the global leader in logistics real estate with a focus on high-barrier, high-growth markets. At December 31, 2023, 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.