Allstate Corp Has $7.88 Million Stake in Prologis, Inc. (NYSE:PLD)

Allstate Corp grew its stake in shares of Prologis, Inc. (NYSE:PLD - Free Report) by 111.7% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 74,518 shares of the real estate investment trust's stock after acquiring an additional 39,321 shares during the period. Allstate Corp's holdings in Prologis were worth $7,877,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the stock. Murphy & Mullick Capital Management Corp bought a new stake in shares of Prologis during the 4th quarter worth about $26,000. Crowley Wealth Management Inc. bought a new stake in Prologis during the fourth quarter worth approximately $27,000. Centricity Wealth Management LLC acquired a new position in Prologis during the fourth quarter valued at approximately $30,000. Dunhill Financial LLC raised its position 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 purchasing an additional 182 shares during the period. Finally, Whipplewood Advisors LLC acquired a new stake in shares of Prologis in the fourth quarter worth $34,000. 93.50% of the stock is owned by institutional investors and hedge funds.

Prologis Price Performance

PLD stock traded up $0.04 during trading on Wednesday, hitting $111.49. 1,100,252 shares of the stock traded hands, compared to its average volume of 3,915,084. The stock has a market cap of $103.34 billion, a price-to-earnings ratio of 27.87, a P/E/G ratio of 2.70 and a beta of 1.09. Prologis, Inc. has a one year low of $100.82 and a one year high of $132.57. The company has a current ratio of 0.75, a quick ratio of 0.43 and a debt-to-equity ratio of 0.53. The company has a 50 day simple moving average of $117.67 and a 200 day simple moving average of $115.98.

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Prologis Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Tuesday, March 18th were issued a $1.01 dividend. This is an increase from Prologis's previous quarterly dividend of $0.96. This represents a $4.04 annualized dividend and a dividend yield of 3.62%. The ex-dividend date was Tuesday, March 18th. Prologis's payout ratio is presently 101.00%.

Insider Buying and Selling

In other Prologis news, CIO Joseph Ghazal sold 10,997 shares of the business's stock in a transaction on Wednesday, February 5th. The stock was sold at an average price of $118.74, for a total value of $1,305,783.78. Following the transaction, 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.50% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several brokerages recently commented on PLD. Truist Financial lifted their target price on shares of Prologis from $121.00 to $123.00 and gave the stock a "buy" rating in a report on Monday, January 27th. Royal Bank of Canada lifted their price objective on Prologis from $125.00 to $128.00 and gave the stock a "sector perform" rating in a research note on Monday, January 27th. BTIG Research decreased their target price on Prologis from $154.00 to $134.00 and set a "buy" rating for the company in a research note on Friday, January 17th. UBS Group lifted their price target on Prologis from $121.00 to $137.00 and gave the stock a "buy" rating in a research report on Tuesday, January 28th. Finally, Raymond James reissued a "market perform" rating on shares of Prologis in a research report on Monday, February 3rd. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, eleven have issued a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, Prologis currently has an average rating of "Moderate Buy" and an average price target of $128.78.

Prologis 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.