Bank of New York Mellon Corp Buys 32,644 Shares of Prologis, Inc. (NYSE:PLD)

Bank of New York Mellon Corp lifted its position in Prologis, Inc. (NYSE:PLD - Free Report) by 0.5% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,972,246 shares of the real estate investment trust's stock after acquiring an additional 32,644 shares during the period. Bank of New York Mellon Corp owned approximately 0.64% of Prologis worth $631,266,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Empirical Asset Management LLC raised its position in shares of Prologis by 339.0% in the 4th quarter. Empirical Asset Management LLC now owns 68,584 shares of the real estate investment trust's stock valued at $7,249,000 after acquiring an additional 52,963 shares during the period. Cardano Risk Management B.V. raised its position in shares of Prologis by 2.9% in the 4th quarter. Cardano Risk Management B.V. now owns 893,009 shares of the real estate investment trust's stock valued at $94,391,000 after acquiring an additional 25,266 shares during the period. Worldquant Millennium Advisors LLC acquired a new stake in shares of Prologis in the 3rd quarter valued at approximately $1,051,000. B. Metzler seel. Sohn & Co. Holding AG acquired a new stake in shares of Prologis in the 3rd quarter valued at approximately $7,371,000. Finally, Red Cedar Investment Management LLC acquired a new stake in Prologis during the 3rd quarter worth approximately $1,230,000. 93.50% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Prologis

In related news, CIO Joseph Ghazal sold 10,997 shares of the firm'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 transaction, the executive now directly owns 7,977 shares of the company's stock, valued at approximately $947,188.98. This trade represents a 57.96 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.50% of the stock is owned by company insiders.

Prologis Stock Up 0.9 %

Shares of NYSE:PLD traded up $1.11 during midday trading on Friday, hitting $123.88. The stock had a trading volume of 5,562,229 shares, compared to its average volume of 3,851,597. Prologis, Inc. has a 12 month low of $100.82 and a 12 month high of $135.76. 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's 50-day simple moving average is $114.28 and its 200-day simple moving average is $118.08. The company has a market cap of $114.82 billion, a P/E ratio of 30.97, a PEG ratio of 2.70 and a beta of 1.10.

Prologis Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Tuesday, March 18th will be paid a $1.01 dividend. The ex-dividend date of this dividend is Tuesday, March 18th. This is a boost from Prologis's previous quarterly dividend of $0.96. This represents a $4.04 annualized dividend and a dividend yield of 3.26%. Prologis's dividend payout ratio (DPR) is currently 101.00%.

Analyst Upgrades and Downgrades

Several brokerages have commented on PLD. Raymond James restated a "market perform" rating on shares of Prologis in a report on Monday, February 3rd. BMO Capital Markets downgraded shares of Prologis from a "market perform" rating to an "underperform" rating and dropped their target price for the stock from $120.00 to $104.00 in a report on Friday, December 6th. BTIG Research dropped their target price on shares of Prologis from $154.00 to $134.00 and set a "buy" rating on the stock in a report on Friday, January 17th. Scotiabank dropped their target price on shares of Prologis from $134.00 to $133.00 and set a "sector outperform" rating on the stock in a report on Monday, January 27th. Finally, Baird R W upgraded shares of Prologis from a "hold" rating to a "strong-buy" rating in a report on Monday, January 6th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, eleven have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $128.78.

Prologis Company 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.