Mitsubishi UFJ Trust & Banking Corp Sells 119,479 Shares of Prologis, Inc. (NYSE:PLD)

Mitsubishi UFJ Trust & Banking Corp cut its stake in Prologis, Inc. (NYSE:PLD - Free Report) by 19.5% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 494,523 shares of the real estate investment trust's stock after selling 119,479 shares during the quarter. Mitsubishi UFJ Trust & Banking Corp owned 0.05% of Prologis worth $52,272,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently made changes to their positions in PLD. Meiji Yasuda Asset Management Co Ltd. raised its stake in Prologis by 20.8% during the 4th quarter. Meiji Yasuda Asset Management Co Ltd. now owns 74,256 shares of the real estate investment trust's stock valued at $7,849,000 after buying an additional 12,803 shares during the last quarter. Prestige Wealth Management Group LLC grew its holdings in shares of Prologis by 6.9% in the fourth quarter. Prestige Wealth Management Group LLC now owns 13,303 shares of the real estate investment trust's stock worth $1,406,000 after acquiring an additional 858 shares during the period. Signature Estate & Investment Advisors LLC increased its position in Prologis by 5.7% during the fourth quarter. Signature Estate & Investment Advisors LLC now owns 193,911 shares of the real estate investment trust's stock valued at $20,496,000 after acquiring an additional 10,487 shares during the last quarter. Zions Bancorporation N.A. lifted its holdings in Prologis by 32.8% in the fourth quarter. Zions Bancorporation N.A. now owns 65,528 shares of the real estate investment trust's stock valued at $6,926,000 after acquiring an additional 16,178 shares during the period. Finally, Modern Wealth Management LLC purchased a new position in Prologis in the fourth quarter worth about $3,796,000. 93.50% of the stock is owned by hedge funds and other institutional investors.

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Insider Activity

In related news, CIO Joseph Ghazal sold 10,997 shares of the stock in a transaction dated 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 owns 7,977 shares of the company's stock, valued at approximately $947,188.98. This trade represents a 57.96 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.50% of the company's stock.

Prologis Price Performance

PLD traded down $0.38 during trading on Friday, hitting $110.37. 3,660,201 shares of the company traded hands, compared to its average volume of 3,915,027. 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 market cap of $102.29 billion, a PE ratio of 27.59, a P/E/G ratio of 2.70 and a beta of 1.09. The stock's 50-day simple moving average is $117.74 and its two-hundred day simple moving average is $116.34. Prologis, Inc. has a 1 year low of $100.82 and a 1 year high of $132.57.

Prologis Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Tuesday, March 18th will be issued a dividend of $1.01 per share. This represents a $4.04 annualized dividend and a dividend yield of 3.66%. This is a boost from Prologis's previous quarterly dividend of $0.96. The ex-dividend date of this dividend is Tuesday, March 18th. Prologis's dividend payout ratio is 101.00%.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on PLD shares. Baird R W upgraded shares of Prologis from a "hold" rating to a "strong-buy" rating in a research note on Monday, January 6th. Raymond James reiterated a "market perform" rating on shares of Prologis in a research report on Monday, February 3rd. Truist Financial boosted their price objective on shares of Prologis from $121.00 to $123.00 and gave the company a "buy" rating in a research report on Monday, January 27th. UBS Group upped their price objective on Prologis from $121.00 to $137.00 and gave the stock a "buy" rating in a research note on Tuesday, January 28th. Finally, BTIG Research cut their price target on Prologis from $154.00 to $134.00 and set a "buy" rating for the company in a report on Friday, January 17th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, eleven have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, Prologis presently has a consensus 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.