Norges Bank Purchases New Shares in Prologis, Inc. (NYSE:PLD)

Norges Bank acquired a new stake in shares of Prologis, Inc. (NYSE:PLD - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 8,999,653 shares of the real estate investment trust's stock, valued at approximately $951,263,000. Norges Bank owned about 0.97% of Prologis at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Murphy & Mullick Capital Management Corp purchased a new stake in Prologis during the fourth quarter valued at about $26,000. Dunhill Financial LLC grew its holdings in shares of Prologis by 239.5% during the 3rd quarter. Dunhill Financial LLC now owns 258 shares of the real estate investment trust's stock worth $33,000 after purchasing an additional 182 shares during the period. Crowley Wealth Management Inc. acquired a new stake in Prologis during the 4th quarter worth approximately $27,000. Centricity Wealth Management LLC purchased a new position in Prologis in the fourth quarter valued at approximately $30,000. Finally, Promus Capital LLC acquired a new position in Prologis during the fourth quarter valued at approximately $34,000. 93.50% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the company. UBS Group increased their target price on Prologis from $121.00 to $137.00 and gave the company a "buy" rating in a research note on Tuesday, January 28th. Truist Financial boosted their target price on shares of Prologis from $121.00 to $123.00 and gave the stock a "buy" rating in a research report on Monday, January 27th. Baird R W raised Prologis from a "hold" rating to a "strong-buy" rating in a research report on Monday, January 6th. Robert W. Baird boosted their price target on Prologis from $123.00 to $124.00 and gave the stock an "outperform" rating in a research note on Thursday, January 30th. Finally, BNP Paribas upgraded Prologis to a "strong-buy" rating in a research note on Wednesday, January 22nd. One analyst has rated the stock with a sell rating, seven have given a hold rating, eleven have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $128.78.

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Prologis Price Performance

Shares of PLD stock traded up $0.25 during mid-day trading on Tuesday, hitting $112.04. 1,075,327 shares of the stock traded hands, compared to its average volume of 3,909,551. The company's 50-day simple moving average is $117.78 and its 200-day simple moving average is $116.11. The firm has a market cap of $103.85 billion, a price-to-earnings ratio of 28.01, a price-to-earnings-growth ratio of 2.70 and a beta of 1.09. Prologis, Inc. has a twelve month low of $100.82 and a twelve month high of $132.57. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.43 and a current ratio of 0.75.

Prologis Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Tuesday, March 18th were given a dividend of $1.01 per share. This is a positive change from Prologis's previous quarterly dividend of $0.96. The ex-dividend date of this dividend was Tuesday, March 18th. This represents a $4.04 annualized dividend and a dividend yield of 3.61%. Prologis's dividend payout ratio (DPR) is 101.00%.

Insider Transactions at Prologis

In related news, CIO Joseph Ghazal sold 10,997 shares of the firm's stock in a transaction that occurred 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 completion of the sale, the executive now directly owns 7,977 shares in the company, valued at approximately $947,188.98. This trade represents a 57.96 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 0.50% of the company's stock.

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.