PNC Financial Services Group Inc. Decreases Stake in Prologis, Inc. (NYSE:PLD)

PNC Financial Services Group Inc. trimmed its holdings in Prologis, Inc. (NYSE:PLD - Free Report) by 3.3% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 462,528 shares of the real estate investment trust's stock after selling 16,008 shares during the quarter. PNC Financial Services Group Inc.'s holdings in Prologis were worth $48,889,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in shares of Prologis by 534.7% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 10,143,554 shares of the real estate investment trust's stock worth $1,280,928,000 after buying an additional 8,545,336 shares during the last quarter. Raymond James Financial Inc. acquired a new position in Prologis in the fourth quarter valued at approximately $254,876,000. Janus Henderson Group PLC boosted its position in Prologis by 145.0% in the 3rd quarter. Janus Henderson Group PLC now owns 3,613,494 shares of the real estate investment trust's stock worth $456,320,000 after purchasing an additional 2,138,693 shares in the last quarter. Cardano Risk Management B.V. acquired a new stake in shares of Prologis during the 3rd quarter worth approximately $109,579,000. Finally, Jennison Associates LLC increased its holdings in shares of Prologis by 395.3% during the 4th quarter. Jennison Associates LLC now owns 1,039,333 shares of the real estate investment trust's stock valued at $109,858,000 after purchasing an additional 829,504 shares in the last quarter. 93.50% of the stock is owned by institutional investors and hedge funds.

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Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the company. Scotiabank decreased their target price on Prologis from $134.00 to $133.00 and set a "sector outperform" rating on the stock in a research report on Monday, January 27th. Wolfe Research dropped their target price on shares of Prologis from $135.00 to $128.00 and set an "overweight" rating on the stock in a research report on Friday, January 17th. Baird R W raised shares of Prologis from a "hold" rating to a "strong-buy" rating in a research note on Monday, January 6th. Raymond James reaffirmed a "market perform" rating on shares of Prologis in a research note on Monday, February 3rd. Finally, BMO Capital Markets lowered Prologis from a "market perform" rating to an "underperform" rating and cut their price objective for the stock from $120.00 to $104.00 in a research note on Friday, December 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 issued a strong buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $128.78.

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 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 in the company, valued at $947,188.98. The trade was a 57.96 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. 0.50% of the stock is owned by insiders.

Prologis Trading Down 1.6 %

NYSE PLD traded down $1.95 during trading on Monday, hitting $117.97. The stock had a trading volume of 4,237,972 shares, compared to its average volume of 3,850,259. 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 company has a market capitalization of $109.34 billion, a PE ratio of 29.49, a PEG ratio of 2.70 and a beta of 1.09. The firm has a 50 day moving average price of $116.22 and a 200 day moving average price of $117.87. Prologis, Inc. has a twelve month low of $100.82 and a twelve month high of $135.76.

Prologis Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Tuesday, March 18th will be issued a $1.01 dividend. The ex-dividend date of this dividend is Tuesday, March 18th. This represents a $4.04 dividend on an annualized basis and a dividend yield of 3.42%. This is a boost from Prologis's previous quarterly dividend of $0.96. Prologis's payout ratio is 101.00%.

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.