Summit Financial LLC Decreases Stock Position in Prologis, Inc. (NYSE:PLD)

Summit Financial LLC trimmed its position in shares of Prologis, Inc. (NYSE:PLD - Free Report) by 36.2% during the 4th quarter, according to its most recent 13F filing with the SEC. The fund owned 13,549 shares of the real estate investment trust's stock after selling 7,683 shares during the quarter. Summit Financial LLC's holdings in Prologis were worth $1,432,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in PLD. Alliancebernstein L.P. lifted its position in Prologis by 0.9% in the 4th quarter. Alliancebernstein L.P. now owns 3,496,280 shares of the real estate investment trust's stock valued at $369,557,000 after acquiring an additional 30,985 shares in the last quarter. Edmond DE Rothschild Holding S.A. lifted its holdings in shares of Prologis by 26.9% during the fourth quarter. Edmond DE Rothschild Holding S.A. now owns 16,398 shares of the real estate investment trust's stock valued at $1,733,000 after purchasing an additional 3,478 shares in the last quarter. Axiom Investors LLC DE boosted its position in shares of Prologis by 21.8% during the fourth quarter. Axiom Investors LLC DE now owns 647,801 shares of the real estate investment trust's stock valued at $68,473,000 after buying an additional 116,086 shares during the last quarter. AIA Group Ltd increased its holdings in Prologis by 1.9% in the 4th quarter. AIA Group Ltd now owns 422,728 shares of the real estate investment trust's stock worth $44,682,000 after buying an additional 7,746 shares in the last quarter. Finally, CIBC Private Wealth Group LLC raised its position in Prologis by 59.5% in the 4th quarter. CIBC Private Wealth Group LLC now owns 2,584,288 shares of the real estate investment trust's stock worth $272,642,000 after buying an additional 964,454 shares during the last quarter. Institutional investors own 93.50% of the company's stock.

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Prologis Price Performance

PLD traded down $3.49 during trading on Friday, hitting $98.10. 12,661,108 shares of the company traded hands, compared to its average volume of 3,970,889. The company has a market cap of $90.94 billion, a PE ratio of 24.53, a P/E/G ratio of 2.70 and a beta of 1.20. Prologis, Inc. has a 1 year low of $95.34 and a 1 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 stock's 50-day simple moving average is $116.86 and its two-hundred day simple moving average is $115.54.

Prologis Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Tuesday, March 18th were given a $1.01 dividend. This is an increase from Prologis's previous quarterly dividend of $0.96. This represents a $4.04 dividend on an annualized basis and a dividend yield of 4.12%. The ex-dividend date of this dividend was Tuesday, March 18th. Prologis's payout ratio is currently 101.00%.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on PLD shares. Royal Bank of Canada lifted their price target on shares of Prologis from $125.00 to $128.00 and gave the stock a "sector perform" rating in a research note on Monday, January 27th. Scotiabank lowered their price target on Prologis from $134.00 to $133.00 and set a "sector outperform" rating on the stock in a report on Monday, January 27th. Baird R W raised Prologis from a "hold" rating to a "strong-buy" rating in a report on Monday, January 6th. Raymond James restated a "market perform" rating on shares of Prologis in a research report on Monday, February 3rd. Finally, Wolfe Research cut their price objective on shares of Prologis from $135.00 to $128.00 and set an "overweight" rating for the company in a research report on Friday, January 17th. 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 issued a strong buy rating to the company. Based on data from MarketBeat, Prologis has an average rating of "Moderate Buy" and an average target price of $128.78.

Insider Activity at Prologis

In related news, CIO Joseph Ghazal sold 10,997 shares of the company's stock in a transaction 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 sale, the executive now owns 7,977 shares of the company's stock, valued at $947,188.98. This represents a 57.96 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.50% of the stock is owned by corporate insiders.

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.