Vestcor Inc Sells 3,481 Shares of Prologis, Inc. (NYSE:PLD)

Vestcor Inc decreased its holdings in Prologis, Inc. (NYSE:PLD - Free Report) by 2.8% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 120,055 shares of the real estate investment trust's stock after selling 3,481 shares during the quarter. Vestcor Inc's holdings in Prologis were worth $12,690,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of PLD. Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of Prologis during the fourth quarter worth about $11,308,000. Kranot Hishtalmut Le Morim Ve Gananot Havera Menahelet LTD grew its position in Prologis by 59.3% in the 4th quarter. Kranot Hishtalmut Le Morim Ve Gananot Havera Menahelet LTD now owns 179,911 shares of the real estate investment trust's stock worth $19,109,000 after purchasing an additional 66,944 shares in the last quarter. Kranot Hishtalmut Le Morim Tichoniim Havera Menahelet LTD grew its position in Prologis by 57.4% in the 4th quarter. Kranot Hishtalmut Le Morim Tichoniim Havera Menahelet LTD now owns 63,211 shares of the real estate investment trust's stock worth $6,714,000 after purchasing an additional 23,056 shares in the last quarter. Liberty Wealth Management LLC grew its position in Prologis by 6.2% in the 4th quarter. Liberty Wealth Management LLC now owns 1,976 shares of the real estate investment trust's stock worth $209,000 after purchasing an additional 116 shares in the last quarter. Finally, EverSource Wealth Advisors LLC grew its position in Prologis by 228.9% in the 4th quarter. EverSource Wealth Advisors LLC now owns 3,253 shares of the real estate investment trust's stock worth $344,000 after purchasing an additional 2,264 shares in the last quarter. Institutional investors own 93.50% of the company's stock.

Insiders Place Their Bets

In other Prologis news, CIO Joseph Ghazal sold 10,997 shares of the stock in a transaction that occurred 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 sale, the executive now directly owns 7,977 shares in the company, valued at $947,188.98. This represents a 57.96 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 0.50% of the company's stock.

Prologis Stock Performance

Shares of PLD stock opened at $115.70 on Thursday. The stock has a market capitalization of $107.23 billion, a P/E ratio of 28.92, a PEG ratio of 2.70 and a beta of 1.09. 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 firm's 50 day moving average is $116.65 and its 200 day moving average is $117.78. Prologis, Inc. has a 12 month low of $100.82 and a 12 month high of $135.27.

Prologis Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Tuesday, March 18th will be paid a $1.01 dividend. The ex-dividend date 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 yield of 3.49%. Prologis's dividend payout ratio is currently 101.00%.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on PLD shares. Scotiabank reduced their price objective on shares of Prologis from $134.00 to $133.00 and set a "sector outperform" rating for the company in a research report on Monday, January 27th. Barclays upped their price objective on shares of Prologis from $131.00 to $132.00 and gave the stock an "overweight" rating in a research report on Monday, November 18th. BMO Capital Markets downgraded shares of Prologis from a "market perform" rating to an "underperform" rating and reduced their price objective for the stock from $120.00 to $104.00 in a research report on Friday, December 6th. BNP Paribas raised shares of Prologis to a "strong-buy" rating in a research report on Wednesday, January 22nd. Finally, Royal Bank of Canada increased their target price on shares of Prologis from $125.00 to $128.00 and gave the company a "sector perform" rating in a research report on Monday, January 27th. One equities 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 data from MarketBeat.com, Prologis has a consensus rating of "Moderate Buy" and an average price target of $128.78.

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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.

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