Bank of New York Mellon Corp Acquires 32,644 Shares of Prologis, Inc. (NYSE:PLD)

Bank of New York Mellon Corp grew its holdings in shares of Prologis, Inc. (NYSE:PLD) by 0.5% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm owned 5,972,246 shares of the real estate investment trust’s stock after buying an additional 32,644 shares during the period. Bank of New York Mellon Corp owned 0.64% of Prologis worth $631,266,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Empirical Asset Management LLC increased its position in Prologis by 339.0% during the 4th quarter. Empirical Asset Management LLC now owns 68,584 shares of the real estate investment trust’s stock valued at $7,249,000 after purchasing an additional 52,963 shares during the period. Cardano Risk Management B.V. boosted its stake in shares of Prologis by 2.9% during the 4th quarter. Cardano Risk Management B.V. now owns 893,009 shares of the real estate investment trust’s stock valued at $94,391,000 after purchasing an additional 25,266 shares in the last quarter. Worldquant Millennium Advisors LLC purchased a new position in shares of Prologis during the third quarter valued at about $1,051,000. B. Metzler seel. Sohn & Co. Holding AG bought a new position in Prologis in the third quarter worth about $7,371,000. Finally, Red Cedar Investment Management LLC purchased a new stake in Prologis in the third quarter worth about $1,230,000. Institutional investors own 93.50% of the company’s stock.

Prologis Price Performance

Shares of NYSE PLD opened at $122.69 on Wednesday. The firm has a market cap of $113.72 billion, a P/E ratio of 30.67, a PEG ratio of 2.70 and a beta of 1.10. Prologis, Inc. has a twelve month low of $100.82 and a twelve month high of $135.76. 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 50 day moving average of $113.07 and a 200 day moving average of $117.99.

Prologis Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Tuesday, March 18th will be paid a $1.01 dividend. The ex-dividend date is Tuesday, March 18th. This represents a $4.04 annualized dividend and a dividend yield of 3.29%. This is a boost from Prologis’s previous quarterly dividend of $0.96. Prologis’s payout ratio is currently 101.00%.

Wall Street Analysts Forecast Growth

PLD has been the topic of a number of research analyst reports. BMO Capital Markets downgraded Prologis from a “market perform” rating to an “underperform” rating and reduced their target price for the stock from $120.00 to $104.00 in a report on Friday, December 6th. Raymond James reaffirmed a “market perform” rating on shares of Prologis in a research note on Monday, February 3rd. Mizuho decreased their price objective on Prologis from $119.00 to $117.00 and set a “neutral” rating for the company in a report on Wednesday, January 8th. Royal Bank of Canada boosted their target price on shares of Prologis from $125.00 to $128.00 and gave the company a “sector perform” rating in a report on Monday, January 27th. Finally, UBS Group increased their price target on shares of Prologis from $121.00 to $137.00 and gave the stock a “buy” rating in a research note on Tuesday, January 28th. One investment analyst has rated the stock with a sell rating, seven have given 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.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $128.78.

Insider Activity

In other Prologis news, CIO Joseph Ghazal sold 10,997 shares of the business’s stock in a transaction dated Wednesday, February 5th. The stock was 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. The trade was a 57.96 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.56% of the company’s stock.

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.