Geode Capital Management LLC Buys 610,251 Shares of Prologis, Inc. (NYSE:PLD)

Geode Capital Management LLC raised its stake in shares of Prologis, Inc. (NYSE:PLD) by 2.9% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 21,372,231 shares of the real estate investment trust’s stock after purchasing an additional 610,251 shares during the quarter. Geode Capital Management LLC owned 2.31% of Prologis worth $2,252,853,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also bought and sold shares of the company. Townsquare Capital LLC grew its position in Prologis by 12.5% in the third quarter. Townsquare Capital LLC now owns 15,307 shares of the real estate investment trust’s stock worth $1,933,000 after acquiring an additional 1,705 shares in the last quarter. Bridgewater Associates LP boosted its holdings in shares of Prologis by 4.0% in the 3rd quarter. Bridgewater Associates LP now owns 2,676 shares of the real estate investment trust’s stock worth $338,000 after purchasing an additional 103 shares in the last quarter. Erste Asset Management GmbH bought a new position in shares of Prologis during the 3rd quarter valued at about $16,052,000. Benjamin Edwards Inc. raised its holdings in shares of Prologis by 736.6% during the 3rd quarter. Benjamin Edwards Inc. now owns 23,641 shares of the real estate investment trust’s stock valued at $2,986,000 after buying an additional 20,815 shares in the last quarter. Finally, Hilltop Holdings Inc. lifted its position in Prologis by 290.7% in the 3rd quarter. Hilltop Holdings Inc. now owns 32,009 shares of the real estate investment trust’s stock worth $4,042,000 after buying an additional 23,816 shares during the last quarter. 93.50% of the stock is currently owned by institutional investors.

Insider Activity at Prologis

In other news, CIO Joseph Ghazal sold 10,997 shares of the business’s stock in a transaction on 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 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 document filed with the Securities & Exchange Commission, which is available through this link. 0.50% of the stock is currently owned by insiders.

Prologis Stock Up 1.2 %

NYSE:PLD opened at $111.79 on Tuesday. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.43 and a current ratio of 0.75. The firm has a market cap of $103.61 billion, a P/E ratio of 27.95, a P/E/G ratio of 2.70 and a beta of 1.09. Prologis, Inc. has a fifty-two week low of $100.82 and a fifty-two week high of $132.57. The firm has a 50-day simple moving average of $117.78 and a two-hundred day simple moving average of $116.11.

Prologis Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Tuesday, March 18th were issued a $1.01 dividend. This is a positive change from Prologis’s previous quarterly dividend of $0.96. This represents a $4.04 dividend on an annualized basis and a yield of 3.61%. The ex-dividend date was Tuesday, March 18th. Prologis’s payout ratio is presently 101.00%.

Analyst Upgrades and Downgrades

Several research analysts have commented on PLD shares. BTIG Research decreased their price target on shares of Prologis from $154.00 to $134.00 and set a “buy” rating on the stock in a research note 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. Truist Financial raised their price objective on Prologis from $121.00 to $123.00 and gave the company a “buy” rating in a research note on Monday, January 27th. Mizuho lowered their target price on Prologis from $119.00 to $117.00 and set a “neutral” rating for the company in a research note on Wednesday, January 8th. Finally, Robert W. Baird raised their price target on Prologis from $123.00 to $124.00 and gave the stock an “outperform” rating in a research report on Thursday, January 30th. One 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 stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $128.78.

About Prologis

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.