Financial Advocates Investment Management Sells 1,387 Shares of Prologis, Inc. (NYSE:PLD)

Financial Advocates Investment Management decreased its holdings in shares of Prologis, Inc. (NYSE:PLD) by 8.9% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 14,181 shares of the real estate investment trust’s stock after selling 1,387 shares during the period. Financial Advocates Investment Management’s holdings in Prologis were worth $1,499,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Dunhill Financial LLC boosted its holdings in Prologis by 239.5% during the 3rd quarter. Dunhill Financial LLC now owns 258 shares of the real estate investment trust’s stock valued at $33,000 after acquiring an additional 182 shares during the period. Hara Capital LLC purchased a new stake in Prologis in the third quarter worth $48,000. Coastline Trust Co bought a new stake in shares of Prologis during the third quarter worth $52,000. Fortitude Family Office LLC grew its holdings in shares of Prologis by 120.6% in the third quarter. Fortitude Family Office LLC now owns 439 shares of the real estate investment trust’s stock worth $55,000 after purchasing an additional 240 shares during the last quarter. Finally, Hanson & Doremus Investment Management increased its stake in Prologis by 42.2% in the 4th quarter. Hanson & Doremus Investment Management now owns 623 shares of the real estate investment trust’s stock worth $66,000 after buying an additional 185 shares during the period. 93.50% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

PLD has been the subject of a number of research analyst reports. UBS Group lifted their price objective on shares of Prologis from $121.00 to $137.00 and gave the company a “buy” rating in a report on Tuesday, January 28th. Scotiabank lowered their price target on Prologis from $134.00 to $133.00 and set a “sector outperform” rating for the company in a report on Monday, January 27th. Robert W. Baird raised their price objective on Prologis from $123.00 to $124.00 and gave the stock an “outperform” rating in a report on Thursday, January 30th. The Goldman Sachs Group reiterated a “neutral” rating and issued a $132.00 target price (down from $142.00) on shares of Prologis in a report on Monday, October 21st. Finally, Royal Bank of Canada raised their price target on Prologis from $125.00 to $128.00 and gave the company a “sector perform” rating in a research note on Monday, January 27th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, eleven have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $128.78.

Insider Activity

In related news, CIO Joseph Ghazal sold 10,997 shares of Prologis 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 completion of the sale, the executive now directly owns 7,977 shares in the company, valued at $947,188.98. This trade represents a 57.96 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.56% of the company’s stock.

Prologis Price Performance

Shares of PLD opened at $118.48 on Friday. The company has a 50 day moving average of $111.09 and a two-hundred day moving average of $118.30. Prologis, Inc. has a twelve month low of $100.82 and a twelve month high of $135.76. The company has a market cap of $109.73 billion, a price-to-earnings ratio of 29.62, a price-to-earnings-growth ratio of 2.66 and a beta of 1.10. The company has a quick ratio of 0.43, a current ratio of 0.23 and a debt-to-equity ratio of 0.53.

Prologis Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Monday, December 16th were paid a dividend of $0.96 per share. The ex-dividend date of this dividend was Monday, December 16th. This represents a $3.84 dividend on an annualized basis and a dividend yield of 3.24%. Prologis’s payout ratio is 96.00%.

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.