Groesbeck Investment Management Corp NJ Trims Stake in Prologis, Inc. (NYSE:PLD)

Groesbeck Investment Management Corp NJ decreased its position in shares of Prologis, Inc. (NYSE:PLD) by 37.8% during the fourth quarter, Holdings Channel reports. The fund owned 2,465 shares of the real estate investment trust’s stock after selling 1,500 shares during the period. Groesbeck Investment Management Corp NJ’s holdings in Prologis were worth $261,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Dunhill Financial LLC grew its holdings in shares of Prologis by 239.5% during the 3rd quarter. Dunhill Financial LLC now owns 258 shares of the real estate investment trust’s stock worth $33,000 after acquiring an additional 182 shares during the period. Hara Capital LLC purchased a new stake in shares of Prologis in the 3rd quarter worth approximately $48,000. Coastline Trust Co purchased a new stake in shares of Prologis in the 3rd quarter worth approximately $52,000. Fortitude Family Office LLC grew its stake in shares of Prologis by 120.6% in the 3rd quarter. Fortitude Family Office LLC now owns 439 shares of the real estate investment trust’s stock worth $55,000 after buying an additional 240 shares during the last quarter. Finally, Hanson & Doremus Investment Management grew its stake in shares of 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 last quarter. Hedge funds and other institutional investors own 93.50% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently weighed in on the company. The Goldman Sachs Group restated a “neutral” rating and issued a $132.00 price target (down previously from $142.00) on shares of Prologis in a research note on Monday, October 21st. BNP Paribas upgraded Prologis to a “strong-buy” rating in a research note on Wednesday, January 22nd. BTIG Research cut their price target on Prologis from $154.00 to $134.00 and set a “buy” rating on the stock in a research note on Friday, January 17th. Wolfe Research cut their target price on Prologis from $135.00 to $128.00 and set an “overweight” rating on the stock in a research note on Friday, January 17th. Finally, BMO Capital Markets cut Prologis from a “market perform” rating to an “underperform” rating and lowered their price target for the company from $120.00 to $104.00 in a report on Friday, December 6th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, eleven have assigned a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, Prologis presently has a consensus rating of “Moderate Buy” and a consensus price target of $128.78.

Prologis Trading Up 0.5 %

Shares of PLD stock opened at $118.38 on Wednesday. Prologis, Inc. has a 52-week low of $100.82 and a 52-week high of $135.76. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.43 and a current ratio of 0.23. The firm has a market capitalization of $109.64 billion, a PE ratio of 29.59, a PEG ratio of 2.66 and a beta of 1.10. The stock has a fifty day simple moving average of $111.02 and a two-hundred day simple moving average of $118.33.

Prologis Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Monday, December 16th were given 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%.

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.