Summit Financial LLC Has $1.43 Million Stake in Prologis, Inc. (NYSE:PLD)

Summit Financial LLC lowered its holdings in shares of Prologis, Inc. (NYSE:PLD) by 36.2% during the fourth quarter, Holdings Channel reports. The institutional investor owned 13,549 shares of the real estate investment trust’s stock after selling 7,683 shares during the quarter. Summit Financial LLC’s holdings in Prologis were worth $1,432,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently bought and sold shares of the company. State Street Corp lifted its position in shares of Prologis by 1.4% during the 3rd quarter. State Street Corp now owns 57,413,342 shares of the real estate investment trust’s stock worth $7,250,157,000 after buying an additional 767,609 shares during the period. Geode Capital Management LLC lifted its holdings in shares of Prologis by 0.9% during the third quarter. Geode Capital Management LLC now owns 20,761,980 shares of the real estate investment trust’s stock valued at $2,612,395,000 after acquiring an additional 194,472 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in shares of Prologis by 1.7% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 10,402,731 shares of the real estate investment trust’s stock valued at $1,099,569,000 after acquiring an additional 173,531 shares during the period. Norges Bank acquired a new stake in shares of Prologis in the 4th quarter valued at $951,263,000. Finally, Bank of New York Mellon Corp grew its holdings in shares of Prologis by 0.5% in the 4th quarter. Bank of New York Mellon Corp now owns 5,972,246 shares of the real estate investment trust’s stock worth $631,266,000 after purchasing an additional 32,644 shares during the last quarter. Institutional investors and hedge funds own 93.50% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on PLD shares. Scotiabank reduced their price target on shares of Prologis from $134.00 to $133.00 and set a “sector outperform” rating on the stock in a research report on Monday, January 27th. Truist Financial lifted their target price on shares of Prologis from $121.00 to $123.00 and gave the company a “buy” rating in a research note on Monday, January 27th. UBS Group increased their price target on Prologis from $121.00 to $137.00 and gave the stock a “buy” rating in a research report on Tuesday, January 28th. BNP Paribas upgraded Prologis to a “strong-buy” rating in a research report on Wednesday, January 22nd. Finally, BMO Capital Markets cut Prologis from a “market perform” rating to an “underperform” rating and decreased their target price for the stock from $120.00 to $104.00 in a report on Friday, December 6th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, eleven have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $128.78.

Insider Transactions at Prologis

In related news, CIO Joseph Ghazal sold 10,997 shares of the company’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 sale, the executive now owns 7,977 shares in the company, valued at approximately $947,188.98. This represents a 57.96 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 0.50% of the stock is owned by corporate insiders.

Prologis Trading Down 0.3 %

PLD opened at $111.49 on Wednesday. Prologis, Inc. has a fifty-two week low of $100.82 and a fifty-two week high of $132.57. The company has a market cap of $103.33 billion, a price-to-earnings ratio of 27.87, a price-to-earnings-growth ratio of 2.70 and a beta of 1.09. The company has a debt-to-equity ratio of 0.53, a current ratio of 0.75 and a quick ratio of 0.43. The firm has a 50 day simple moving average of $117.67 and a 200 day simple moving average of $115.98.

Prologis Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Tuesday, March 18th were paid a $1.01 dividend. The ex-dividend date of this dividend was Tuesday, March 18th. This represents a $4.04 dividend on an annualized basis and a dividend yield of 3.62%. This is an increase from Prologis’s previous quarterly dividend of $0.96. Prologis’s dividend payout ratio is 101.00%.

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.