PGGM Investments Raises Holdings in Prologis, Inc. (NYSE:PLD)

PGGM Investments boosted its stake in shares of Prologis, Inc. (NYSE:PLD) by 29.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,169,612 shares of the real estate investment trust’s stock after purchasing an additional 717,172 shares during the quarter. Prologis comprises 6.4% of PGGM Investments’ holdings, making the stock its largest holding. PGGM Investments owned 0.34% of Prologis worth $422,509,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently added to or reduced their stakes in the stock. Family Legacy Inc. boosted its position in Prologis by 0.5% during the fourth quarter. Family Legacy Inc. now owns 16,634 shares of the real estate investment trust’s stock valued at $2,217,000 after purchasing an additional 87 shares in the last quarter. Lockerman Financial Group Inc. boosted its holdings in Prologis by 2.0% in the fourth quarter. Lockerman Financial Group Inc. now owns 4,402 shares of the real estate investment trust’s stock worth $587,000 after acquiring an additional 87 shares in the last quarter. Hixon Zuercher LLC boosted its holdings in Prologis by 0.6% in the fourth quarter. Hixon Zuercher LLC now owns 14,631 shares of the real estate investment trust’s stock worth $1,950,000 after acquiring an additional 88 shares in the last quarter. AdvisorNet Financial Inc boosted its holdings in Prologis by 11.0% in the fourth quarter. AdvisorNet Financial Inc now owns 911 shares of the real estate investment trust’s stock worth $121,000 after acquiring an additional 90 shares in the last quarter. Finally, Holistic Financial Partners boosted its holdings in Prologis by 5.3% in the third quarter. Holistic Financial Partners now owns 1,926 shares of the real estate investment trust’s stock worth $216,000 after acquiring an additional 97 shares in the last quarter. Institutional investors own 93.50% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have weighed in on PLD. Morgan Stanley raised their price target on Prologis from $128.00 to $141.00 and gave the stock an “overweight” rating in a report on Wednesday, January 24th. Raymond James raised their price target on Prologis from $130.00 to $145.00 and gave the stock a “strong-buy” rating in a report on Wednesday, January 24th. TheStreet upgraded Prologis from a “c+” rating to a “b-” rating in a research note on Friday, January 26th. The Goldman Sachs Group reduced their price objective on Prologis from $163.00 to $140.00 and set a “buy” rating for the company in a research note on Monday, April 22nd. Finally, JPMorgan Chase & Co. reduced their price objective on Prologis from $143.00 to $128.00 and set an “overweight” rating for the company in a research note on Thursday. One investment analyst has rated the stock with a sell rating, four have given a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $134.24.

Prologis Stock Performance

PLD stock traded up $0.71 during trading on Friday, hitting $104.06. 4,037,744 shares of the company traded hands, compared to its average volume of 4,340,292. The company has a market cap of $96.26 billion, a PE ratio of 30.42, a P/E/G ratio of 2.15 and a beta of 1.00. Prologis, Inc. has a 1 year low of $96.64 and a 1 year high of $137.52. The stock’s 50-day simple moving average is $125.06 and its 200 day simple moving average is $121.86. The company has a debt-to-equity ratio of 0.51, a current ratio of 0.08 and a quick ratio of 0.30.

Prologis Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Monday, March 18th were given a $0.96 dividend. The ex-dividend date was Friday, March 15th. This is a boost from Prologis’s previous quarterly dividend of $0.87. This represents a $3.84 dividend on an annualized basis and a dividend yield of 3.69%. Prologis’s payout ratio is 112.28%.

About Prologis

Prologis, Inc is the global leader in logistics real estate with a focus on high-barrier, high-growth markets. At December 31, 2023, 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.