Clearbridge Investments LLC Sells 79,234 Shares of Prologis, Inc. (NYSE:PLD)

Clearbridge Investments LLC reduced its stake in Prologis, Inc. (NYSE:PLD) by 15.4% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 434,667 shares of the real estate investment trust’s stock after selling 79,234 shares during the period. Clearbridge Investments LLC’s holdings in Prologis were worth $45,944,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Murphy & Mullick Capital Management Corp bought a new position in Prologis in the fourth quarter worth approximately $26,000. Crowley Wealth Management Inc. bought a new position in shares of Prologis during the 4th quarter worth $27,000. Centricity Wealth Management LLC purchased a new position in shares of Prologis during the fourth quarter valued at $30,000. Dunhill Financial LLC raised its holdings in shares of Prologis by 239.5% in the third 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 in the last quarter. Finally, Whipplewood Advisors LLC purchased a new stake in Prologis in the fourth quarter worth about $34,000. 93.50% of the stock is owned by hedge funds and other institutional investors.

Prologis Price Performance

Shares of PLD opened at $111.49 on Wednesday. The firm has a market capitalization of $103.33 billion, a PE 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 company’s fifty day moving average price is $117.67 and its 200-day moving average price is $115.98. Prologis, Inc. has a 1-year low of $100.82 and a 1-year high of $132.57.

Prologis Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Tuesday, March 18th were issued a $1.01 dividend. The ex-dividend date of this dividend was Tuesday, March 18th. 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 dividend yield of 3.62%. Prologis’s dividend payout ratio is currently 101.00%.

Insider Transactions at Prologis

In related news, CIO Joseph Ghazal sold 10,997 shares of the company’s stock in a transaction that occurred 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 sale, the executive now owns 7,977 shares in the company, valued at $947,188.98. This represents a 57.96 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 0.50% of the company’s stock.

Wall Street Analyst Weigh In

PLD has been the subject of several recent research reports. Baird R W upgraded shares of Prologis from a “hold” rating to a “strong-buy” rating in a report on Monday, January 6th. BTIG Research reduced their price objective on shares of Prologis from $154.00 to $134.00 and set a “buy” rating for the company in a research note on Friday, January 17th. BNP Paribas raised Prologis to a “strong-buy” rating in a research report on Wednesday, January 22nd. UBS Group boosted 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. Finally, BMO Capital Markets downgraded Prologis from a “market perform” rating to an “underperform” rating and dropped their price objective for the company from $120.00 to $104.00 in a research report on Friday, December 6th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, eleven have assigned a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, Prologis currently has an average rating of “Moderate Buy” and an average 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.