Concord Investment Counsel Inc. Purchases Shares of 17,725 Prologis, Inc. (NYSE:PLD)

Concord Investment Counsel Inc. purchased a new stake in Prologis, Inc. (NYSE:PLD) in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 17,725 shares of the real estate investment trust’s stock, valued at approximately $2,308,000. Prologis accounts for approximately 0.8% of Concord Investment Counsel Inc.’s portfolio, making the stock its 27th biggest position.

A number of other large investors also recently bought and sold shares of the stock. Valeo Financial Advisors LLC increased its position in shares of Prologis by 182,067.2% in the first quarter. Valeo Financial Advisors LLC now owns 48,877,279 shares of the real estate investment trust’s stock valued at $6,364,799,000 after buying an additional 48,850,448 shares in the last quarter. Price T Rowe Associates Inc. MD increased its position in shares of Prologis by 3.0% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 12,532,773 shares of the real estate investment trust’s stock valued at $1,670,621,000 after buying an additional 365,904 shares in the last quarter. Principal Financial Group Inc. increased its position in shares of Prologis by 1.0% in the fourth quarter. Principal Financial Group Inc. now owns 12,325,559 shares of the real estate investment trust’s stock valued at $1,642,997,000 after buying an additional 123,902 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of Prologis by 1.9% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 9,519,818 shares of the real estate investment trust’s stock valued at $1,268,992,000 after buying an additional 175,276 shares in the last quarter. Finally, Norges Bank purchased a new stake in shares of Prologis in the fourth quarter valued at approximately $1,074,648,000. 93.50% of the stock is owned by institutional investors and hedge funds.

Prologis Stock Performance

NYSE:PLD traded up $0.50 during mid-day trading on Friday, reaching $120.91. 1,874,369 shares of the stock were exchanged, compared to its average volume of 3,680,104. Prologis, Inc. has a 1 year low of $96.64 and a 1 year high of $137.52. The company has a 50 day simple moving average of $110.12 and a 200-day simple moving average of $120.78. The company has a quick ratio of 0.29, a current ratio of 0.29 and a debt-to-equity ratio of 0.51. The stock has a market capitalization of $111.94 billion, a P/E ratio of 35.80, a P/E/G ratio of 2.76 and a beta of 1.06.

Prologis Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Monday, June 17th were given a dividend of $0.96 per share. The ex-dividend date was Monday, June 17th. This represents a $3.84 dividend on an annualized basis and a yield of 3.18%. Prologis’s payout ratio is 112.28%.

Analyst Upgrades and Downgrades

Several analysts recently commented on the company. BMO Capital Markets cut Prologis from an “outperform” rating to a “market perform” rating and dropped their price target for the stock from $145.00 to $112.00 in a research report on Monday, April 22nd. Mizuho dropped their price target on Prologis from $130.00 to $120.00 and set a “neutral” rating for the company in a research report on Friday, May 31st. Scotiabank dropped their price target on Prologis from $149.00 to $130.00 and set a “sector outperform” rating for the company in a research report on Thursday, May 16th. JPMorgan Chase & Co. dropped their price target on Prologis from $143.00 to $128.00 and set an “overweight” rating for the company in a research report on Thursday, April 25th. Finally, The Goldman Sachs Group dropped their price target on Prologis from $163.00 to $140.00 and set a “buy” rating for the company in a research report on Monday, April 22nd. One research analyst has rated the stock with a sell rating, four have given a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $129.76.

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.