Jennison Associates LLC Has $28.63 Million Stake in Prologis, Inc. (NYSE:PLD)

Jennison Associates LLC decreased its position in Prologis, Inc. (NYSE:PLD) by 36.0% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 214,780 shares of the real estate investment trust’s stock after selling 120,920 shares during the period. Jennison Associates LLC’s holdings in Prologis were worth $28,630,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. J.P. Morgan Private Wealth Advisors LLC acquired a new position in shares of Prologis during the third quarter valued at about $185,164,000. Massachusetts Financial Services Co. MA raised its holdings in shares of Prologis by 6.7% during the third quarter. Massachusetts Financial Services Co. MA now owns 16,519,324 shares of the real estate investment trust’s stock valued at $1,853,633,000 after purchasing an additional 1,034,211 shares during the period. Envestnet Asset Management Inc. raised its holdings in shares of Prologis by 43.0% during the third quarter. Envestnet Asset Management Inc. now owns 2,402,293 shares of the real estate investment trust’s stock valued at $269,561,000 after purchasing an additional 721,910 shares during the period. Barclays PLC raised its holdings in shares of Prologis by 23.0% during the third quarter. Barclays PLC now owns 2,809,487 shares of the real estate investment trust’s stock valued at $315,253,000 after purchasing an additional 525,171 shares during the period. Finally, Schroder Investment Management Group raised its holdings in shares of Prologis by 89.8% during the third quarter. Schroder Investment Management Group now owns 1,004,732 shares of the real estate investment trust’s stock valued at $112,741,000 after purchasing an additional 475,229 shares during the period. Institutional investors and hedge funds own 93.50% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on PLD. Mizuho reissued a “neutral” rating and set a $130.00 target price on shares of Prologis in a research report on Tuesday, April 2nd. StockNews.com downgraded shares of Prologis from a “hold” rating to a “sell” rating in a research report on Wednesday. The Goldman Sachs Group decreased their target price on shares of Prologis from $163.00 to $140.00 and set a “buy” rating for the company in a research report on Monday. TheStreet raised shares of Prologis from a “c+” rating to a “b-” rating in a research report on Friday, January 26th. Finally, Raymond James boosted their target price on shares of Prologis from $130.00 to $145.00 and gave the stock a “strong-buy” rating in a research report on Wednesday, January 24th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $135.41.

Prologis Stock Performance

Shares of PLD stock opened at $103.18 on Thursday. The stock has a market capitalization of $95.45 billion, a P/E ratio of 30.17, a PEG ratio of 2.10 and a beta of 1.00. The company has a current ratio of 0.08, a quick ratio of 0.30 and a debt-to-equity ratio of 0.51. The firm’s 50 day moving average is $126.24 and its 200 day moving average is $122.03. Prologis, Inc. has a 12 month low of $96.64 and a 12 month high of $137.52.

Prologis Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Monday, March 18th were given a dividend of $0.96 per share. This is a positive change from Prologis’s previous quarterly dividend of $0.87. This represents a $3.84 dividend on an annualized basis and a dividend yield of 3.72%. The ex-dividend date of this dividend was Friday, March 15th. 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.