Corebridge Financial Inc. Decreases Stock Holdings in Prologis, Inc. (NYSE:PLD)

Corebridge Financial Inc. lowered its stake in shares of Prologis, Inc. (NYSE:PLD) by 3.9% during the 4th quarter, according to its most recent filing with the SEC. The firm owned 249,673 shares of the real estate investment trust’s stock after selling 10,134 shares during the period. Corebridge Financial Inc.’s holdings in Prologis were worth $26,390,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the stock. Empirical Asset Management LLC lifted its position in Prologis by 339.0% during the fourth quarter. Empirical Asset Management LLC now owns 68,584 shares of the real estate investment trust’s stock valued at $7,249,000 after purchasing an additional 52,963 shares during the period. Cardano Risk Management B.V. lifted its holdings in shares of Prologis by 2.9% during the 4th quarter. Cardano Risk Management B.V. now owns 893,009 shares of the real estate investment trust’s stock valued at $94,391,000 after buying an additional 25,266 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Prologis by 29.8% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 784,360 shares of the real estate investment trust’s stock worth $82,907,000 after buying an additional 179,880 shares during the last quarter. Worldquant Millennium Advisors LLC bought a new stake in shares of Prologis in the third quarter worth $1,051,000. Finally, The Manufacturers Life Insurance Company increased its position in Prologis by 1.3% during the third quarter. The Manufacturers Life Insurance Company now owns 728,921 shares of the real estate investment trust’s stock valued at $92,048,000 after acquiring an additional 9,147 shares during the last quarter. Hedge funds and other institutional investors own 93.50% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on PLD shares. Wolfe Research dropped their target price on Prologis from $135.00 to $128.00 and set an “overweight” rating on the stock in a research report on Friday, January 17th. Raymond James restated a “market perform” rating on shares of Prologis in a research report on Monday, February 3rd. Truist Financial increased their price target on shares of Prologis from $121.00 to $123.00 and gave the stock a “buy” rating in a research report on Monday, January 27th. Robert W. Baird lifted their price target on shares of Prologis from $123.00 to $124.00 and gave the stock an “outperform” rating in a research note on Thursday, January 30th. Finally, Mizuho reduced their price objective on Prologis from $119.00 to $117.00 and set a “neutral” rating for the company in a research note on Wednesday, January 8th. One research analyst has rated the stock with a sell rating, seven have given a hold rating, eleven have assigned a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, Prologis presently has an average rating of “Moderate Buy” and a consensus price target of $128.78.

Prologis Stock Down 3.4 %

Shares of PLD stock opened at $108.27 on Monday. The company’s fifty day simple moving average is $117.54 and its two-hundred day simple moving average is $116.92. Prologis, Inc. has a 52 week low of $100.82 and a 52 week high of $132.57. The stock has a market cap of $100.35 billion, a P/E ratio of 27.07, a PEG ratio of 2.70 and a beta of 1.09. The company has a quick ratio of 0.43, a current ratio of 0.75 and a debt-to-equity ratio of 0.53.

Prologis Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Tuesday, March 18th will be paid a dividend of $1.01 per share. The ex-dividend date is 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 yield of 3.73%. Prologis’s dividend payout ratio is presently 101.00%.

Insider Buying and Selling at Prologis

In other news, CIO Joseph Ghazal sold 10,997 shares of the stock in a transaction that occurred on Wednesday, February 5th. The stock was sold at an average price of $118.74, for a total transaction of $1,305,783.78. Following the completion of the transaction, the executive now directly owns 7,977 shares in the company, valued at approximately $947,188.98. This represents a 57.96 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.50% of the stock is currently owned by company insiders.

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.