Allstate Corp Buys 39,321 Shares of Prologis, Inc. (NYSE:PLD)

Allstate Corp increased its position in Prologis, Inc. (NYSE:PLD) by 111.7% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 74,518 shares of the real estate investment trust’s stock after purchasing an additional 39,321 shares during the quarter. Allstate Corp’s holdings in Prologis were worth $7,877,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of PLD. RiverFront Investment Group LLC increased its stake in shares of Prologis by 2.1% during the fourth quarter. RiverFront Investment Group LLC now owns 116,058 shares of the real estate investment trust’s stock valued at $12,267,000 after buying an additional 2,412 shares during the period. DnB Asset Management AS increased its position in Prologis by 3.8% during the 4th quarter. DnB Asset Management AS now owns 300,292 shares of the real estate investment trust’s stock valued at $31,741,000 after purchasing an additional 10,858 shares during the period. Level Four Advisory Services LLC raised its holdings in shares of Prologis by 3.1% in the 4th quarter. Level Four Advisory Services LLC now owns 49,247 shares of the real estate investment trust’s stock valued at $5,205,000 after purchasing an additional 1,497 shares in the last quarter. Slagle Financial LLC lifted its position in shares of Prologis by 5.6% in the 4th quarter. Slagle Financial LLC now owns 20,989 shares of the real estate investment trust’s stock worth $2,219,000 after purchasing an additional 1,120 shares during the period. Finally, Pictet Asset Management Holding SA boosted its stake in shares of Prologis by 7.2% during the fourth quarter. Pictet Asset Management Holding SA now owns 1,526,498 shares of the real estate investment trust’s stock valued at $161,351,000 after purchasing an additional 102,038 shares in the last quarter. 93.50% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts have weighed in on PLD shares. Wolfe Research lowered their target price on Prologis from $135.00 to $128.00 and set an “overweight” rating for the company in a report on Friday, January 17th. Robert W. Baird raised their price objective on Prologis from $123.00 to $124.00 and gave the company an “outperform” rating in a research report on Thursday, January 30th. BTIG Research reduced their target price on shares of Prologis from $154.00 to $134.00 and set a “buy” rating for the company in a report on Friday, January 17th. BMO Capital Markets cut shares of Prologis from a “market perform” rating to an “underperform” rating and lowered their price target for the company from $120.00 to $104.00 in a report on Friday, December 6th. Finally, BNP Paribas upgraded shares of Prologis to a “strong-buy” rating in a research note on Wednesday, January 22nd. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, eleven have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $128.78.

Prologis Price Performance

Shares of NYSE PLD opened at $110.37 on Friday. Prologis, Inc. has a 52 week low of $100.82 and a 52 week high of $132.57. The business’s 50 day moving average price is $117.74 and its 200 day moving average price is $116.45. The company has a quick ratio of 0.43, a current ratio of 0.75 and a debt-to-equity ratio of 0.53. The firm has a market cap of $102.29 billion, a P/E ratio of 27.59, a P/E/G ratio of 2.70 and a beta of 1.09.

Prologis Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Tuesday, March 18th will be issued a $1.01 dividend. This is an increase from Prologis’s previous quarterly dividend of $0.96. This represents a $4.04 annualized dividend and a dividend yield of 3.66%. The ex-dividend date is Tuesday, March 18th. Prologis’s dividend payout ratio is 101.00%.

Insider Transactions at Prologis

In other Prologis news, CIO Joseph Ghazal sold 10,997 shares of the company’s stock in a transaction on Wednesday, February 5th. The shares were sold at an average price of $118.74, for a total value of $1,305,783.78. Following the sale, the executive now directly owns 7,977 shares of the company’s stock, valued at approximately $947,188.98. This represents a 57.96 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.50% of the company’s stock.

Prologis Company Profile

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.