Garland Capital Management Inc. Acquires Shares of 25,270 Prologis, Inc. (NYSE:PLD)

Garland Capital Management Inc. acquired a new stake in shares of Prologis, Inc. (NYSE:PLD) in the 4th quarter, according to its most recent 13F filing with the SEC. The fund acquired 25,270 shares of the real estate investment trust’s stock, valued at approximately $2,671,000. Prologis accounts for 2.2% of Garland Capital Management Inc.’s portfolio, making the stock its 27th largest holding.

Several other institutional investors and hedge funds have also bought and sold shares of PLD. State Street Corp lifted its stake in shares of Prologis by 1.4% in the 3rd quarter. State Street Corp now owns 57,413,342 shares of the real estate investment trust’s stock valued at $7,250,157,000 after purchasing an additional 767,609 shares during the period. Geode Capital Management LLC lifted its stake in shares of Prologis by 0.9% in the 3rd quarter. Geode Capital Management LLC now owns 20,761,980 shares of the real estate investment trust’s stock valued at $2,612,395,000 after purchasing an additional 194,472 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in shares of Prologis by 1.7% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 10,402,731 shares of the real estate investment trust’s stock valued at $1,099,569,000 after purchasing an additional 173,531 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in shares of Prologis by 534.7% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 10,143,554 shares of the real estate investment trust’s stock valued at $1,280,928,000 after purchasing an additional 8,545,336 shares during the period. Finally, Bank of New York Mellon Corp lifted its stake in shares of Prologis by 0.5% in the 4th quarter. Bank of New York Mellon Corp now owns 5,972,246 shares of the real estate investment trust’s stock valued at $631,266,000 after purchasing an additional 32,644 shares during the period. 93.50% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Prologis

In related news, CIO Joseph Ghazal sold 10,997 shares of the company’s stock in a transaction dated 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 completion of the sale, the executive now 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 sale was disclosed in a document filed with the SEC, which can be accessed through this link. 0.50% of the stock is currently owned by insiders.

Prologis Trading Down 3.4 %

Shares of PLD opened at $108.27 on Friday. The company has a current ratio of 0.75, a quick ratio of 0.43 and a debt-to-equity ratio of 0.53. Prologis, Inc. has a 12-month low of $100.82 and a 12-month high of $132.57. The firm has a 50-day moving average price of $117.54 and a 200 day moving average price of $117.07. The firm has a market capitalization of $100.35 billion, a P/E ratio of 27.07, a P/E/G ratio of 2.70 and a beta of 1.09.

Prologis Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Tuesday, March 18th will be issued a $1.01 dividend. The ex-dividend date of this dividend is Tuesday, March 18th. This represents a $4.04 dividend on an annualized basis and a dividend yield of 3.73%. This is a positive change from Prologis’s previous quarterly dividend of $0.96. Prologis’s dividend payout ratio is currently 101.00%.

Analyst Upgrades and Downgrades

PLD has been the subject of several analyst reports. Wolfe Research decreased their target price on shares of Prologis from $135.00 to $128.00 and set an “overweight” rating for the company in a research note on Friday, January 17th. BNP Paribas upgraded shares of Prologis to a “strong-buy” rating in a research note on Wednesday, January 22nd. Truist Financial upped their price objective 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. 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 report on Friday, January 17th. Finally, Raymond James restated a “market perform” rating on shares of Prologis in a research report on Monday, February 3rd. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, eleven have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus 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.