Davis Selected Advisers Sells 67,750 Shares of Prologis, Inc. (NYSE:PLD)

Davis Selected Advisers cut its stake in shares of Prologis, Inc. (NYSE:PLD) by 27.4% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 179,096 shares of the real estate investment trust’s stock after selling 67,750 shares during the quarter. Davis Selected Advisers’ holdings in Prologis were worth $18,930,000 as of its most recent filing with the SEC.

A number of other institutional investors have also made changes to their positions in PLD. Centricity Wealth Management LLC bought a new position in shares of Prologis in the fourth quarter valued at about $30,000. Dunhill Financial LLC raised its holdings in shares of Prologis by 239.5% in the third quarter. Dunhill Financial LLC now owns 258 shares of the real estate investment trust’s stock valued at $33,000 after buying an additional 182 shares during the last quarter. Whipplewood Advisors LLC bought a new position in shares of Prologis in the fourth quarter valued at about $34,000. Promus Capital LLC bought a new position in shares of Prologis in the fourth quarter valued at about $34,000. Finally, Hara Capital LLC bought a new position in shares of Prologis in the third quarter valued at about $48,000. 93.50% of the stock is owned by institutional investors.

Insider Activity at Prologis

In other Prologis news, CIO Joseph Ghazal sold 10,997 shares of the company’s 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 owns 7,977 shares of the company’s stock, valued at $947,188.98. This represents a 57.96 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 0.50% of the stock is owned by insiders.

Prologis Price Performance

Shares of PLD opened at $119.89 on Friday. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.43 and a current ratio of 0.75. The stock has a 50 day simple moving average of $115.96 and a 200 day simple moving average of $118.02. Prologis, Inc. has a 52-week low of $100.82 and a 52-week high of $135.76. The firm has a market capitalization of $111.12 billion, a PE ratio of 29.97, 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. Investors of record on Tuesday, March 18th will be given a $1.01 dividend. The ex-dividend date of this dividend is Tuesday, March 18th. This is a positive change from Prologis’s previous quarterly dividend of $0.96. This represents a $4.04 annualized dividend and a dividend yield of 3.37%. Prologis’s payout ratio is currently 101.00%.

Analysts Set New Price Targets

PLD has been the subject of a number of research analyst reports. Raymond James reaffirmed a “market perform” rating on shares of Prologis in a report on Monday, February 3rd. UBS Group boosted their price objective on Prologis from $121.00 to $137.00 and gave the stock a “buy” rating in a report on Tuesday, January 28th. Mizuho dropped their price objective on Prologis from $119.00 to $117.00 and set a “neutral” rating for the company in a report on Wednesday, January 8th. Truist Financial boosted their price objective on Prologis from $121.00 to $123.00 and gave the stock a “buy” rating in a report on Monday, January 27th. Finally, Baird R W raised Prologis from a “hold” rating to a “strong-buy” rating in a report on Monday, January 6th. One analyst has rated the stock with a sell rating, seven have given a hold rating, eleven have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price 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.