KLP Kapitalforvaltning AS Takes $34.54 Million Position in Prologis, Inc. (NYSE:PLD)

KLP Kapitalforvaltning AS purchased a new stake in shares of Prologis, Inc. (NYSE:PLD) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 326,741 shares of the real estate investment trust’s stock, valued at approximately $34,537,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Empirical Asset Management LLC increased its holdings in shares of 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 acquiring an additional 52,963 shares in the last quarter. Cardano Risk Management B.V. increased its holdings in shares of Prologis by 2.9% during the fourth 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 acquiring an additional 25,266 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of Prologis by 29.8% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 784,360 shares of the real estate investment trust’s stock valued at $82,907,000 after acquiring an additional 179,880 shares in the last quarter. Worldquant Millennium Advisors LLC bought a new position in shares of Prologis during the third quarter valued at $1,051,000. Finally, The Manufacturers Life Insurance Company increased its holdings in Prologis by 1.3% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 728,921 shares of the real estate investment trust’s stock worth $92,048,000 after buying an additional 9,147 shares in the last quarter. 93.50% of the stock is currently owned by institutional investors.

Insider Activity

In other news, CIO Joseph Ghazal sold 10,997 shares of Prologis stock in a transaction dated 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 transaction, the executive now directly owns 7,977 shares of the company’s stock, valued at $947,188.98. The trade was a 57.96 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.50% of the company’s stock.

Prologis Stock Down 3.4 %

PLD stock opened at $108.27 on Friday. Prologis, Inc. has a twelve month low of $100.82 and a twelve month high of $132.57. 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 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 business’s 50-day moving average price is $117.54 and its 200-day moving average price is $116.99.

Prologis Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Tuesday, March 18th will be given a dividend of $1.01 per share. This is a boost from Prologis’s previous quarterly dividend of $0.96. This represents a $4.04 dividend on an annualized basis and a dividend yield of 3.73%. The ex-dividend date of this dividend is Tuesday, March 18th. Prologis’s payout ratio is presently 101.00%.

Analysts Set New Price Targets

Several equities research analysts recently commented on the company. Wolfe Research reduced their price objective on Prologis from $135.00 to $128.00 and set an “overweight” rating for the company in a report on Friday, January 17th. Truist Financial lifted 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. Baird R W upgraded Prologis from a “hold” rating to a “strong-buy” rating in a report on Monday, January 6th. Robert W. Baird lifted their price objective on Prologis from $123.00 to $124.00 and gave the stock an “outperform” rating in a report on Thursday, January 30th. Finally, UBS Group lifted 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. 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 stock. According to data from MarketBeat.com, the company currently has a consensus 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.