Patten Group Inc. Trims Position in Prologis, Inc. (NYSE:PLD)

Patten Group Inc. decreased its position in shares of Prologis, Inc. (NYSE:PLD) by 6.1% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,538 shares of the real estate investment trust’s stock after selling 229 shares during the quarter. Patten Group Inc.’s holdings in Prologis were worth $374,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. ASB Consultores LLC raised its holdings in shares of Prologis by 3.7% during the 3rd quarter. ASB Consultores LLC now owns 2,423 shares of the real estate investment trust’s stock worth $306,000 after acquiring an additional 86 shares during the period. Principle Wealth Partners LLC raised its holdings in shares of Prologis by 2.9% during the 4th quarter. Principle Wealth Partners LLC now owns 3,302 shares of the real estate investment trust’s stock worth $349,000 after acquiring an additional 92 shares during the period. Black Diamond Financial LLC raised its holdings in shares of Prologis by 2.2% during the 4th quarter. Black Diamond Financial LLC now owns 4,246 shares of the real estate investment trust’s stock worth $449,000 after acquiring an additional 93 shares during the period. Carmel Capital Partners LLC raised its holdings in shares of Prologis by 2.6% during the 3rd quarter. Carmel Capital Partners LLC now owns 3,749 shares of the real estate investment trust’s stock worth $473,000 after acquiring an additional 94 shares during the period. Finally, Berkshire Bank raised its holdings in shares of Prologis by 2.3% during the 4th quarter. Berkshire Bank now owns 4,195 shares of the real estate investment trust’s stock worth $443,000 after acquiring an additional 95 shares during the period. Institutional investors and hedge funds own 93.50% of the company’s stock.

Insider Transactions at Prologis

In other news, CIO Joseph Ghazal sold 10,997 shares of the business’s 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 completion of the transaction, the executive now directly owns 7,977 shares of the company’s stock, valued at approximately $947,188.98. The trade was a 57.96 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.50% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on PLD. Barclays lifted their price target on Prologis from $131.00 to $132.00 and gave the stock an “overweight” rating in a report on Monday, November 18th. Truist Financial boosted their price objective on shares of Prologis from $121.00 to $123.00 and gave the company a “buy” rating in a report on Monday, January 27th. UBS Group boosted their price objective on shares of Prologis from $121.00 to $137.00 and gave the company a “buy” rating in a report on Tuesday, January 28th. Scotiabank reduced their price objective on shares of Prologis from $134.00 to $133.00 and set a “sector outperform” rating on the stock in a report on Monday, January 27th. Finally, Mizuho reduced their price objective on shares of Prologis from $119.00 to $117.00 and set a “neutral” rating on the stock in a report on Wednesday, January 8th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, eleven have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $128.78.

Prologis Stock Down 1.3 %

Shares of NYSE:PLD opened at $121.97 on Wednesday. Prologis, Inc. has a 1 year low of $100.82 and a 1 year high of $135.76. The firm has a market capitalization of $113.05 billion, a PE ratio of 30.49, a price-to-earnings-growth ratio of 2.70 and a beta of 1.10. The company has a debt-to-equity ratio of 0.53, a current ratio of 0.75 and a quick ratio of 0.43. The firm’s 50-day moving average is $115.01 and its two-hundred day moving average is $117.99.

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. The ex-dividend date is Tuesday, March 18th. This is an increase from Prologis’s previous quarterly dividend of $0.96. This represents a $4.04 dividend on an annualized basis and a dividend yield of 3.31%. Prologis’s payout ratio is currently 101.00%.

Prologis 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.