Envestnet Portfolio Solutions Inc. Sells 1,766 Shares of Prologis, Inc. (NYSE:PLD)

Envestnet Portfolio Solutions Inc. reduced its stake in Prologis, Inc. (NYSE:PLD) by 1.0% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 175,909 shares of the real estate investment trust’s stock after selling 1,766 shares during the quarter. Envestnet Portfolio Solutions Inc.’s holdings in Prologis were worth $18,594,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the stock. State Street Corp increased its stake in shares of Prologis by 1.4% during the third quarter. State Street Corp now owns 57,413,342 shares of the real estate investment trust’s stock worth $7,250,157,000 after purchasing an additional 767,609 shares during the period. Geode Capital Management LLC grew its holdings in 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 buying an additional 194,472 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in Prologis by 1.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 10,402,731 shares of the real estate investment trust’s stock worth $1,099,569,000 after buying an additional 173,531 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of Prologis by 534.7% during the third 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 worth $1,280,928,000 after buying an additional 8,545,336 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its position in shares of Prologis by 0.5% in the fourth 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 acquiring an additional 32,644 shares during the period. 93.50% of the stock is currently owned by institutional investors and hedge funds.

Prologis Stock Performance

NYSE PLD opened at $111.98 on Monday. Prologis, Inc. has a fifty-two week low of $100.82 and a fifty-two week high of $132.57. The stock has a market cap of $103.79 billion, a PE ratio of 28.00, a PEG ratio of 2.70 and a beta of 1.09. 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 firm’s fifty day moving average price is $116.89 and its two-hundred day moving average price is $117.46.

Prologis Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Tuesday, March 18th will be issued a $1.01 dividend. This represents a $4.04 dividend on an annualized basis and a yield of 3.61%. The ex-dividend date is Tuesday, March 18th. This is a boost from Prologis’s previous quarterly dividend of $0.96. Prologis’s dividend payout ratio is presently 101.00%.

Insider Activity

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

Wall Street Analysts Forecast Growth

PLD has been the topic of a number of recent research reports. BMO Capital Markets lowered shares of Prologis from a “market perform” rating to an “underperform” rating and lowered their price target for the stock from $120.00 to $104.00 in a research report on Friday, December 6th. BTIG Research dropped their price target 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. Scotiabank cut their price target on Prologis from $134.00 to $133.00 and set a “sector outperform” rating for the company in a research note on Monday, January 27th. BNP Paribas upgraded Prologis to a “strong-buy” rating in a research note on Wednesday, January 22nd. Finally, Wolfe Research cut their target price on Prologis from $135.00 to $128.00 and set an “overweight” rating for the company in a research report on Friday, January 17th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, eleven have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $128.78.

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.