Wells Fargo & Company MN Lowers Stock Holdings in Prologis, Inc. (NYSE:PLD)

Wells Fargo & Company MN lessened its holdings in Prologis, Inc. (NYSE:PLD) by 11.3% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 2,754,722 shares of the real estate investment trust’s stock after selling 351,385 shares during the quarter. Wells Fargo & Company MN’s holdings in Prologis were worth $291,174,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the business. Geode Capital Management LLC lifted its holdings in shares of Prologis by 2.9% in the fourth quarter. Geode Capital Management LLC now owns 21,372,231 shares of the real estate investment trust’s stock worth $2,252,853,000 after buying an additional 610,251 shares in the last quarter. Massachusetts Financial Services Co. MA increased its holdings in Prologis by 2.1% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 16,596,799 shares of the real estate investment trust’s stock valued at $1,754,282,000 after acquiring an additional 334,907 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in 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 worth $1,099,569,000 after purchasing an additional 173,531 shares in the last quarter. Norges Bank bought a new position in shares of Prologis during the 4th quarter valued at about $951,263,000. Finally, Bank of New York Mellon Corp grew its position in shares of Prologis by 0.5% during 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 purchasing an additional 32,644 shares in the last quarter. 93.50% of the stock is owned by institutional investors.

Prologis Stock Performance

Shares of PLD stock opened at $98.10 on Friday. The firm has a market cap of $90.94 billion, a price-to-earnings ratio of 24.53, a PEG ratio of 2.70 and a beta of 1.20. Prologis, Inc. has a 52-week low of $95.34 and a 52-week 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 company’s 50 day moving average is $116.86 and its 200 day moving average is $115.54.

Prologis Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Tuesday, March 18th were given a $1.01 dividend. This represents a $4.04 annualized dividend and a dividend yield of 4.12%. This is a positive change from Prologis’s previous quarterly dividend of $0.96. The ex-dividend date was Tuesday, March 18th. Prologis’s payout ratio is presently 101.00%.

Insider Buying and Selling

In related news, CIO Joseph Ghazal sold 10,997 shares of the business’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 transaction 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. The trade was 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 currently owned by company insiders.

Wall Street Analysts Forecast Growth

PLD has been the subject of a number of research reports. Robert W. Baird increased their price target on Prologis from $123.00 to $124.00 and gave the company an “outperform” rating in a research note on Thursday, January 30th. Raymond James reiterated a “market perform” rating on shares of Prologis in a research report on Monday, February 3rd. Baird R W upgraded Prologis from a “hold” rating to a “strong-buy” rating in a research report on Monday, January 6th. Royal Bank of Canada upped their price objective on Prologis from $125.00 to $128.00 and gave the company a “sector perform” rating in a research report on Monday, January 27th. Finally, Mizuho dropped their target price on Prologis from $119.00 to $117.00 and set a “neutral” rating for the company in a report on Wednesday, January 8th. One analyst has rated the stock with a sell rating, seven have issued a hold rating, eleven have assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, Prologis presently has a consensus rating of “Moderate Buy” and an average price target 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.