Renasant Bank Cuts Holdings in Prologis, Inc. (NYSE:PLD)

Renasant Bank lowered its position in Prologis, Inc. (NYSE:PLD) by 50.6% during the fourth quarter, Holdings Channel.com reports. The fund owned 3,809 shares of the real estate investment trust’s stock after selling 3,900 shares during the quarter. Renasant Bank’s holdings in Prologis were worth $403,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in the company. State Street Corp lifted its stake in shares of Prologis by 1.4% in the 3rd quarter. State Street Corp now owns 57,413,342 shares of the real estate investment trust’s stock valued at $7,250,157,000 after purchasing an additional 767,609 shares in the last quarter. Geode Capital Management LLC raised its holdings in Prologis by 0.9% in the third 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 during the period. Charles Schwab Investment Management Inc. lifted its position in Prologis by 1.7% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 10,402,731 shares of the real estate investment trust’s stock valued at $1,099,569,000 after buying an additional 173,531 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in 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 valued at $1,280,928,000 after buying an additional 8,545,336 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its stake in 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 worth $631,266,000 after buying an additional 32,644 shares during the period. Hedge funds and other institutional investors own 93.50% of the company’s stock.

Prologis Price Performance

PLD opened at $110.17 on Friday. The company has a market capitalization of $102.11 billion, a P/E ratio of 27.54, a PEG ratio of 2.70 and a beta of 1.09. The company has a 50-day moving average of $116.77 and a 200-day moving average of $117.72. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.43 and a current ratio of 0.75. Prologis, Inc. has a 1-year low of $100.82 and a 1-year high of $133.18.

Prologis Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Tuesday, March 18th will be issued a $1.01 dividend. This is a positive change from Prologis’s previous quarterly dividend of $0.96. This represents a $4.04 annualized dividend and a yield of 3.67%. The ex-dividend date is Tuesday, March 18th. Prologis’s payout ratio is currently 101.00%.

Insider Buying and Selling at Prologis

In other news, CIO Joseph Ghazal sold 10,997 shares of the business’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 value of $1,305,783.78. Following the completion of the sale, the executive now directly owns 7,977 shares in the company, valued at approximately $947,188.98. The trade was a 57.96 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.50% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the stock. Wolfe Research cut their target price on shares of Prologis from $135.00 to $128.00 and set an “overweight” rating on the stock in a research note on Friday, January 17th. BNP Paribas raised Prologis to a “strong-buy” rating in a research report on Wednesday, January 22nd. BMO Capital Markets downgraded Prologis from a “market perform” rating to an “underperform” rating and decreased their target price for the stock from $120.00 to $104.00 in a research report on Friday, December 6th. Scotiabank lowered their target price 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. Finally, Robert W. Baird boosted their price target on Prologis from $123.00 to $124.00 and gave the stock an “outperform” rating in a research report on Thursday, January 30th. 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 issued a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $128.78.

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.