Malaga Cove Capital LLC Buys Shares of 2,499 Prologis, Inc. (NYSE:PLD)

Malaga Cove Capital LLC purchased a new position in Prologis, Inc. (NYSE:PLD) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 2,499 shares of the real estate investment trust’s stock, valued at approximately $333,000.

Other institutional investors also recently bought and sold shares of the company. Massachusetts Financial Services Co. MA grew its position in shares of Prologis by 6.7% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 16,519,324 shares of the real estate investment trust’s stock worth $1,853,633,000 after buying an additional 1,034,211 shares during the last quarter. FMR LLC lifted its holdings in shares of Prologis by 1.2% during the 3rd quarter. FMR LLC now owns 16,224,729 shares of the real estate investment trust’s stock valued at $1,820,577,000 after purchasing an additional 197,693 shares during the last quarter. Northern Trust Corp boosted its position in shares of Prologis by 0.7% in the 3rd quarter. Northern Trust Corp now owns 12,721,262 shares of the real estate investment trust’s stock worth $1,427,453,000 after purchasing an additional 92,036 shares in the last quarter. Principal Financial Group Inc. increased its position in Prologis by 2.3% during the 3rd quarter. Principal Financial Group Inc. now owns 12,201,657 shares of the real estate investment trust’s stock valued at $1,369,140,000 after buying an additional 268,667 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its stake in Prologis by 1.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 9,344,542 shares of the real estate investment trust’s stock valued at $1,048,551,000 after buying an additional 121,159 shares during the last quarter. 93.50% of the stock is owned by hedge funds and other institutional investors.

Prologis Trading Up 1.3 %

Shares of NYSE PLD traded up $1.36 during mid-day trading on Friday, reaching $105.89. 3,517,673 shares of the company’s stock were exchanged, compared to its average volume of 4,890,799. The firm has a market capitalization of $98.04 billion, a price-to-earnings ratio of 30.95, a PEG ratio of 2.17 and a beta of 1.05. Prologis, Inc. has a 52-week low of $96.64 and a 52-week high of $137.52. The company’s 50-day moving average is $122.66 and its 200-day moving average is $121.66. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.29 and a current ratio of 0.29.

Prologis Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Monday, March 18th were paid a $0.96 dividend. This represents a $3.84 dividend on an annualized basis and a dividend yield of 3.63%. This is an increase from Prologis’s previous quarterly dividend of $0.87. The ex-dividend date of this dividend was Friday, March 15th. Prologis’s payout ratio is 112.28%.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on PLD. Morgan Stanley increased their price objective on shares of Prologis from $128.00 to $141.00 and gave the company an “overweight” rating in a research report on Wednesday, January 24th. Royal Bank of Canada boosted their price objective on shares of Prologis from $128.00 to $145.00 and gave the company an “outperform” rating in a report on Friday, February 16th. Argus lowered their price target on Prologis from $139.00 to $120.00 and set a “buy” rating for the company in a research report on Monday, April 22nd. Mizuho reaffirmed a “neutral” rating and set a $130.00 target price on shares of Prologis in a report on Tuesday, April 2nd. Finally, BMO Capital Markets lowered shares of Prologis from an “outperform” rating to a “market perform” rating and reduced their price target for the stock from $145.00 to $112.00 in a research report on Monday, April 22nd. One analyst has rated the stock with a sell rating, four have assigned a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Prologis presently has an average rating of “Moderate Buy” and an average target price of $132.35.

About Prologis

Prologis, Inc is the global leader in logistics real estate with a focus on high-barrier, high-growth markets. At December 31, 2023, 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.