Bank of New York Mellon Corp Purchases 32,644 Shares of Prologis, Inc. (NYSE:PLD)

Bank of New York Mellon Corp lifted its position in Prologis, Inc. (NYSE:PLD) by 0.5% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 5,972,246 shares of the real estate investment trust’s stock after purchasing an additional 32,644 shares during the period. Bank of New York Mellon Corp’s holdings in Prologis were worth $631,266,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently modified their holdings of the company. Centricity Wealth Management LLC purchased a new position in Prologis in the fourth quarter worth about $30,000. Dunhill Financial LLC lifted its stake in shares of Prologis by 239.5% in the 3rd quarter. Dunhill Financial LLC now owns 258 shares of the real estate investment trust’s stock worth $33,000 after purchasing an additional 182 shares during the period. Hara Capital LLC purchased a new position in shares of Prologis in the third quarter worth approximately $48,000. Coastline Trust Co purchased a new position in shares of Prologis in the third quarter worth approximately $52,000. Finally, Asset Planning Inc bought a new stake in Prologis during the fourth quarter valued at approximately $53,000. Institutional investors own 93.50% of the company’s stock.

Prologis Price Performance

Shares of NYSE:PLD opened at $122.69 on Wednesday. The firm has a market cap of $113.72 billion, a price-to-earnings ratio of 30.67, a P/E/G ratio of 2.70 and a beta of 1.10. The firm has a fifty day moving average price of $113.07 and a 200 day moving average price of $117.99. Prologis, Inc. has a fifty-two week low of $100.82 and a fifty-two week high of $135.76. 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 Increases Dividend

The company 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. This is a positive change from Prologis’s previous quarterly dividend of $0.96. The ex-dividend date of this dividend is Tuesday, March 18th. This represents a $4.04 dividend on an annualized basis and a dividend yield of 3.29%. Prologis’s dividend payout ratio (DPR) is presently 101.00%.

Wall Street Analyst Weigh In

Several research analysts have weighed in on PLD shares. Royal Bank of Canada increased their price target on shares of Prologis from $125.00 to $128.00 and gave the stock a “sector perform” rating in a research report on Monday, January 27th. UBS Group raised their target price on Prologis from $121.00 to $137.00 and gave the stock a “buy” rating in a report on Tuesday, January 28th. Scotiabank cut their price target on Prologis from $134.00 to $133.00 and set a “sector outperform” rating for the company in a report on Monday, January 27th. Barclays upped their price target on Prologis from $131.00 to $132.00 and gave the stock an “overweight” rating in a research report on Monday, November 18th. Finally, Baird R W raised Prologis from a “hold” rating to a “strong-buy” rating in a research report on Monday, January 6th. 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 MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $128.78.

Insider Transactions at Prologis

In other Prologis news, CIO Joseph Ghazal sold 10,997 shares of the firm’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 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. This trade represents a 57.96 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Insiders own 0.56% of the company’s stock.

About Prologis

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.