Ally Financial Inc. Buys New Position in Prologis, Inc. (NYSE:PLD)

Ally Financial Inc. purchased a new position in shares of Prologis, Inc. (NYSE:PLD) during the fourth quarter, Holdings Channel.com reports. The fund purchased 24,000 shares of the real estate investment trust’s stock, valued at approximately $2,537,000.

Other hedge funds have also made changes to their positions in the company. Pine Valley Investments Ltd Liability Co lifted its holdings in Prologis by 14.1% during the 3rd quarter. Pine Valley Investments Ltd Liability Co now owns 18,163 shares of the real estate investment trust’s stock worth $2,294,000 after buying an additional 2,245 shares in the last quarter. World Investment Advisors LLC acquired a new stake in shares of Prologis in the third quarter valued at $989,000. Wilmington Savings Fund Society FSB purchased a new position in Prologis in the third quarter valued at $1,348,000. Destination Wealth Management grew its stake in Prologis by 121.5% during the 3rd quarter. Destination Wealth Management now owns 4,504 shares of the real estate investment trust’s stock worth $569,000 after purchasing an additional 2,471 shares in the last quarter. Finally, Tidal Investments LLC increased its holdings in Prologis by 12.7% during the 3rd quarter. Tidal Investments LLC now owns 200,250 shares of the real estate investment trust’s stock worth $25,288,000 after purchasing an additional 22,516 shares during the period. Institutional investors and hedge funds own 93.50% of the company’s stock.

Insider Activity at Prologis

In other Prologis news, CIO Joseph Ghazal sold 10,997 shares of the firm’s stock in a transaction 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 transaction, the executive now directly owns 7,977 shares of the company’s stock, valued at approximately $947,188.98. This trade represents a 57.96 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 0.50% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on PLD. Truist Financial lifted their price objective on Prologis from $121.00 to $123.00 and gave the company a “buy” rating in a research note on Monday, January 27th. Raymond James reiterated a “market perform” rating on shares of Prologis in a research note on Monday, February 3rd. Mizuho lowered their price target on shares of Prologis from $119.00 to $117.00 and set a “neutral” rating for the company in a report on Wednesday, January 8th. Scotiabank restated a “sector underperform” rating and issued a $97.00 price objective (down from $133.00) on shares of Prologis in a report on Monday, April 7th. Finally, Royal Bank of Canada boosted their target price on shares of Prologis from $125.00 to $128.00 and gave the stock a “sector perform” rating in a research note on Monday, January 27th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, ten have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $126.78.

Prologis Trading Up 2.0 %

NYSE:PLD opened at $100.46 on Thursday. The company has a quick ratio of 0.43, a current ratio of 0.75 and a debt-to-equity ratio of 0.53. Prologis, Inc. has a 52-week low of $85.35 and a 52-week high of $132.57. The stock’s 50 day moving average price is $112.19 and its 200 day moving average price is $113.59. The company has a market capitalization of $93.12 billion, a PE ratio of 25.12, a P/E/G ratio of 2.70 and a beta of 1.20.

Prologis Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Tuesday, March 18th were issued a $1.01 dividend. This represents a $4.04 dividend on an annualized basis and a dividend yield of 4.02%. This is a boost 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%.

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.