Federated Hermes Inc. Raises Stake in Prologis, Inc. (NYSE:PLD)

Federated Hermes Inc. increased its position in Prologis, Inc. (NYSE:PLD) by 0.5% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 2,927,825 shares of the real estate investment trust’s stock after acquiring an additional 15,055 shares during the period. Prologis comprises about 0.7% of Federated Hermes Inc.’s holdings, making the stock its 24th biggest position. Federated Hermes Inc.’s holdings in Prologis were worth $309,471,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of PLD. Empirical Asset Management LLC raised its holdings in Prologis by 339.0% in the 4th quarter. Empirical Asset Management LLC now owns 68,584 shares of the real estate investment trust’s stock valued at $7,249,000 after acquiring an additional 52,963 shares during the last quarter. Cardano Risk Management B.V. grew its position in shares of Prologis by 2.9% in the fourth quarter. Cardano Risk Management B.V. now owns 893,009 shares of the real estate investment trust’s stock valued at $94,391,000 after purchasing an additional 25,266 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Prologis by 29.8% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 784,360 shares of the real estate investment trust’s stock valued at $82,907,000 after purchasing an additional 179,880 shares during the last quarter. Worldquant Millennium Advisors LLC purchased a new position in Prologis during the third quarter worth about $1,051,000. Finally, Allstate Corp boosted its stake in Prologis by 111.7% in the 4th quarter. Allstate Corp now owns 74,518 shares of the real estate investment trust’s stock worth $7,877,000 after buying an additional 39,321 shares during the last quarter. Hedge funds and other institutional investors own 93.50% of the company’s stock.

Insider Buying and Selling at Prologis

In related news, CIO Joseph Ghazal sold 10,997 shares of the business’s stock in a transaction dated 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 transaction, the executive now owns 7,977 shares in the company, valued at approximately $947,188.98. The trade was a 57.96 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.50% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

PLD has been the subject of a number of research analyst reports. Royal Bank of Canada upped their price objective on shares of Prologis from $125.00 to $128.00 and gave the company a “sector perform” rating in a research note on Monday, January 27th. Truist Financial upped their price target on shares of Prologis from $121.00 to $123.00 and gave the stock a “buy” rating in a research report on Monday, January 27th. BNP Paribas upgraded shares of Prologis to a “strong-buy” rating in a report on Wednesday, January 22nd. Mizuho dropped their price objective on Prologis from $119.00 to $117.00 and set a “neutral” rating for the company in a report on Wednesday, January 8th. Finally, Robert W. Baird lifted their target price on Prologis from $123.00 to $124.00 and gave the company an “outperform” rating in a report on Thursday, January 30th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, eleven have issued a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $128.78.

Prologis Trading Down 3.4 %

NYSE PLD opened at $98.10 on Friday. The company’s fifty day simple moving average is $116.86 and its 200-day simple moving average is $115.54. The stock has a market cap of $90.94 billion, a P/E 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 current ratio of 0.75, a quick ratio of 0.43 and a debt-to-equity ratio of 0.53.

Prologis Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Tuesday, March 18th were given a $1.01 dividend. This is a boost from Prologis’s previous quarterly dividend of $0.96. This represents a $4.04 dividend on an annualized basis and a yield of 4.12%. The ex-dividend date of this dividend was Tuesday, March 18th. Prologis’s dividend payout ratio is presently 101.00%.

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.