Truist Financial Corp Decreases Holdings in Prologis, Inc. (NYSE:PLD)

Truist Financial Corp reduced its position in Prologis, Inc. (NYSE:PLD) by 15.5% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 367,538 shares of the real estate investment trust’s stock after selling 67,598 shares during the quarter. Truist Financial Corp’s holdings in Prologis were worth $48,993,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of PLD. Thompson Investment Management Inc. purchased a new stake in shares of Prologis during the fourth quarter worth about $28,000. FinTrust Capital Advisors LLC boosted its stake in Prologis by 966.7% in the 3rd quarter. FinTrust Capital Advisors LLC now owns 256 shares of the real estate investment trust’s stock worth $29,000 after purchasing an additional 232 shares in the last quarter. Salem Investment Counselors Inc. purchased a new stake in Prologis during the 4th quarter worth approximately $37,000. FNY Investment Advisers LLC acquired a new position in Prologis during the 4th quarter valued at approximately $39,000. Finally, Webster Bank N. A. raised its holdings in shares of Prologis by 3,600.0% in the fourth quarter. Webster Bank N. A. now owns 333 shares of the real estate investment trust’s stock worth $44,000 after buying an additional 324 shares during the last quarter. 93.50% of the stock is owned by hedge funds and other institutional investors.

Prologis Stock Performance

Shares of NYSE PLD opened at $104.06 on Friday. The company has a market capitalization of $96.26 billion, a PE ratio of 30.43, a price-to-earnings-growth ratio of 2.15 and a beta of 1.00. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.30 and a current ratio of 0.08. The company’s fifty day moving average price is $125.06 and its 200 day moving average price is $121.94. Prologis, Inc. has a 1 year low of $96.64 and a 1 year high of $137.52.

Prologis Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Monday, March 18th were paid a dividend of $0.96 per share. This is a positive change from Prologis’s previous quarterly dividend of $0.87. This represents a $3.84 annualized dividend and a dividend yield of 3.69%. The ex-dividend date was Friday, March 15th. Prologis’s dividend payout ratio is presently 112.28%.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on PLD. Barclays dropped their price objective on shares of Prologis from $141.00 to $135.00 and set an “overweight” rating on the stock in a report on Wednesday, April 17th. BMO Capital Markets lowered Prologis from an “outperform” rating to a “market perform” rating and cut their price objective for the company from $145.00 to $112.00 in a report on Monday, April 22nd. Argus reduced their price objective on Prologis from $139.00 to $120.00 and set a “buy” rating for the company in a research note on Monday, April 22nd. The Goldman Sachs Group dropped their target price on Prologis from $163.00 to $140.00 and set a “buy” rating on the stock in a research report on Monday, April 22nd. Finally, Royal Bank of Canada increased their price target on shares of Prologis from $128.00 to $145.00 and gave the stock an “outperform” rating in a report on Friday, February 16th. One research analyst has rated the stock with a sell rating, four have given a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $134.24.

Prologis Profile

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.