Spinnaker Trust Sells 43,651 Shares of Prologis, Inc. (NYSE:PLD)

Spinnaker Trust decreased its holdings in Prologis, Inc. (NYSE:PLD) by 72.6% during the 4th quarter, HoldingsChannel.com reports. The firm owned 16,487 shares of the real estate investment trust’s stock after selling 43,651 shares during the period. Spinnaker Trust’s holdings in Prologis were worth $2,198,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Thompson Investment Management Inc. acquired a new position in shares of Prologis during the fourth quarter valued at about $28,000. FinTrust Capital Advisors LLC raised its holdings in shares of Prologis by 966.7% during the third quarter. FinTrust Capital Advisors LLC now owns 256 shares of the real estate investment trust’s stock valued at $29,000 after purchasing an additional 232 shares during the period. Salem Investment Counselors Inc. acquired a new position in shares of Prologis during the fourth quarter valued at about $37,000. FNY Investment Advisers LLC acquired a new position in shares of Prologis during the fourth quarter valued at about $39,000. Finally, Webster Bank N. A. raised its holdings in shares of Prologis by 3,600.0% during the fourth quarter. Webster Bank N. A. now owns 333 shares of the real estate investment trust’s stock valued at $44,000 after purchasing an additional 324 shares during the period. Institutional investors own 93.50% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on PLD shares. Barclays decreased their target price on shares of Prologis from $141.00 to $135.00 and set an “overweight” rating for the company in a research report on Wednesday, April 17th. Argus decreased their target price on shares of Prologis from $139.00 to $120.00 and set a “buy” rating for the company in a research report on Monday, April 22nd. Royal Bank of Canada boosted their target price on shares of Prologis from $128.00 to $145.00 and gave the stock an “outperform” rating in a research report on Friday, February 16th. Raymond James upped their price objective on shares of Prologis from $130.00 to $145.00 and gave the stock a “strong-buy” rating in a research report on Wednesday, January 24th. Finally, Evercore ISI reduced their price objective on shares of Prologis from $136.00 to $123.00 and set an “in-line” rating for the company in a research report on Thursday, April 18th. One analyst has rated the stock with a sell rating, four have issued a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $134.24.

Prologis Stock Up 0.7 %

NYSE PLD traded up $0.71 during trading on Friday, reaching $104.06. 4,037,744 shares of the company’s stock traded hands, compared to its average volume of 4,340,292. The company has a debt-to-equity ratio of 0.51, a current ratio of 0.08 and a quick ratio of 0.30. The firm has a market cap of $96.26 billion, a price-to-earnings ratio of 30.42, a price-to-earnings-growth ratio of 2.15 and a beta of 1.00. The company’s 50 day simple moving average is $125.06 and its two-hundred day simple moving average is $121.86. Prologis, Inc. has a 12-month low of $96.64 and a 12-month high of $137.52.

Prologis Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Monday, March 18th were paid a dividend of $0.96 per share. This represents a $3.84 annualized dividend and a yield of 3.69%. This is a boost 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 presently 112.28%.

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.