Covington Investment Advisors Inc. Trims Stake in Prologis, Inc. (NYSE:PLD)

Covington Investment Advisors Inc. lessened its holdings in shares of Prologis, Inc. (NYSE:PLD) by 3.7% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 44,599 shares of the real estate investment trust’s stock after selling 1,695 shares during the period. Covington Investment Advisors Inc.’s holdings in Prologis were worth $4,714,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of PLD. Murphy & Mullick Capital Management Corp bought a new stake in shares of Prologis during the 4th quarter worth approximately $26,000. Crowley Wealth Management Inc. purchased a new stake in Prologis in the fourth quarter worth $27,000. Centricity Wealth Management LLC bought a new stake in shares of Prologis during the fourth quarter worth $30,000. Dunhill Financial LLC lifted its position in shares of Prologis by 239.5% during the third 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 last quarter. Finally, Whipplewood Advisors LLC purchased a new stake in shares of Prologis during the fourth quarter valued at $34,000. Institutional investors own 93.50% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on PLD shares. Raymond James reiterated a “market perform” rating on shares of Prologis in a report on Monday, February 3rd. Robert W. Baird lifted their price target on shares of Prologis from $123.00 to $124.00 and gave the company an “outperform” rating in a research note on Thursday, January 30th. Baird R W raised Prologis from a “hold” rating to a “strong-buy” rating in a research note on Monday, January 6th. Wolfe Research reduced their price objective on Prologis from $135.00 to $128.00 and set an “overweight” rating on the stock in a report on Friday, January 17th. Finally, BNP Paribas upgraded Prologis to a “strong-buy” rating in a report on Wednesday, January 22nd. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, eleven have issued a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, Prologis has an average rating of “Moderate Buy” and a consensus price target of $128.78.

Insider Transactions at Prologis

In related news, CIO Joseph Ghazal sold 10,997 shares of the business’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 completion of the transaction, the executive now directly owns 7,977 shares in the company, valued at $947,188.98. The trade was a 57.96 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 0.50% of the company’s stock.

Prologis Price Performance

Shares of PLD stock opened at $110.95 on Friday. The stock’s 50-day simple moving average is $117.72 and its 200-day simple moving average is $116.59. The firm has a market capitalization of $102.84 billion, a price-to-earnings ratio of 27.74, a PEG ratio of 2.70 and a beta of 1.09. 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, Inc. has a fifty-two week low of $100.82 and a fifty-two week high of $132.57.

Prologis Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Tuesday, March 18th will be given a $1.01 dividend. This represents a $4.04 annualized dividend and a dividend yield of 3.64%. This is an increase from Prologis’s previous quarterly dividend of $0.96. The ex-dividend date is Tuesday, March 18th. Prologis’s dividend payout ratio is presently 101.00%.

Prologis Company 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.