CIBC Private Wealth Group LLC Boosts Stock Holdings in Prologis, Inc. (NYSE:PLD)

CIBC Private Wealth Group LLC grew its stake in shares of Prologis, Inc. (NYSE:PLD) by 59.5% in the 4th quarter, Holdings Channel reports. The institutional investor owned 2,584,288 shares of the real estate investment trust’s stock after buying an additional 964,454 shares during the quarter. CIBC Private Wealth Group LLC’s holdings in Prologis were worth $272,642,000 at the end of the most recent quarter.

Other institutional investors also recently made changes to their positions in the company. Murphy & Mullick Capital Management Corp acquired a new position in Prologis in the fourth quarter valued at $26,000. Dunhill Financial LLC raised its holdings in shares of Prologis by 239.5% in the 3rd 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 period. Crowley Wealth Management Inc. purchased a new stake in shares of Prologis during the 4th quarter worth about $27,000. Centricity Wealth Management LLC purchased a new stake in shares of Prologis during the 4th quarter worth about $30,000. Finally, Promus Capital LLC acquired a new stake in Prologis during the 4th quarter worth approximately $34,000. 93.50% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages have weighed in on PLD. Baird R W raised shares of Prologis from a “hold” rating to a “strong-buy” rating in a research report on Monday, January 6th. BMO Capital Markets lowered shares of Prologis from a “market perform” rating to an “underperform” rating and reduced their target price for the company from $120.00 to $104.00 in a report on Friday, December 6th. Royal Bank of Canada raised their price objective on Prologis from $125.00 to $128.00 and gave the company a “sector perform” rating in a research report on Monday, January 27th. BTIG Research reduced their price objective on Prologis from $154.00 to $134.00 and set a “buy” rating on the stock in a research note on Friday, January 17th. Finally, Wolfe Research lowered their target price on Prologis from $135.00 to $128.00 and set an “overweight” rating for the company in a research note on Friday, January 17th. One analyst has rated the stock with a sell rating, seven have given a hold rating, eleven have issued a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $128.78.

Prologis Price Performance

PLD opened at $110.37 on Friday. The company has a market capitalization of $102.29 billion, a P/E ratio of 27.59, a PEG ratio of 2.70 and a beta of 1.09. The company has a 50-day moving average of $117.74 and a 200-day moving average of $116.34. 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 1-year low of $100.82 and a 1-year high of $132.57.

Prologis Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Tuesday, March 18th will be issued a $1.01 dividend. This is a positive change from Prologis’s previous quarterly dividend of $0.96. This represents a $4.04 annualized dividend and a yield of 3.66%. The ex-dividend date of this dividend is Tuesday, March 18th. Prologis’s payout ratio is currently 101.00%.

Insider Buying and Selling at Prologis

In other news, CIO Joseph Ghazal sold 10,997 shares of the business’s stock in a transaction that occurred on 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 completion of the sale, the executive now directly owns 7,977 shares in the company, valued at approximately $947,188.98. The trade was a 57.96 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.50% of the stock is currently owned by insiders.

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.