Zimmer Partners LP Trims Position in Prologis, Inc. (NYSE:PLD)

Zimmer Partners LP lessened its position in shares of Prologis, Inc. (NYSE:PLD - Free Report) by 33.3% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 125,000 shares of the real estate investment trust's stock after selling 62,500 shares during the quarter. Zimmer Partners LP's holdings in Prologis were worth $13,212,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Aviva PLC increased its position in Prologis by 36.6% during the fourth quarter. Aviva PLC now owns 695,187 shares of the real estate investment trust's stock valued at $73,481,000 after acquiring an additional 186,187 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its position in Prologis by 29.8% during 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 acquiring an additional 179,880 shares during the last quarter. Allstate Corp increased its position in Prologis by 111.7% during the fourth quarter. Allstate Corp now owns 74,518 shares of the real estate investment trust's stock valued at $7,877,000 after acquiring an additional 39,321 shares during the last quarter. Massachusetts Financial Services Co. MA increased its position in Prologis by 2.1% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 16,596,799 shares of the real estate investment trust's stock valued at $1,754,282,000 after acquiring an additional 334,907 shares during the last quarter. Finally, Banco Santander S.A. increased its position in Prologis by 88.0% during the fourth quarter. Banco Santander S.A. now owns 4,683 shares of the real estate investment trust's stock valued at $495,000 after acquiring an additional 2,192 shares during the last quarter. Hedge funds and other institutional investors own 93.50% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have commented on PLD. BMO Capital Markets reduced their price target on Prologis from $105.00 to $95.00 and set an "outperform" rating for the company in a research report on Monday, April 14th. BNP Paribas upgraded Prologis to a "strong-buy" rating in a research report on Wednesday, January 22nd. UBS Group upped their price target on Prologis from $121.00 to $137.00 and gave the stock a "buy" rating in a research report on Tuesday, January 28th. Truist Financial reduced their price target on Prologis from $123.00 to $120.00 and set a "buy" rating for the company in a research report on Monday, May 5th. Finally, Wolfe Research cut Prologis from an "outperform" rating to a "peer perform" rating in a research report on Monday, April 21st. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, ten have assigned a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat, Prologis presently has a consensus rating of "Moderate Buy" and a consensus target price of $120.42.

Prologis Price Performance

Shares of Prologis stock opened at $110.56 on Tuesday. The stock has a 50 day moving average of $104.79 and a 200 day moving average of $111.06. Prologis, Inc. has a 12 month low of $85.35 and a 12 month high of $132.57. The firm has a market cap of $102.59 billion, a PE ratio of 27.64, a PEG ratio of 2.70 and a beta of 1.25. 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 (NYSE:PLD - Get Free Report) last announced its quarterly earnings results on Wednesday, April 16th. The real estate investment trust reported $1.42 EPS for the quarter, beating analysts' consensus estimates of $1.38 by $0.04. Prologis had a return on equity of 6.44% and a net margin of 45.50%. The company had revenue of $1.99 billion during the quarter, compared to analyst estimates of $1.99 billion. On average, research analysts expect that Prologis, Inc. will post 5.73 EPS for the current fiscal year.

Prologis Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Tuesday, June 17th will be paid a dividend of $1.01 per share. This represents a $4.04 dividend on an annualized basis and a yield of 3.65%. The ex-dividend date of this dividend is Tuesday, June 17th. Prologis's payout ratio is presently 101.00%.

Prologis 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.

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