Sun Life Financial Inc. Trims Stake in Prologis, Inc. (NYSE:PLD)

Sun Life Financial Inc. reduced its stake in Prologis, Inc. (NYSE:PLD - Free Report) by 86.7% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 49,102 shares of the real estate investment trust's stock after selling 319,257 shares during the period. Prologis accounts for approximately 1.3% of Sun Life Financial Inc.'s holdings, making the stock its 6th largest holding. Sun Life Financial Inc.'s holdings in Prologis were worth $6,545,000,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in PLD. J.P. Morgan Private Wealth Advisors LLC acquired a new stake in Prologis during the 3rd quarter worth $185,164,000. Massachusetts Financial Services Co. MA raised its stake in shares of Prologis by 6.7% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 16,519,324 shares of the real estate investment trust's stock valued at $1,853,633,000 after purchasing an additional 1,034,211 shares during the period. Envestnet Asset Management Inc. raised its stake in shares of Prologis by 43.0% in the 3rd quarter. Envestnet Asset Management Inc. now owns 2,402,293 shares of the real estate investment trust's stock valued at $269,561,000 after purchasing an additional 721,910 shares during the period. PGGM Investments raised its stake in shares of Prologis by 29.2% in the 4th quarter. PGGM Investments now owns 3,169,612 shares of the real estate investment trust's stock valued at $422,509,000 after purchasing an additional 717,172 shares during the period. Finally, Barclays PLC raised its stake in shares of Prologis by 23.0% in the 3rd quarter. Barclays PLC now owns 2,809,487 shares of the real estate investment trust's stock valued at $315,253,000 after purchasing an additional 525,171 shares during the period. 93.50% of the stock is currently owned by institutional investors.

Prologis Stock Performance

Shares of NYSE:PLD traded down $0.66 during trading on Friday, reaching $107.49. 2,872,759 shares of the stock were exchanged, compared to its average volume of 3,559,123. Prologis, Inc. has a 12 month low of $96.64 and a 12 month high of $137.52. The firm has a market cap of $99.52 billion, a PE ratio of 31.40, a PEG ratio of 2.20 and a beta of 1.05. The stock has a 50-day moving average price of $120.00 and a 200-day moving average price of $121.69. The company has a current ratio of 0.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.51.

Prologis Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Monday, June 17th will be paid a $0.96 dividend. This represents a $3.84 annualized dividend and a dividend yield of 3.57%. The ex-dividend date is Monday, June 17th. Prologis's dividend payout ratio (DPR) is currently 112.28%.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on PLD. TheStreet raised Prologis from a "c+" rating to a "b-" rating in a research report on Friday, January 26th. Royal Bank of Canada lowered their target price on Prologis from $145.00 to $124.00 and set an "outperform" rating on the stock in a research report on Monday. The Goldman Sachs Group lowered 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. Barclays lowered their target price on Prologis from $135.00 to $123.00 and set an "overweight" rating on the stock in a research report on Monday, April 29th. Finally, Argus reduced their price target on Prologis from $139.00 to $120.00 and set a "buy" rating for the company in a report on Monday, April 22nd. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $131.12.

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.

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