The Manufacturers Life Insurance Company Sells 67,401 Shares of Prologis, Inc. (NYSE:PLD)

The Manufacturers Life Insurance Company decreased its position in shares of Prologis, Inc. (NYSE:PLD - Free Report) by 9.2% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 661,520 shares of the real estate investment trust's stock after selling 67,401 shares during the period. The Manufacturers Life Insurance Company owned 0.07% of Prologis worth $69,923,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of PLD. Murphy & Mullick Capital Management Corp purchased a new stake in Prologis in the 4th quarter worth $26,000. Crowley Wealth Management Inc. purchased a new position in Prologis in the 4th quarter worth approximately $27,000. Centricity Wealth Management LLC bought a new position in Prologis in the 4th quarter worth approximately $30,000. Promus Capital LLC bought a new stake in shares of Prologis during the fourth quarter valued at approximately $34,000. Finally, Whipplewood Advisors LLC purchased a new position in shares of Prologis in the fourth quarter worth $34,000. 93.50% of the stock is owned by hedge funds and other institutional investors.

Prologis Trading Up 2.3 %

Shares of NYSE PLD traded up $2.41 during mid-day trading on Friday, reaching $105.49. The company had a trading volume of 4,193,710 shares, compared to its average volume of 4,138,732. Prologis, Inc. has a 52 week low of $85.35 and a 52 week high of $132.57. The business's 50-day moving average is $107.68 and its 200-day moving average is $111.99. The stock has a market cap of $97.79 billion, a price-to-earnings ratio of 26.37, a price-to-earnings-growth ratio of 2.70 and a beta of 1.20. 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 posted its quarterly earnings results on Wednesday, April 16th. The real estate investment trust reported $1.42 earnings per share for the quarter, beating the consensus estimate of $1.38 by $0.04. The firm had revenue of $1.99 billion during the quarter, compared to the consensus estimate of $1.99 billion. Prologis had a net margin of 45.50% and a return on equity of 6.44%. Equities analysts expect that Prologis, Inc. will post 5.73 earnings per share for the current year.

Prologis Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Tuesday, March 18th were issued a $1.01 dividend. This is an increase from Prologis's previous quarterly dividend of $0.96. This represents a $4.04 annualized dividend and a dividend yield of 3.83%. The ex-dividend date of this dividend was Tuesday, March 18th. Prologis's payout ratio is presently 101.00%.

Analyst Ratings Changes

Several analysts have commented on PLD shares. Barclays decreased their price target on shares of Prologis from $132.00 to $119.00 and set an "overweight" rating on the stock in a research note on Wednesday. Wolfe Research downgraded Prologis from an "outperform" rating to a "peer perform" rating in a research report on Monday, April 21st. CJS Securities reduced their price target on shares of Prologis from $140.00 to $117.00 in a research report on Friday, April 11th. Evercore ISI lowered their price objective on shares of Prologis from $111.00 to $106.00 and set an "in-line" rating for the company in a research report on Thursday, April 17th. Finally, BTIG Research decreased their target price on shares of Prologis from $154.00 to $134.00 and set a "buy" rating on the stock in a research report on Friday, January 17th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, ten have given a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $122.05.

Insiders Place Their Bets

In other news, CIO Joseph Ghazal sold 10,997 shares of the stock in a transaction that occurred 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 transaction, the executive now directly owns 7,977 shares in the company, valued at approximately $947,188.98. This trade represents a 57.96 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.57% of the stock is owned by company 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.