Handelsbanken Fonder AB has decreased its stake in Prologis, Inc. (NYSE: PLD) by 6.3% during the second quarter of 2024, as reported in a recent filing with the Securities and Exchange Commission. The institutional investor now holds 368,551 shares of the real estate investment trust (REIT), down from 393,528 shares after selling 24,977 shares. As of the end of the quarter, Handelsbanken Fonder’s holdings in Prologis were valued at approximately $38.7 million.
Several other institutional investors have also made adjustments to their positions in Prologis. Activest Wealth Management notably increased its stake by an impressive 637.1% in the first quarter, acquiring an additional 223 shares to reach a total of 258 shares, valued at around $29,000. In addition, Pandora Wealth Inc. and GKV Capital Management Co., Inc. each purchased new stakes in Prologis, both valued at approximately $34,000. The Saudi Central Bank and Barrett & Company Inc. also entered positions in the company, with investments of $41,000 and $44,000, respectively. Overall, institutional investors now hold 93.5% of Prologis’s stock.
Stock Performance and Financial Metrics
On Friday, shares of Prologis opened at $125.89, reflecting a 2.2% increase. The company reports a debt-to-equity ratio of 0.62 and a current ratio of 0.64. Over the past year, Prologis has seen a low of $85.35 and a high of $127.50, with a market capitalization of $116.94 billion. The price-to-earnings (P/E) ratio stands at 36.70, while the beta is reported at 1.29. The stock’s fifty-day moving average is $120.18, and its two-hundred-day moving average is $112.40.
In addition to stock market activities, Prologis announced a quarterly dividend of $1.01 per share, which was paid on September 30, 2024. Shareholders on record as of September 16, 2024 received this dividend, amounting to an annualized dividend of $4.04, yielding 3.2%. The ex-dividend date was also set for September 16, 2024. Currently, Prologis has a payout ratio of 117.78%.
Insider Transactions and Analyst Ratings
Recent insider activity at Prologis reveals significant stock sales. Chief Accounting Officer Lori A. Palazzolo sold 25,000 shares on August 26, 2024, at an average price of $111.33, totaling $2,783,250. Following the sale, Palazzolo retained a mere 414 shares, valued at approximately $46,090.62. This sale represents a 98.37% decline in her ownership. Additionally, Director Cristina Gabriela Bita sold 1,000 shares on September 3, 2024, for a total of $111,000. Insiders have sold a total of 27,000 shares worth approximately $3.01 million over the last three months, with corporate insiders owning 0.57% of the stock.
Analysts have recently provided mixed reviews for Prologis. Mizuho set a price objective of $118.00 and rated the stock as “outperform” on August 19, 2024. Meanwhile, Evercore ISI adjusted its target price from $113.00 to $116.00 and rated it as “in-line” on October 16, 2024. BMO Capital Markets upgraded Prologis from “underperform” to “market perform,” setting a price target of $119.00 on October 20, 2024. Conversely, Barclays lowered its price target from $119.00 to $118.00 while maintaining an “overweight” rating.
As of now, the consensus rating for Prologis is “Moderate Buy,” with a consensus price target of $125.39, according to MarketBeat.com. The stock has received two “Strong Buy” ratings, ten “Buy” ratings, and seven “Hold” ratings from various analysts.
Prologis, Inc. is recognized as a global leader in logistics real estate, focusing on high-barrier and high-growth markets. By March 31, 2024, the company owned or had investments in properties and development projects totaling approximately 1.2 billion square feet across 19 countries.
