Amalgamated Bank Reduces Position in Prologis, Inc. (NYSE:PLD)

Amalgamated Bank lessened its stake in Prologis, Inc. (NYSE:PLD) by 4.5% in the fourth quarter, HoldingsChannel reports. The firm owned 224,790 shares of the real estate investment trust’s stock after selling 10,690 shares during the period. Amalgamated Bank’s holdings in Prologis were worth $29,965,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Thompson Investment Management Inc. bought a new position in Prologis in the fourth quarter worth approximately $28,000. FinTrust Capital Advisors LLC lifted its position in Prologis by 966.7% during the third quarter. FinTrust Capital Advisors LLC now owns 256 shares of the real estate investment trust’s stock valued at $29,000 after purchasing an additional 232 shares in the last quarter. Salem Investment Counselors Inc. purchased a new position in Prologis during the fourth quarter valued at $37,000. FNY Investment Advisers LLC bought a new stake in Prologis during the fourth quarter valued at about $39,000. Finally, Valley National Advisers Inc. increased its position in Prologis by 178.6% in the third quarter. Valley National Advisers Inc. now owns 390 shares of the real estate investment trust’s stock worth $44,000 after buying an additional 250 shares in the last quarter. 93.50% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on PLD shares. Raymond James increased their target price on shares of Prologis from $130.00 to $145.00 and gave the stock a “strong-buy” rating in a report on Wednesday, January 24th. Barclays decreased their price objective on shares of Prologis from $135.00 to $123.00 and set an “overweight” rating on the stock in a research report on Monday. The Goldman Sachs Group cut their price target on Prologis from $163.00 to $140.00 and set a “buy” rating for the company in a research note on Monday, April 22nd. Royal Bank of Canada raised their price target on Prologis from $128.00 to $145.00 and gave the company an “outperform” rating in a report on Friday, February 16th. Finally, JPMorgan Chase & Co. dropped their price objective on Prologis from $143.00 to $128.00 and set an “overweight” rating for the company in a research note on Thursday, April 25th. One analyst has rated the stock with a sell rating, four have assigned a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $132.35.

Prologis Trading Up 2.6 %

Shares of NYSE:PLD traded up $2.65 during trading on Thursday, hitting $104.53. The company had a trading volume of 5,789,597 shares, compared to its average volume of 3,552,220. The company has a debt-to-equity ratio of 0.51, a current ratio of 0.29 and a quick ratio of 0.29. The company has a fifty day simple moving average of $123.24 and a two-hundred day simple moving average of $121.78. The stock has a market cap of $96.78 billion, a price-to-earnings ratio of 29.78, a price-to-earnings-growth ratio of 2.12 and a beta of 1.05. Prologis, Inc. has a one year low of $96.64 and a one year high of $137.52.

Prologis Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Monday, March 18th were issued a $0.96 dividend. This represents a $3.84 annualized dividend and a dividend yield of 3.67%. The ex-dividend date of this dividend was Friday, March 15th. This is a positive change from Prologis’s previous quarterly dividend of $0.87. Prologis’s dividend payout ratio (DPR) is 112.28%.

About Prologis

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.