Prologis, Inc. (NYSE:PLD) Raises Dividend to $1.01 Per Share

Prologis, Inc. (NYSE:PLD) declared a quarterly dividend on Thursday, February 20th, RTT News reports. Stockholders of record on Tuesday, March 18th will be paid a dividend of 1.01 per share by the real estate investment trust on Monday, March 31st. This represents a $4.04 annualized dividend and a dividend yield of 3.34%. This is a positive change from Prologis’s previous quarterly dividend of $0.96.

Prologis has increased its dividend by an average of 15.1% per year over the last three years and has raised its dividend every year for the last 11 years. Prologis has a dividend payout ratio of 117.8% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Analysts expect Prologis to earn $6.21 per share next year, which means the company should continue to be able to cover its $3.84 annual dividend with an expected future payout ratio of 61.8%.

Prologis Price Performance

Prologis stock traded down $0.73 during trading hours on Thursday, reaching $120.90. 2,484,704 shares of the stock were exchanged, compared to its average volume of 3,952,691. The company has a market cap of $112.05 billion, a P/E ratio of 30.22, a price-to-earnings-growth ratio of 2.71 and a beta of 1.10. The company has a current ratio of 0.23, a quick ratio of 0.43 and a debt-to-equity ratio of 0.53. Prologis has a twelve month low of $100.82 and a twelve month high of $135.76. The stock has a 50 day moving average of $112.18 and a two-hundred day moving average of $117.99.

Insider Buying and Selling at Prologis

In other news, CIO Joseph Ghazal sold 10,997 shares of the stock in a transaction dated Wednesday, February 5th. The stock was 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 represents a 57.96 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.50% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on PLD shares. Robert W. Baird lifted their target price on shares of Prologis from $123.00 to $124.00 and gave the stock an “outperform” rating in a research report on Thursday, January 30th. Barclays lifted their target price on shares of Prologis from $131.00 to $132.00 and gave the stock an “overweight” rating in a research report on Monday, November 18th. BTIG Research cut 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. Wolfe Research cut their target price on shares of Prologis from $135.00 to $128.00 and set an “overweight” rating on the stock in a research report on Friday, January 17th. Finally, Truist Financial lifted their target price on shares of Prologis from $121.00 to $123.00 and gave the stock a “buy” rating in a research report on Monday, January 27th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, eleven have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Prologis has an average rating of “Moderate Buy” and a consensus target price of $128.78.

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.