Prologis, Inc. Announces Quarterly Dividend of $0.96 (NYSE:PLD)

Prologis, Inc. (NYSE:PLD) announced a quarterly dividend on Wednesday, December 4th,RTT News reports. Investors of record on Monday, December 16th will be paid a dividend of 0.96 per share by the real estate investment trust on Tuesday, December 31st. This represents a $3.84 annualized dividend and a yield of 3.34%.

Prologis has increased its dividend payment by an average of 14.5% per year over the last three years and has increased its dividend annually for the last 11 consecutive years. Prologis has a dividend payout ratio of 128.9% meaning 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 $5.88 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 65.3%.

Prologis Stock Performance

NYSE:PLD traded down $1.35 on Wednesday, hitting $115.05. The stock had a trading volume of 3,735,424 shares, compared to its average volume of 3,655,482. The business’s 50-day simple moving average is $118.28 and its two-hundred day simple moving average is $118.87. The company has a quick ratio of 0.43, a current ratio of 0.43 and a debt-to-equity ratio of 0.56. The stock has a market cap of $106.56 billion, a price-to-earnings ratio of 34.64, a price-to-earnings-growth ratio of 3.39 and a beta of 1.07. Prologis has a 52-week low of $101.11 and a 52-week high of $137.52.

Prologis (NYSE:PLD) last issued its earnings results on Wednesday, October 16th. The real estate investment trust reported $1.08 earnings per share for the quarter, missing the consensus estimate of $1.37 by ($0.29). Prologis had a return on equity of 5.34% and a net margin of 39.08%. The firm had revenue of $1.90 billion during the quarter, compared to the consensus estimate of $1.91 billion. During the same period in the prior year, the company posted $1.30 EPS. The company’s quarterly revenue was up 6.9% on a year-over-year basis. As a group, research analysts predict that Prologis will post 5.45 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on PLD. Evercore ISI upped their target price on shares of Prologis from $124.00 to $128.00 and gave the stock an “in-line” rating in a research report on Monday, September 16th. Wells Fargo & Company raised their target price on shares of Prologis from $142.00 to $146.00 and gave the company an “overweight” rating in a report on Wednesday, August 28th. JPMorgan Chase & Co. lowered their price objective on shares of Prologis from $138.00 to $131.00 and set an “overweight” rating for the company in a research report on Monday, October 21st. Bank of America restated a “neutral” rating and issued a $128.00 target price on shares of Prologis in a report on Monday, August 12th. Finally, The Goldman Sachs Group reiterated a “neutral” rating and issued a $132.00 price target (down previously from $142.00) on shares of Prologis in a research report on Monday, October 21st. Eight research analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $131.13.

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.