Prologis, Inc. (NYSE:PLD) to Issue $0.96 Quarterly Dividend

Prologis, Inc. (NYSE:PLD) declared a quarterly dividend on Tuesday, September 3rd, RTT News reports. Shareholders of record on Monday, September 16th will be given a dividend of 0.96 per share by the real estate investment trust on Monday, September 30th. This represents a $3.84 dividend on an annualized basis and a yield of 2.95%. The ex-dividend date is Monday, September 16th.

Prologis has raised its dividend by an average of 14.5% annually over the last three years and has raised its dividend annually for the last 11 consecutive years. Prologis has a dividend payout ratio of 127.6% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities research analysts expect Prologis to earn $6.00 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 64.0%.

Prologis Stock Performance

Shares of PLD stock opened at $129.98 on Friday. The firm has a market cap of $120.34 billion, a price-to-earnings ratio of 38.01, a PEG ratio of 3.36 and a beta of 1.07. Prologis has a 52-week low of $96.64 and a 52-week high of $137.52. The company has a quick ratio of 0.36, a current ratio of 0.36 and a debt-to-equity ratio of 0.52. The company’s 50 day moving average is $124.42 and its 200 day moving average is $118.85.

Prologis (NYSE:PLD) last announced its quarterly earnings results on Wednesday, July 17th. The real estate investment trust reported $0.92 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.33 by ($0.41). Prologis had a net margin of 36.37% and a return on equity of 4.88%. The company had revenue of $2.01 billion during the quarter, compared to analysts’ expectations of $1.86 billion. During the same quarter in the prior year, the business posted $1.83 earnings per share. The company’s revenue was down 18.1% compared to the same quarter last year. On average, sell-side analysts anticipate that Prologis will post 5.42 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on PLD shares. Bank of America reaffirmed a “neutral” rating and issued a $128.00 price objective on shares of Prologis in a research report on Monday, August 12th. Truist Financial upped their price target on Prologis from $125.00 to $137.00 and gave the stock a “buy” rating in a research report on Monday, August 5th. The Goldman Sachs Group raised their price objective on Prologis from $140.00 to $156.00 and gave the stock a “buy” rating in a research report on Thursday, July 25th. Scotiabank upped their target price on Prologis from $135.00 to $142.00 and gave the company a “sector outperform” rating in a research report on Monday, August 26th. Finally, Barclays increased their price target on Prologis from $123.00 to $142.00 and gave the company an “overweight” rating in a research note on Tuesday, July 30th. Seven investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $133.12.

Insider Buying and Selling at Prologis

In other news, CIO Joseph Ghazal sold 5,200 shares of Prologis stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $129.07, for a total transaction of $671,164.00. Following the completion of the transaction, the executive now directly owns 13,187 shares of the company’s stock, valued at approximately $1,702,046.09. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.50% of the stock is owned by corporate 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.