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

Prologis, Inc. (NYSE:PLD) declared a quarterly dividend on Thursday, May 9th, RTT News reports. Stockholders of record on Monday, June 17th will be given a dividend of 0.96 per share by the real estate investment trust on Friday, June 28th. This represents a $3.84 annualized dividend and a dividend yield of 3.55%.

Prologis has raised its dividend by an average of 14.5% per year over the last three years and has raised its dividend annually for the last 11 consecutive years. Prologis has a dividend payout ratio of 122.3% 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 $6.11 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 62.8%.

Prologis Price Performance

Shares of NYSE PLD opened at $108.15 on Friday. The firm’s 50-day simple moving average is $120.50 and its 200 day simple moving average is $121.78. The stock has a market cap of $100.13 billion, a P/E ratio of 31.62, a P/E/G ratio of 2.20 and a beta of 1.05. The company has a quick ratio of 0.29, a current ratio of 0.29 and a debt-to-equity ratio of 0.51. Prologis has a fifty-two week low of $96.64 and a fifty-two week high of $137.52.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on PLD. Raymond James upped their price target on shares of Prologis from $130.00 to $145.00 and gave the stock a “strong-buy” rating in a research note on Wednesday, January 24th. Argus cut their target price on Prologis from $139.00 to $120.00 and set a “buy” rating for the company in a research report on Monday, April 22nd. JPMorgan Chase & Co. lowered their price target on Prologis from $143.00 to $128.00 and set an “overweight” rating on the stock in a research report on Thursday, April 25th. BMO Capital Markets lowered Prologis from an “outperform” rating to a “market perform” rating and cut their price objective for the company from $145.00 to $112.00 in a report on Monday, April 22nd. Finally, The Goldman Sachs Group lowered their target price on Prologis from $163.00 to $140.00 and set a “buy” rating on the stock in a report on Monday, April 22nd. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Prologis has an average rating of “Moderate Buy” and a consensus target price of $131.12.

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.