Fintel reports that on June 29, 2023, Goldman Sachs reiterated coverage of Prologis (NYSE:PLD) with a Buy recommendation.

Analyst Price Forecast Suggests 23.00% Upside

As of June 1, 2023, the average one-year price target for Prologis is 148.34. The forecasts range from a low of 129.28 to a high of $202.65. The average price target represents an increase of 23.00% from its latest reported closing price of 120.60.

See our leaderboard of companies with the largest price target upside.

The projected annual revenue for Prologis is 6,164MM, a decrease of 9.79%. The projected annual non-GAAP EPS is 2.94.

Prologis Declares $0.87 Dividend

On May 4, 2023 the company declared a regular quarterly dividend of $0.87 per share ($3.48 annualized). Shareholders of record as of June 16, 2023 will receive the payment on June 30, 2023. Previously, the company paid $0.87 per share.

At the current share price of $120.60 / share, the stock’s dividend yield is 2.89%.

Looking back five years and taking a sample every week, the average dividend yield has been 2.48%, the lowest has been 1.52%, and the highest has been 3.66%. The standard deviation of yields is 0.41 (n=236).

The current dividend yield is 0.97 standard deviations above the historical average.

Additionally, the company’s dividend payout ratio is 1.20. The payout ratio tells us how much of a company’s income is paid out in dividends. A payout ratio of one (1.0) means 100% of the company’s income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend – not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5.

The company’s 3-Year dividend growth rate is 0.50%, demonstrating that it has increased its dividend over time.

What is the Fund Sentiment?

There are 2701 funds or institutions reporting positions in Prologis. This is an increase of 60 owner(s) or 2.27% in the last quarter. Average portfolio weight of all funds dedicated to PLD is 1.00%, an increase of 9.04%. Total shares owned by institutions increased in the last three months by 0.38% to 966,805K shares. The put/call ratio of PLD is 0.70, indicating a bullish outlook.

What are Other Shareholders Doing?

VGSIX – Vanguard Real Estate Index Fund Investor Shares holds 40,567K shares representing 4.39% ownership of the company. In it’s prior filing, the firm reported owning 41,163K shares, representing a decrease of 1.47%. The firm increased its portfolio allocation in PLD by 5.80% over the last quarter.

Cohen & Steers holds 37,128K shares representing 4.02% ownership of the company. In it’s prior filing, the firm reported owning 36,843K shares, representing an increase of 0.77%. The firm increased its portfolio allocation in PLD by 9.15% over the last quarter.

Jpmorgan Chase holds 33,911K shares representing 3.67% ownership of the company. In it’s prior filing, the firm reported owning 35,079K shares, representing a decrease of 3.45%. The firm decreased its portfolio allocation in PLD by 1.13% over the last quarter.

VTSMX – Vanguard Total Stock Market Index Fund Investor Shares holds 28,577K shares representing 3.09% ownership of the company. In it’s prior filing, the firm reported owning 28,057K shares, representing an increase of 1.82%. The firm increased its portfolio allocation in PLD by 4.09% over the last quarter.

VFINX – Vanguard 500 Index Fund Investor Shares holds 21,539K shares representing 2.33% ownership of the company. In it’s prior filing, the firm reported owning 21,339K shares, representing an increase of 0.93%. The firm increased its portfolio allocation in PLD by 3.61% over the last quarter.

Prologis Background Information
(This description is provided by the company.)

Prologis, Inc. is the global leader in logistics real estate with a focus on high-barrier, high-growth markets. As of December 31, 2020, 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 984 million square feet (91 million square meters) in 19 countries. Prologis leases modern logistics facilities to a diverse base of approximately 5,500 customers principally across two major categories: business-to-business and retail/online fulfillment.

Key filings for this company:

• Annual Report – 10-K

This article originally appeared on Fintel

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