5 Latest Dividend Hikes to Watch

2. Prologis, Inc. (NYSE:PLD)

Number of Hedge Fund Holders: 37

Percentage of Dividend Increase: 25.4%

Prologis, Inc. (NYSE:PLD) is a California-based real estate investment trust that invests in warehouses across North America, South America, Europe, and Asia. In Q4 2021, 37 hedge funds in the database of Insider Monkey were long Prologis, Inc. (NYSE:PLD), up from 32 funds in the quarter earlier. 

Prologis, Inc. (NYSE:PLD) increased its dividend on February 25, declaring a $0.79 per share quarterly dividend, a 25.4% increase from its prior dividend of $0.63. The dividend is payable on March 31, to shareholders of record on March 18. The stock yields 2.18% as of February 28. 

On January 19, Prologis, Inc. (NYSE:PLD) reported a Q4 FFO of $1.12, beating consensus estimates by $0.02. Revenue for the period came in at $1.28 billion, up 14.3% year-over-year, surpassing market predictions by $230 million. Average occupancy during the fourth quarter was 97.4%, up 80bps from Q3 2021.

Barclays analyst Anthony Powell raised the price target on Prologis, Inc. (NYSE:PLD) on February 2 to $171 from $161 and kept an Overweight rating on the shares. The analyst said the demand environment for logistic real estate continues to be the strongest in his coverage universe. Prologis, Inc. (NYSE:PLD) is increasing development and acquisitions, successfully fundraising strategic capital, and expanding its essential services business, the analyst told investors in a research note. 

Jeffrey Furber’s AEW Capital Management is the largest shareholder of Prologis, Inc. (NYSE:PLD), with 2.1 million shares worth over $358 million. 

Here is what Third Avenue Management has to say about Prologis, Inc. (NYSE:PLD) in its Q1 2021 investor letter:

“Prologis, Inc. (a U.S.-based real estate investment trust that is the largest owner of modern logistic facilities with a platform that expands more than 950 million square feet of space in 19 countries globally) completing $2.0 billion USD of debt placements at a weighted average interest rate of 0.9% with an average term of more than 13 years. In the process, the company has further solidified one of the most compelling capital structures in the real estate industry with a prudent loan-to-value ratio of approximately 25% that is primarily comprised of fixed-rate debt at an average cost of 1.8% for a term that exceeds 10 years. As a result, the long-tenured management at Prologis (including one of the true leaders in the real estate space CEO Hamid Moghadam) have set up the company for what could be a very rewarding period ahead as incremental rental income and asset management fees seem likely to accrue disproportionately to shareholders on the “bottom-line” with its interest costs locked-in.”