Prologis (NYSE:PLD) Issues FY 2024 Earnings Guidance

Prologis (NYSE:PLD) issued an update on its FY 2024 earnings guidance on Wednesday morning. The company provided earnings per share guidance of 5.370-5.470 for the period, compared to the consensus earnings per share estimate of 5.500. The company issued revenue guidance of -.

Prologis Stock Performance

Shares of NYSE PLD traded down $8.22 during midday trading on Wednesday, hitting $106.52. 8,627,142 shares of the company’s stock were exchanged, compared to its average volume of 3,317,945. The company’s 50 day moving average price is $129.44 and its 200 day moving average price is $122.30. The firm has a market capitalization of $98.54 billion, a PE ratio of 32.16, a price-to-earnings-growth ratio of 2.31 and a beta of 1.00. Prologis has a 12 month low of $96.64 and a 12 month high of $137.52. The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 0.50.

Prologis (NYSE:PLD) last released its quarterly earnings results on Wednesday, January 17th. The real estate investment trust reported $0.68 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.26 by ($0.58). The firm had revenue of $1.89 billion during the quarter, compared to the consensus estimate of $1.85 billion. Prologis had a net margin of 38.13% and a return on equity of 5.29%. The business’s revenue for the quarter was up 7.8% compared to the same quarter last year. During the same quarter last year, the firm earned $1.24 earnings per share. As a group, analysts predict that Prologis will post 5.5 earnings per share for the current fiscal year.

Prologis Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Monday, March 18th were issued a $0.96 dividend. The ex-dividend date was Friday, March 15th. This is a boost from Prologis’s previous quarterly dividend of $0.87. This represents a $3.84 annualized dividend and a yield of 3.60%. Prologis’s payout ratio is currently 116.72%.

Analyst Upgrades and Downgrades

PLD has been the subject of a number of recent research reports. Robert W. Baird upped their target price on Prologis from $133.00 to $137.00 and gave the stock a neutral rating in a report on Tuesday, January 23rd. Mizuho reaffirmed a neutral rating and issued a $130.00 target price on shares of Prologis in a report on Tuesday, April 2nd. Morgan Stanley upped their target price on Prologis from $128.00 to $141.00 and gave the stock an overweight rating in a report on Wednesday, January 24th. Raymond James upped their target price on Prologis from $130.00 to $145.00 and gave the stock a strong-buy rating in a report on Wednesday, January 24th. Finally, Evercore ISI reaffirmed an in-line rating and issued a $136.00 target price on shares of Prologis in a report on Monday, March 18th. Four analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of Moderate Buy and an average target price of $141.27.

Institutional Trading of Prologis

Several institutional investors and hedge funds have recently modified their holdings of PLD. Fairfield Bush & CO. purchased a new stake in shares of Prologis during the second quarter valued at approximately $35,000. Qube Research & Technologies Ltd increased its position in shares of Prologis by 102.4% during the third quarter. Qube Research & Technologies Ltd now owns 318 shares of the real estate investment trust’s stock valued at $36,000 after acquiring an additional 13,518 shares during the last quarter. Compass Wealth Management LLC purchased a new stake in shares of Prologis during the fourth quarter valued at approximately $38,000. Earnest Partners LLC grew its holdings in Prologis by 56.5% during the fourth quarter. Earnest Partners LLC now owns 363 shares of the real estate investment trust’s stock valued at $41,000 after purchasing an additional 131 shares during the period. Finally, First Capital Advisors Group LLC. bought a new position in Prologis during the second quarter valued at $45,000. 93.50% of the stock is owned by hedge funds and other institutional investors.

Prologis Company Profile

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.