Prologis (NYSE:PLD) Releases FY24 Earnings Guidance

Prologis (NYSE:PLD) issued an update on its FY24 earnings guidance on Wednesday morning. The company provided earnings per share (EPS) guidance of $5.45-5.55 for the period, compared to the consensus estimate of $5.50. Prologis also updated its FY 2024 guidance to 5.370-5.470 EPS.

Prologis Stock Performance

PLD opened at $106.49 on Thursday. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.30 and a quick ratio of 0.30. The firm has a fifty day moving average price of $128.99 and a 200 day moving average price of $122.19. Prologis has a 1 year low of $96.64 and a 1 year high of $137.52. The stock has a market cap of $98.51 billion, a P/E ratio of 32.37, a P/E/G ratio of 2.29 and a beta of 1.00.

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

Prologis Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Monday, March 18th were issued a $0.96 dividend. This represents a $3.84 annualized dividend and a yield of 3.61%. The ex-dividend date of this dividend was Friday, March 15th. This is a positive change from Prologis’s previous quarterly dividend of $0.87. Prologis’s payout ratio is presently 116.72%.

Analysts Set New Price Targets

Several equities research analysts recently commented on the stock. Barclays cut their price target on shares of Prologis from $141.00 to $135.00 and set an overweight rating for the company in a report on Wednesday. Morgan Stanley upped their target price on shares of Prologis from $128.00 to $141.00 and gave the stock an overweight rating in a report on Wednesday, January 24th. Royal Bank of Canada upped their target price on shares of Prologis from $128.00 to $145.00 and gave the stock an outperform rating in a report on Friday, February 16th. TheStreet raised shares of Prologis from a c+ rating to a b- rating in a report on Friday, January 26th. Finally, Raymond James upped their target price on shares of Prologis from $130.00 to $145.00 and gave the stock a strong-buy rating in a report on Wednesday, January 24th. 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’s stock. Based on data from MarketBeat.com, the stock has an average rating of Moderate Buy and a consensus price target of $141.27.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of PLD. Fairfield Bush & CO. acquired a new position in Prologis in the second quarter valued at about $35,000. Qube Research & Technologies Ltd lifted 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 worth $36,000 after purchasing an additional 13,518 shares in the last quarter. Compass Wealth Management LLC acquired a new stake in shares of Prologis during the fourth quarter worth about $38,000. Earnest Partners LLC lifted its position in shares of Prologis by 56.5% during the fourth quarter. Earnest Partners LLC now owns 363 shares of the real estate investment trust’s stock worth $41,000 after purchasing an additional 131 shares in the last quarter. Finally, First Capital Advisors Group LLC. acquired a new stake in shares of Prologis during the second quarter worth about $45,000. Institutional investors and hedge funds own 93.50% of the company’s stock.

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.