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 guidance of $5.45-5.55 for the period, compared to the consensus earnings per share estimate of $5.50. Prologis also updated its FY 2024 guidance to 5.370-5.470 EPS.

Prologis Trading Down 1.7 %

Shares of PLD opened at $104.67 on Friday. Prologis has a 1 year low of $96.64 and a 1 year high of $137.52. The company has a current ratio of 0.30, a quick ratio of 0.30 and a debt-to-equity ratio of 0.50. The stock has a 50 day simple moving average of $128.45 and a 200-day simple moving average of $122.07. The stock has a market cap of $96.82 billion, a PE ratio of 31.81, a PEG ratio of 2.29 and a beta of 1.00.

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

Prologis Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Monday, March 18th were issued a dividend of $0.96 per share. This represents a $3.84 dividend on an annualized basis and a yield of 3.67%. This is a boost from Prologis’s previous quarterly dividend of $0.87. The ex-dividend date was Friday, March 15th. Prologis’s dividend payout ratio (DPR) is currently 116.72%.

Analyst Ratings Changes

PLD has been the subject of a number of recent analyst reports. Royal Bank of Canada raised their price target on Prologis from $128.00 to $145.00 and gave the company an outperform rating in a report on Friday, February 16th. TheStreet raised Prologis from a c+ rating to a b- rating in a report on Friday, January 26th. Robert W. Baird raised their price target on Prologis from $133.00 to $137.00 and gave the company a neutral rating in a report on Tuesday, January 23rd. Evercore ISI dropped their price target on Prologis from $136.00 to $123.00 and set an in-line rating for the company in a report on Thursday. Finally, Barclays decreased their price objective on Prologis from $141.00 to $135.00 and set an overweight rating on the stock in a research report on Wednesday. Four analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of Moderate Buy and a consensus target price of $140.00.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. BOKF NA lifted its holdings in Prologis by 3.8% during the fourth quarter. BOKF NA now owns 2,125 shares of the real estate investment trust’s stock worth $283,000 after acquiring an additional 77 shares in the last quarter. CreativeOne Wealth LLC lifted its holdings in Prologis by 1.5% during the second quarter. CreativeOne Wealth LLC now owns 5,547 shares of the real estate investment trust’s stock worth $680,000 after acquiring an additional 82 shares in the last quarter. SevenOneSeven Capital Management lifted its holdings in Prologis by 2.3% during the fourth quarter. SevenOneSeven Capital Management now owns 3,792 shares of the real estate investment trust’s stock worth $427,000 after acquiring an additional 86 shares in the last quarter. Harbour Investments Inc. lifted its holdings in Prologis by 2.9% during the first quarter. Harbour Investments Inc. now owns 3,111 shares of the real estate investment trust’s stock worth $388,000 after acquiring an additional 89 shares in the last quarter. Finally, Covington Capital Management raised its stake in shares of Prologis by 11.0% in the 3rd quarter. Covington Capital Management now owns 920 shares of the real estate investment trust’s stock valued at $93,000 after purchasing an additional 91 shares during the period. 93.50% of the stock is currently owned by 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.