Prologis (NYSE:PLD) Updates FY24 Earnings Guidance

Prologis (NYSE:PLD) issued an update on its FY24 earnings guidance on Wednesday morning. The company provided EPS guidance of $5.42-5.46 for the period, compared to the consensus EPS estimate of $5.42.

Prologis Stock Up 0.8 %

Shares of PLD stock opened at $121.39 on Wednesday. Prologis has a 52-week low of $96.64 and a 52-week high of $137.52. The stock has a market cap of $112.39 billion, a price-to-earnings ratio of 35.49, a PEG ratio of 3.05 and a beta of 1.07. The firm’s 50-day moving average is $125.27 and its 200-day moving average is $117.66. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.36 and a current ratio of 0.36.

Prologis (NYSE:PLD) last posted its earnings results on Wednesday, July 17th. The real estate investment trust reported $0.92 earnings per share for the quarter, missing analysts’ consensus estimates of $1.33 by ($0.41). Prologis had a return on equity of 4.88% and a net margin of 36.37%. The business had revenue of $2.01 billion for the quarter, compared to analyst estimates of $1.86 billion. During the same period in the previous year, the firm posted $1.83 earnings per share. The firm’s revenue was down 18.1% compared to the same quarter last year. Sell-side analysts predict that Prologis will post 5.42 EPS for the current year.

Prologis Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Monday, September 16th were given a dividend of $0.96 per share. The ex-dividend date of this dividend was Monday, September 16th. This represents a $3.84 annualized dividend and a yield of 3.16%. Prologis’s dividend payout ratio (DPR) is presently 112.28%.

Wall Street Analyst Weigh In

PLD has been the topic of a number of recent research reports. StockNews.com upgraded Prologis from a sell rating to a hold rating in a research note on Thursday, July 18th. Royal Bank of Canada downgraded Prologis from an outperform rating to a sector perform rating and lifted their target price for the stock from $124.00 to $127.00 in a report on Monday, August 5th. Truist Financial lifted their price target on shares of Prologis from $125.00 to $137.00 and gave the company a buy rating in a research report on Monday, August 5th. The Goldman Sachs Group raised their price objective on Prologis from $140.00 to $156.00 and gave the stock a buy rating in a research note on Thursday, July 25th. Finally, Bank of America reiterated a neutral rating and set a $128.00 target price on shares of Prologis in a research report on Monday, August 12th. Seven analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Prologis has an average rating of Moderate Buy and an average target price of $132.71.

Insider Activity at Prologis

In related news, CIO Joseph Ghazal sold 5,200 shares of the firm’s stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $129.07, for a total transaction of $671,164.00. Following the sale, the executive now owns 13,187 shares of the company’s stock, valued at $1,702,046.09. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.50% of the stock is owned by insiders.

About Prologis

Prologis, Inc is the global leader in logistics real estate with a focus on high-barrier, high-growth markets. At March 31, 2024, 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.