Prologis (NYSE:PLD) Issues FY 2024 Earnings Guidance

Prologis (NYSE:PLD) updated its FY 2024 earnings guidance on Wednesday. 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 -.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on PLD. Evercore ISI reaffirmed an in-line rating and set a $136.00 price target on shares of Prologis in a research report on Monday, March 18th. Raymond James lifted their price target on Prologis from $130.00 to $145.00 and gave the company a strong-buy rating in a research note on Wednesday, January 24th. TheStreet upgraded Prologis from a c+ rating to a b- rating in a research note on Friday, January 26th. Barclays cut their price target on Prologis from $141.00 to $135.00 and set an overweight rating for the company in a research note on Wednesday. Finally, Royal Bank of Canada lifted their price target on Prologis from $128.00 to $145.00 and gave the company an outperform rating in a research note on Friday, February 16th. Four investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Prologis currently has a consensus rating of Moderate Buy and a consensus price target of $141.27.

Prologis Stock Down 7.5 %

Shares of Prologis stock traded down $8.62 during trading hours on Wednesday, reaching $106.12. 8,334,448 shares of the company were exchanged, compared to its average volume of 3,314,133. Prologis has a 1 year low of $96.64 and a 1 year high of $137.52. The stock’s fifty day moving average is $129.44 and its 200 day moving average is $122.30. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.30 and a current ratio of 0.30. The firm has a market cap of $98.17 billion, a PE ratio of 32.16, a PEG ratio of 2.31 and a beta of 1.00.

Prologis (NYSE:PLD) last posted its quarterly earnings data on Wednesday, January 17th. The real estate investment trust reported $0.68 earnings per share 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 for the quarter, compared to analysts’ expectations of $1.85 billion. During the same period in the prior year, the company posted $1.24 EPS. The firm’s revenue was up 7.8% compared to the same quarter last year. As a group, equities research analysts forecast that Prologis will post 5.5 earnings per share for the current year.

Prologis Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Monday, March 18th were paid a dividend of $0.96 per share. The ex-dividend date of this dividend was Friday, March 15th. This represents a $3.84 dividend on an annualized basis and a dividend yield of 3.62%. This is an increase from Prologis’s previous quarterly dividend of $0.87. Prologis’s payout ratio is presently 116.72%.

Hedge Funds Weigh In On Prologis

A number of institutional investors and hedge funds have recently modified their holdings of the company. Fairfield Bush & CO. acquired a new position in Prologis in the second quarter valued at $35,000. Qube Research & Technologies Ltd boosted its stake in Prologis by 102.4% in 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 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 boosted its stake 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 buying an additional 131 shares during the period. 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.

About Prologis

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.