Prologis (NYSE:PLD) Issues FY24 Earnings Guidance

Prologis (NYSE:PLD) updated its FY24 earnings guidance on Wednesday. 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 Trading Down 7.2 %

Shares of PLD traded down $8.25 during trading hours on Wednesday, hitting $106.49. The company had a trading volume of 10,490,061 shares, compared to its average volume of 3,334,557. The firm has a market cap of $98.51 billion, a P/E ratio of 32.16, a P/E/G ratio of 2.31 and a beta of 1.00. The stock’s 50 day moving average price is $129.44 and its 200 day moving average price is $122.30. 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 has a 52-week low of $96.64 and a 52-week high of $137.52.

Prologis (NYSE:PLD) last announced its quarterly 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 net margin of 38.13% and a return on equity of 5.29%. The business had revenue of $1.89 billion for the quarter, compared to analysts’ expectations of $1.85 billion. During the same quarter in the prior year, the firm earned $1.24 EPS. The firm’s revenue for the quarter was up 7.8% on a year-over-year basis. On average, research analysts predict that Prologis will post 5.5 EPS for the current year.

Prologis Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Monday, March 18th were given a $0.96 dividend. This is a boost from Prologis’s previous quarterly dividend of $0.87. This represents a $3.84 dividend on an annualized basis and a dividend yield of 3.61%. The ex-dividend date was Friday, March 15th. Prologis’s payout ratio is currently 116.72%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the company. Mizuho reissued a neutral rating and set a $130.00 price target on shares of Prologis in a report on Tuesday, April 2nd. Evercore ISI reiterated an in-line rating and set a $136.00 price objective on shares of Prologis in a research note on Monday, March 18th. Barclays decreased their target price on shares of Prologis from $141.00 to $135.00 and set an overweight rating for the company in a research report on Wednesday. Raymond James upped their price objective on shares of Prologis from $130.00 to $145.00 and gave the stock a strong-buy rating in a research report on Wednesday, January 24th. Finally, TheStreet raised shares of Prologis from a c+ rating to a b- rating in a research note on Friday, January 26th. Four investment analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Prologis has a consensus rating of Moderate Buy and a consensus price target of $141.27.

Hedge Funds Weigh In On Prologis

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. SageView Advisory Group LLC boosted its position in Prologis by 106.3% in the 4th quarter. SageView Advisory Group LLC now owns 12,208 shares of the real estate investment trust’s stock valued at $1,545,000 after buying an additional 6,290 shares during the period. Sanibel Captiva Trust Company Inc. purchased a new position in Prologis in the 4th quarter valued at approximately $620,000. Harbour Investments Inc. boosted its position in Prologis by 8.1% in the 4th quarter. Harbour Investments Inc. now owns 3,882 shares of the real estate investment trust’s stock valued at $518,000 after buying an additional 291 shares during the period. Mercer Global Advisors Inc. ADV boosted its position in Prologis by 2.1% in the 4th quarter. Mercer Global Advisors Inc. ADV now owns 100,264 shares of the real estate investment trust’s stock valued at $13,365,000 after buying an additional 2,029 shares during the period. Finally, Faithward Advisors LLC boosted its position in Prologis by 3.9% in the 4th quarter. Faithward Advisors LLC now owns 40,347 shares of the real estate investment trust’s stock valued at $5,120,000 after buying an additional 1,525 shares during the period. Hedge funds and other institutional investors 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.