Prologis (NYSE:PLD) Updates 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.

Wall Street Analyst Weigh In

Several research firms recently commented on PLD. Evercore ISI restated an in-line rating and issued a $136.00 price target on shares of Prologis in a research note on Monday, March 18th. Mizuho reissued a neutral rating and set a $130.00 target price on shares of Prologis in a research note on Tuesday, April 2nd. Robert W. Baird upped their target price on Prologis from $133.00 to $137.00 and gave the stock a neutral rating in a report on Tuesday, January 23rd. Barclays dropped their price target on shares of Prologis from $141.00 to $135.00 and set an overweight rating for the company in a research note on Wednesday. Finally, TheStreet raised Prologis from a c+ rating to a b- rating in a research report on Friday, January 26th. Four research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Prologis presently has an average rating of Moderate Buy and an average target price of $141.27.

Prologis Price Performance

Shares of PLD stock traded down $7.89 during trading hours on Wednesday, hitting $106.85. The stock had a trading volume of 9,448,670 shares, compared to its average volume of 3,320,911. Prologis has a one year low of $96.64 and a one year high of $137.52. 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 stock’s 50-day moving average price is $129.44 and its two-hundred day moving average price is $122.30. The stock has a market capitalization of $98.84 billion, a price-to-earnings ratio of 32.16, a PEG ratio of 2.31 and a beta of 1.00.

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

Prologis Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Monday, March 18th were paid a $0.96 dividend. This represents a $3.84 annualized dividend and a dividend yield of 3.59%. This is a boost from Prologis’s previous quarterly dividend of $0.87. The ex-dividend date of this dividend was Friday, March 15th. Prologis’s dividend payout ratio (DPR) is presently 116.72%.

Institutional Trading of Prologis

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. BOKF NA boosted its stake 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 buying an additional 77 shares during the period. CreativeOne Wealth LLC boosted its holdings in shares of Prologis by 1.5% in the second quarter. CreativeOne Wealth LLC now owns 5,547 shares of the real estate investment trust’s stock valued at $680,000 after acquiring an additional 82 shares during the period. SevenOneSeven Capital Management raised its holdings in shares of Prologis by 2.3% in the fourth quarter. SevenOneSeven Capital Management now owns 3,792 shares of the real estate investment trust’s stock valued at $427,000 after buying an additional 86 shares during the last quarter. Harbour Investments Inc. raised its holdings in shares of Prologis by 2.9% in the first quarter. Harbour Investments Inc. now owns 3,111 shares of the real estate investment trust’s stock valued at $388,000 after buying an additional 89 shares during the last quarter. Finally, Covington Capital Management increased its holdings in shares of Prologis by 11.0% in the third 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. 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.