Prologis (NYSE:PLD) Updates FY24 Earnings Guidance

Prologis (NYSE:PLD) updated its FY24 earnings guidance on Wednesday. The company provided earnings per share (EPS) guidance of $5.42-5.46 for the period, compared to the consensus estimate of $5.42. Prologis also updated its FY 2024 guidance to 5.420-5.460 EPS.

Prologis Trading Down 3.3 %

PLD opened at $122.74 on Friday. The business’s 50 day moving average price is $125.42 and its 200 day moving average price is $117.76. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.36 and a current ratio of 0.36. The stock has a market capitalization of $113.64 billion, a PE ratio of 35.89, a P/E/G ratio of 3.05 and a beta of 1.07. Prologis has a one year low of $96.64 and a one year high of $137.52.

Prologis (NYSE:PLD) last released its quarterly earnings results on Wednesday, October 16th. The real estate investment trust reported $1.08 earnings per share for the quarter, missing analysts’ consensus estimates of $1.37 by ($0.29). The business had revenue of $1.90 billion for the quarter, compared to analysts’ expectations of $1.91 billion. Prologis had a return on equity of 4.88% and a net margin of 36.37%. The business’s revenue for the quarter was up 6.9% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.30 earnings per share. As a group, equities research analysts expect that Prologis will post 5.42 EPS for the current year.

Prologis Announces Dividend

The business also recently declared 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. This represents a $3.84 dividend on an annualized basis and a dividend yield of 3.13%. The ex-dividend date was Monday, September 16th. Prologis’s dividend payout ratio is presently 112.28%.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on PLD shares. Bank of America reaffirmed a “neutral” rating and set a $128.00 price objective on shares of Prologis in a research report on Monday, August 12th. Barclays lowered their price target on Prologis from $142.00 to $131.00 and set an “overweight” rating for the company in a research report on Thursday, October 10th. Scotiabank increased their target price on Prologis from $135.00 to $142.00 and gave the stock a “sector outperform” rating in a research note on Monday, August 26th. The Goldman Sachs Group lifted their target price on Prologis from $140.00 to $156.00 and gave the company a “buy” rating in a research report on Thursday, July 25th. Finally, BMO Capital Markets reissued a “market perform” rating and set a $115.00 price target on shares of Prologis in a research report on Monday, July 15th. Seven research analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Prologis presently has an average rating of “Moderate Buy” and a consensus target price of $132.71.

Insiders Place Their Bets

In other news, CIO Joseph Ghazal sold 5,200 shares of the firm’s stock in a transaction dated 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 approximately $1,702,046.09. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.50% of the stock is owned by company 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.