Prologis (NYSE:PLD) Releases FY24 Earnings Guidance

Prologis (NYSE:PLD) updated its FY24 earnings guidance on Wednesday. The company provided earnings per share guidance of $5.45-5.55 for the period, compared to the consensus earnings per share estimate of $5.50. Prologis also updated its FY 2024 guidance to 5.370-5.470 EPS.

Analyst Ratings Changes

Several equities research analysts have recently commented on the company. Robert W. Baird upped their target price on Prologis from $133.00 to $137.00 and gave the company a neutral rating in a report on Tuesday, January 23rd. Evercore ISI reduced their target price on Prologis from $136.00 to $123.00 and set an in-line rating for the company in a report on Thursday. Morgan Stanley upped their target price on Prologis from $128.00 to $141.00 and gave the company an overweight rating in a report on Wednesday, January 24th. Mizuho reissued a neutral rating and issued a $130.00 price objective on shares of Prologis in a research note on Tuesday, April 2nd. Finally, Royal Bank of Canada increased their price objective on Prologis from $128.00 to $145.00 and gave the stock an outperform rating in a research note on Friday, February 16th. Four analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of Moderate Buy and a consensus price target of $137.86.

Prologis Stock Performance

Shares of NYSE PLD opened at $103.49 on Friday. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.30 and a current ratio of 0.08. The firm has a market cap of $95.73 billion, a price-to-earnings ratio of 30.26, a P/E/G ratio of 2.14 and a beta of 1.00. The business’s 50-day simple moving average is $127.87 and its 200-day simple moving average is $122.02. Prologis has a 52 week low of $96.64 and a 52 week high of $137.52.

Prologis (NYSE:PLD) last issued its quarterly earnings data 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 for the quarter, compared to analyst estimates of $1.85 billion. Prologis had a net margin of 38.73% and a return on equity of 5.49%. The business’s revenue was up 7.8% on a year-over-year basis. During the same period in the prior year, the company posted $1.24 EPS. As a group, equities research analysts expect that Prologis will post 5.47 earnings per share for the current fiscal year.

Prologis Increases Dividend

The firm 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. This is an increase from Prologis’s previous quarterly dividend of $0.87. The ex-dividend date was Friday, March 15th. This represents a $3.84 annualized dividend and a yield of 3.71%. Prologis’s dividend payout ratio is presently 112.28%.

Institutional Trading of Prologis

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