Prologis (NYSE:PLD) Releases FY 2024 Earnings Guidance

Prologis (NYSE:PLD) issued an update on its FY 2024 earnings guidance on Wednesday morning. The company provided earnings per share (EPS) guidance of 5.370-5.470 for the period, compared to the consensus estimate of 5.500. The company issued revenue guidance of -. Prologis also updated its FY24 guidance to $5.45-5.55 EPS.

Prologis Price Performance

Shares of PLD opened at $104.67 on Friday. The company has a current ratio of 0.30, a quick ratio of 0.30 and a debt-to-equity ratio of 0.50. The stock has a market cap of $96.82 billion, a P/E ratio of 31.81, a price-to-earnings-growth ratio of 2.29 and a beta of 1.00. The stock’s 50-day moving average price is $128.45 and its two-hundred day moving average price is $122.07. Prologis has a 1 year low of $96.64 and a 1 year high of $137.52.

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

Prologis Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Monday, March 18th were issued a $0.96 dividend. This is an increase from Prologis’s previous quarterly dividend of $0.87. This represents a $3.84 annualized dividend and a dividend yield of 3.67%. The ex-dividend date was Friday, March 15th. Prologis’s dividend payout ratio is 116.72%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on PLD shares. Evercore ISI dropped their price target on Prologis from $136.00 to $123.00 and set an in-line rating on the stock in a research report on Thursday. Mizuho reaffirmed a neutral rating and set a $130.00 price target on shares of Prologis in a research report on Tuesday, April 2nd. UBS Group dropped their price target on Prologis from $151.00 to $138.00 and set a buy rating on the stock in a research report on Thursday. Raymond James raised their price target on Prologis from $130.00 to $145.00 and gave the stock a strong-buy rating in a research report on Wednesday, January 24th. Finally, Royal Bank of Canada lifted their target price on Prologis from $128.00 to $145.00 and gave the company an outperform rating in a research report on Friday, February 16th. Four investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Prologis presently has a consensus rating of Moderate Buy and an average target price of $140.00.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of PLD. RB Capital Management LLC grew its stake in Prologis by 14.7% in the first quarter. RB Capital Management LLC now owns 3,004 shares of the real estate investment trust’s stock valued at $485,000 after purchasing an additional 385 shares in the last quarter. Blair William & Co. IL boosted its stake in shares of Prologis by 5.3% during the 1st quarter. Blair William & Co. IL now owns 21,612 shares of the real estate investment trust’s stock worth $3,490,000 after acquiring an additional 1,092 shares during the period. Sequoia Financial Advisors LLC boosted its stake in shares of Prologis by 87.7% during the 1st quarter. Sequoia Financial Advisors LLC now owns 3,382 shares of the real estate investment trust’s stock worth $546,000 after acquiring an additional 1,580 shares during the period. Baird Financial Group Inc. boosted its stake in shares of Prologis by 41.8% during the 1st quarter. Baird Financial Group Inc. now owns 241,219 shares of the real estate investment trust’s stock worth $38,952,000 after acquiring an additional 71,112 shares during the period. Finally, Zions Bancorporation N.A. boosted its stake in shares of Prologis by 38.8% during the 1st quarter. Zions Bancorporation N.A. now owns 2,078 shares of the real estate investment trust’s stock worth $336,000 after acquiring an additional 581 shares during the period. 93.50% of the stock is currently owned by institutional investors.

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.