Prologis (NYSE:PLD) Issues FY 2024 Earnings Guidance

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

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on PLD. Robert W. Baird lifted their target price on Prologis from $133.00 to $137.00 and gave the stock a neutral rating in a research note on Tuesday, January 23rd. Mizuho reiterated a neutral rating and set a $130.00 target price on shares of Prologis in a research note on Tuesday, April 2nd. Raymond James lifted their target price on Prologis from $130.00 to $145.00 and gave the stock a strong-buy rating in a research note on Wednesday, January 24th. Evercore ISI reiterated an in-line rating and set a $136.00 target price on shares of Prologis in a research note on Monday, March 18th. Finally, Barclays lowered their target price on Prologis from $141.00 to $135.00 and set an overweight rating on the stock in a research note on Wednesday. Four research 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 data from MarketBeat, the company has an average rating of Moderate Buy and a consensus target price of $141.27.

Prologis Trading Down 7.2 %

Shares of Prologis stock opened at $106.49 on Thursday. Prologis has a 12-month low of $96.64 and a 12-month high of $137.52. The company has a market cap of $98.51 billion, a price-to-earnings ratio of 32.37, a PEG ratio of 2.31 and a beta of 1.00. 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 company’s 50-day moving average price is $128.99 and its 200-day moving average price is $122.19.

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 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 analysts’ expectations of $1.85 billion. During the same period in the previous year, the company posted $1.24 earnings per share. The company’s quarterly revenue was up 7.8% compared to the same quarter last year. On average, equities analysts expect that Prologis will post 5.5 earnings per share for the current fiscal year.

Prologis Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Monday, March 18th were issued a $0.96 dividend. This represents a $3.84 dividend on an annualized basis and a dividend yield of 3.61%. This is an increase 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 is presently 116.72%.

Institutional Investors Weigh In On Prologis

A number of institutional investors and hedge funds have recently modified their holdings of PLD. Morgan Stanley increased its position in shares of Prologis by 48.0% in the fourth quarter. Morgan Stanley now owns 14,577,827 shares of the real estate investment trust’s stock worth $1,643,359,000 after purchasing an additional 4,729,040 shares during the last quarter. Nuveen Asset Management LLC increased its position in shares of Prologis by 3.5% in the fourth quarter. Nuveen Asset Management LLC now owns 13,797,149 shares of the real estate investment trust’s stock worth $1,839,160,000 after purchasing an additional 460,516 shares during the last quarter. Legal & General Group Plc increased its position in shares of Prologis by 12.4% in the fourth quarter. Legal & General Group Plc now owns 13,567,343 shares of the real estate investment trust’s stock worth $1,808,527,000 after purchasing an additional 1,500,199 shares during the last quarter. Norges Bank bought a new position in shares of Prologis in the fourth quarter worth approximately $980,759,000. Finally, Charles Schwab Investment Management Inc. increased its position in shares of Prologis by 3.4% in the first quarter. Charles Schwab Investment Management Inc. now owns 6,978,964 shares of the real estate investment trust’s stock worth $1,126,964,000 after purchasing an additional 232,619 shares during the last quarter. 93.50% of the stock is owned by hedge funds and other institutional investors.

Prologis Company Profile

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.