Prologis (NYSE:PLD) Releases 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.

Prologis Stock Down 1.7 %

PLD stock opened at $104.67 on Friday. The company’s 50 day moving average price is $128.45 and its 200 day moving average price is $122.07. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.30 and a current ratio of 0.30. Prologis has a fifty-two week low of $96.64 and a fifty-two week high of $137.52. The firm has a market capitalization of $96.82 billion, a price-to-earnings ratio of 31.81, a PEG ratio of 2.29 and a beta of 1.00.

Prologis (NYSE:PLD) last released its earnings results on Wednesday, January 17th. The real estate investment trust reported $0.68 earnings per share 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 for the quarter, compared to analysts’ expectations of $1.85 billion. During the same quarter in the previous year, the company posted $1.24 earnings per share. The firm’s quarterly revenue was up 7.8% on a year-over-year basis. On average, equities research analysts anticipate that Prologis will post 5.5 EPS for the current fiscal year.

Prologis Increases Dividend

The company 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 represents a $3.84 dividend on an annualized basis and a dividend yield of 3.67%. This is a positive change from Prologis’s previous quarterly dividend of $0.87. The ex-dividend date was Friday, March 15th. Prologis’s dividend payout ratio is presently 116.72%.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on PLD shares. Evercore ISI lowered their price target on Prologis from $136.00 to $123.00 and set an in-line rating for the company in a report on Thursday. Mizuho reaffirmed a neutral rating and issued a $130.00 price target on shares of Prologis in a report on Tuesday, April 2nd. TheStreet raised Prologis from a c+ rating to a b- rating in a report on Friday, January 26th. Morgan Stanley upped their price target on Prologis from $128.00 to $141.00 and gave the company an overweight rating in a report on Wednesday, January 24th. Finally, Raymond James upped their price target on Prologis from $130.00 to $145.00 and gave the company a strong-buy rating in a report on Wednesday, January 24th. 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. According to data from MarketBeat, Prologis presently has an average rating of Moderate Buy and an average target price of $140.00.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Fairfield Bush & CO. purchased a new position in shares of Prologis in the second quarter valued at $35,000. Qube Research & Technologies Ltd increased its position in shares of Prologis by 102.4% in the third quarter. Qube Research & Technologies Ltd now owns 318 shares of the real estate investment trust’s stock valued at $36,000 after buying an additional 13,518 shares in the last quarter. Compass Wealth Management LLC purchased a new position in shares of Prologis in the fourth quarter valued at $38,000. Earnest Partners LLC increased its position in shares of Prologis by 56.5% in the fourth quarter. Earnest Partners LLC now owns 363 shares of the real estate investment trust’s stock valued at $41,000 after buying an additional 131 shares in the last quarter. Finally, First Capital Advisors Group LLC. purchased a new position in shares of Prologis in the second quarter valued at $45,000. Hedge funds and other 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.