Prologis (NYSE:PLD) Updates FY24 Earnings Guidance

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

Prologis Price Performance

Prologis stock opened at $121.39 on Wednesday. The stock has a market cap of $112.39 billion, a price-to-earnings ratio of 35.49, a price-to-earnings-growth ratio of 3.05 and a beta of 1.07. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.36 and a quick ratio of 0.36. Prologis has a 1 year low of $96.64 and a 1 year high of $137.52. The firm has a 50-day moving average of $125.27 and a two-hundred day moving average of $117.66.

Prologis (NYSE:PLD) last released its quarterly earnings data on Wednesday, July 17th. The real estate investment trust reported $0.92 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.33 by ($0.41). The company had revenue of $2.01 billion during the quarter, compared to analysts’ expectations of $1.86 billion. Prologis had a net margin of 36.37% and a return on equity of 4.88%. Prologis’s quarterly revenue was down 18.1% on a year-over-year basis. During the same period last year, the firm earned $1.83 earnings per share. On average, research analysts forecast that Prologis will post 5.42 earnings per share for the current year.

Prologis Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Monday, September 16th were given a $0.96 dividend. The ex-dividend date was Monday, September 16th. This represents a $3.84 annualized dividend and a yield of 3.16%. Prologis’s dividend payout ratio (DPR) is 112.28%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on PLD shares. Barclays reduced their price target on shares of Prologis from $142.00 to $131.00 and set an overweight rating for the company in a report on Thursday, October 10th. Morgan Stanley boosted their price target on shares of Prologis from $132.00 to $133.00 and gave the company an overweight rating in a report on Wednesday, August 14th. Argus boosted their price target on shares of Prologis from $120.00 to $135.00 and gave the company a buy rating in a report on Tuesday, July 23rd. The Goldman Sachs Group boosted their price target on shares of Prologis from $140.00 to $156.00 and gave the company a buy rating in a report on Thursday, July 25th. Finally, Truist Financial boosted their price target on shares of Prologis from $125.00 to $137.00 and gave the company a buy rating in a report on Monday, August 5th. Seven analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Prologis currently has a consensus rating of Moderate Buy and a consensus target price of $132.71.

Insiders Place Their Bets

In other Prologis news, CIO Joseph Ghazal sold 5,200 shares of the firm’s stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $129.07, for a total value of $671,164.00. Following the completion of the transaction, 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 ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 0.50% 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 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.