Prologis (NYSE:PLD) Issues Earnings Results, Misses Estimates By $0.29 EPS

Prologis (NYSE:PLD) issued its quarterly earnings results on Wednesday. The real estate investment trust reported $1.08 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.37 by ($0.29), Zacks reports. The firm had revenue of $1.90 billion for the quarter, compared to the consensus estimate of $1.91 billion. Prologis had a return on equity of 4.88% and a net margin of 36.37%. The company’s revenue for the quarter was up 6.9% on a year-over-year basis. During the same period last year, the firm earned $1.30 EPS. Prologis updated its FY24 guidance to $5.42-5.46 EPS and its FY 2024 guidance to 5.420-5.460 EPS.

Prologis Stock Down 0.4 %

PLD stock traded down $0.50 during midday trading on Friday, hitting $122.20. The company’s stock had a trading volume of 612,433 shares, compared to its average volume of 3,627,701. Prologis has a 12 month low of $96.64 and a 12 month high of $137.52. The firm’s 50-day moving average is $125.42 and its 200-day moving average is $117.76. The company has a current ratio of 0.36, a quick ratio of 0.36 and a debt-to-equity ratio of 0.52. The company has a market cap of $113.14 billion, a PE ratio of 35.89, a P/E/G ratio of 3.05 and a beta of 1.07.

Prologis Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Monday, September 16th were given a dividend of $0.96 per share. This represents a $3.84 annualized dividend and a dividend yield of 3.14%. The ex-dividend date of this dividend was Monday, September 16th. Prologis’s dividend payout ratio (DPR) is currently 112.28%.

Insider Activity at Prologis

In other Prologis news, CIO Joseph Ghazal sold 5,200 shares of the company’s stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $129.07, for a total transaction of $671,164.00. Following the transaction, the executive now owns 13,187 shares in the company, valued at approximately $1,702,046.09. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.50% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on PLD. BMO Capital Markets restated a “market perform” rating and issued a $115.00 target price on shares of Prologis in a research report on Monday, July 15th. StockNews.com upgraded shares of Prologis from a “sell” rating to a “hold” rating in a report on Thursday, July 18th. The Goldman Sachs Group increased their target price on shares of Prologis from $140.00 to $156.00 and gave the company a “buy” rating in a report on Thursday, July 25th. Scotiabank boosted their price target on shares of Prologis from $135.00 to $142.00 and gave the stock a “sector outperform” rating in a research note on Monday, August 26th. Finally, Bank of America reaffirmed a “neutral” rating and set a $128.00 price objective on shares of Prologis in a research note on Monday, August 12th. Seven 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’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $132.71.

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.