Prologis (NYSE:PLD) Updates FY24 Earnings Guidance

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

Prologis Stock Down 0.2 %

Prologis stock opened at $122.50 on Friday. The stock has a 50 day moving average of $125.43 and a two-hundred day moving average of $117.72. Prologis has a twelve month low of $96.64 and a twelve month high of $137.52. The stock has a market capitalization of $113.42 billion, a price-to-earnings ratio of 35.82, a PEG ratio of 3.05 and a beta of 1.07. The company has a current ratio of 0.36, a quick ratio of 0.36 and a debt-to-equity ratio of 0.52.

Prologis (NYSE:PLD) last posted its quarterly earnings data on Wednesday, October 16th. The real estate investment trust reported $1.08 earnings per share for the quarter, missing analysts’ consensus estimates of $1.37 by ($0.29). The firm had revenue of $1.90 billion during the quarter, compared to analysts’ expectations of $1.91 billion. Prologis had a net margin of 36.37% and a return on equity of 4.88%. The business’s quarterly revenue was up 6.9% on a year-over-year basis. During the same quarter last year, the business earned $1.30 earnings per share. As a group, research analysts expect that Prologis will post 5.42 earnings per share for the current year.

Prologis Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Monday, September 16th were paid a dividend of $0.96 per share. This represents a $3.84 dividend on an annualized basis and a dividend yield of 3.13%. The ex-dividend date of this dividend was Monday, September 16th. Prologis’s dividend payout ratio (DPR) is 112.28%.

Analyst Ratings Changes

PLD has been the topic of a number of research analyst reports. Bank of America reissued a “neutral” rating and set a $128.00 price objective on shares of Prologis in a report on Monday, August 12th. Barclays lowered their price target on Prologis from $142.00 to $131.00 and set an “overweight” rating on the stock in a report on Thursday, October 10th. Truist Financial lifted their price objective on Prologis from $125.00 to $137.00 and gave the stock a “buy” rating in a report on Monday, August 5th. Morgan Stanley upped their target price on Prologis from $132.00 to $133.00 and gave the company an “overweight” rating in a report on Wednesday, August 14th. Finally, Argus lifted their price target on Prologis from $120.00 to $135.00 and gave the stock a “buy” rating in a research note on Tuesday, July 23rd. Seven research analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $132.71.

Insider Buying and Selling

In other Prologis news, CIO Joseph Ghazal sold 5,200 shares of Prologis 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 transaction, the executive now owns 13,187 shares in the company, valued at $1,702,046.09. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.50% of the stock is currently owned by company insiders.

Prologis Company Profile

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.