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 $5.45-5.55 for the period, compared to the consensus earnings per share estimate of $5.50. Prologis also updated its FY 2024 guidance to 5.370-5.470 EPS.

Prologis Stock Performance

Shares of NYSE PLD traded down $8.25 during mid-day trading on Wednesday, hitting $106.49. The company had a trading volume of 10,490,061 shares, compared to its average volume of 3,334,557. The stock has a market cap of $98.51 billion, a price-to-earnings ratio of 32.16, a PEG ratio of 2.31 and a beta of 1.00. Prologis has a 12 month low of $96.64 and a 12 month high of $137.52. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.30 and a quick ratio of 0.30. The firm’s 50 day simple moving average is $129.44 and its two-hundred day simple moving average is $122.30.

Prologis (NYSE:PLD) last announced its earnings results on Wednesday, January 17th. The real estate investment trust reported $0.68 earnings per share for the quarter, missing the consensus estimate of $1.26 by ($0.58). The business had revenue of $1.89 billion for the quarter, compared to the consensus estimate of $1.85 billion. Prologis had a net margin of 38.13% and a return on equity of 5.29%. The firm’s revenue was up 7.8% on a year-over-year basis. During the same period in the previous year, the firm earned $1.24 EPS. As a group, equities research analysts forecast that Prologis will post 5.5 earnings per share for the current 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 given a dividend of $0.96 per share. The ex-dividend date was Friday, March 15th. This is a boost from Prologis’s previous quarterly dividend of $0.87. This represents a $3.84 annualized dividend and a dividend yield of 3.61%. Prologis’s dividend payout ratio (DPR) is 116.72%.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on PLD shares. Morgan Stanley lifted their price target on Prologis from $128.00 to $141.00 and gave the company an overweight rating in a research report on Wednesday, January 24th. Evercore ISI reiterated an in-line rating and set a $136.00 price target on shares of Prologis in a research report on Monday, March 18th. Mizuho restated a neutral rating and issued a $130.00 target price on shares of Prologis in a report on Tuesday, April 2nd. Barclays decreased their target price on Prologis from $141.00 to $135.00 and set an overweight rating on the stock in a report on Wednesday. Finally, Raymond James lifted their target price on Prologis from $130.00 to $145.00 and gave the stock a strong-buy rating in a report on Wednesday, January 24th. Four analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of Moderate Buy and an average price target of $141.27.

Institutional Trading of Prologis

A number of institutional investors have recently bought and sold shares of the company. Morgan Stanley boosted its position in Prologis by 48.0% during the fourth quarter. Morgan Stanley now owns 14,577,827 shares of the real estate investment trust’s stock valued at $1,643,359,000 after purchasing an additional 4,729,040 shares during the last quarter. Nuveen Asset Management LLC lifted its stake in shares of Prologis by 3.5% in the 4th quarter. Nuveen Asset Management LLC now owns 13,797,149 shares of the real estate investment trust’s stock valued at $1,839,160,000 after purchasing an additional 460,516 shares during the period. Legal & General Group Plc lifted its stake in shares of Prologis by 12.4% in the 4th quarter. Legal & General Group Plc now owns 13,567,343 shares of the real estate investment trust’s stock valued at $1,808,527,000 after purchasing an additional 1,500,199 shares during the period. Norges Bank acquired a new position in shares of Prologis in the 4th quarter valued at $980,759,000. Finally, Charles Schwab Investment Management Inc. increased its position in shares of Prologis by 3.4% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 6,978,964 shares of the real estate investment trust’s stock valued at $1,126,964,000 after buying an additional 232,619 shares in the last quarter. Institutional investors and hedge funds 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.