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

Prologis (NYSE:PLD) posted its quarterly earnings data on Wednesday. The real estate investment trust reported $1.08 EPS for the quarter, missing analysts’ consensus estimates of $1.37 by ($0.29), Zacks reports. The business 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 firm’s quarterly revenue was up 6.9% compared to the same quarter last year. During the same quarter last year, the firm earned $1.30 earnings per share. Prologis updated its FY24 guidance to $5.42-5.46 EPS and its FY 2024 guidance to 5.420-5.460 EPS.

Prologis Price Performance

PLD opened at $126.97 on Thursday. The firm has a market cap of $117.55 billion, a price-to-earnings ratio of 37.13, a PEG ratio of 3.05 and a beta of 1.07. Prologis has a 12-month low of $96.64 and a 12-month high of $137.52. 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 stock’s 50-day moving average price is $125.40 and its 200 day moving average price is $117.72.

Prologis Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Monday, September 16th were issued a $0.96 dividend. The ex-dividend date was Monday, September 16th. This represents a $3.84 annualized dividend and a dividend yield of 3.02%. Prologis’s dividend payout ratio is presently 112.28%.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on PLD. Scotiabank upped their price target on shares of Prologis from $135.00 to $142.00 and gave the stock a “sector outperform” rating in a research report on Monday, August 26th. Bank of America reaffirmed a “neutral” rating and issued a $128.00 price target on shares of Prologis in a research note on Monday, August 12th. Royal Bank of Canada cut Prologis from an “outperform” rating to a “sector perform” rating and boosted their price target for the stock from $124.00 to $127.00 in a research report on Monday, August 5th. Truist Financial raised their price objective on Prologis from $125.00 to $137.00 and gave the company a “buy” rating in a report on Monday, August 5th. Finally, Barclays reduced their target price on shares of Prologis from $142.00 to $131.00 and set an “overweight” rating for the company in a research report on Thursday, October 10th. Seven analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $132.71.

Insider Activity

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