Prologis (NYSE:PLD) Releases FY 2024 Earnings Guidance

Prologis (NYSE:PLD) issued an update on its FY 2024 earnings guidance on Wednesday morning. The company provided earnings per share (EPS) guidance of 5.420-5.460 for the period, compared to the consensus estimate of 5.410. The company issued revenue guidance of -. Prologis also updated its FY24 guidance to $5.42-5.46 EPS.

Prologis Stock Performance

Shares of Prologis stock opened at $121.39 on Wednesday. The stock’s fifty day simple moving average is $125.27 and its 200 day simple moving average is $117.66. The company has a market capitalization of $112.39 billion, a PE ratio of 35.49, 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 has a 12 month low of $96.64 and a 12 month high of $137.52.

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

Prologis Dividend Announcement

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

Analyst Upgrades and Downgrades

PLD has been the subject of a number of research reports. Argus increased their target price on Prologis from $120.00 to $135.00 and gave the stock a buy rating in a report on Tuesday, July 23rd. Evercore ISI increased their target price on Prologis from $124.00 to $128.00 and gave the stock an in-line rating in a report on Monday, September 16th. The Goldman Sachs Group increased their target price on Prologis from $140.00 to $156.00 and gave the stock a buy rating in a report on Thursday, July 25th. Morgan Stanley raised their price objective on Prologis from $132.00 to $133.00 and gave the company an overweight rating in a report on Wednesday, August 14th. Finally, BMO Capital Markets restated a market perform rating and issued a $115.00 price objective on shares of Prologis in a report on Monday, July 15th. Seven equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of Moderate Buy and an average target price of $132.71.

Insider Buying and Selling

In related news, CIO Joseph Ghazal sold 5,200 shares of Prologis stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $129.07, for a total transaction of $671,164.00. Following the completion of the transaction, the executive now owns 13,187 shares in the company, 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 document filed with the SEC, which is accessible through this hyperlink. 0.50% of the stock is currently owned by corporate insiders.

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.