Prologis (NYSE:PLD) Announces Quarterly Earnings Results

Prologis (NYSE:PLD) issued 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. Prologis had a return on equity of 4.88% and a net margin of 36.37%. The business had revenue of $1.90 billion during the quarter, compared to analysts’ expectations of $1.91 billion. During the same period in the previous year, the business earned $1.30 earnings per share. The business’s quarterly revenue was up 6.9% on a year-over-year basis. Prologis updated its FY24 guidance to $5.42-5.46 EPS and its FY 2024 guidance to 5.420-5.460 EPS.

Prologis Trading Up 4.6 %

NYSE PLD opened at $126.97 on Thursday. Prologis has a one year low of $96.64 and a one year high of $137.52. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.36 and a current ratio of 0.36. The company has a market capitalization of $117.55 billion, a price-to-earnings ratio of 37.13, a price-to-earnings-growth ratio of 3.05 and a beta of 1.07. The company’s 50-day simple moving average is $125.40 and its two-hundred day simple moving average is $117.72.

Prologis Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Monday, September 16th were given a dividend of $0.96 per share. This represents a $3.84 dividend on an annualized basis and a dividend yield of 3.02%. The ex-dividend date of this dividend was Monday, September 16th. Prologis’s payout ratio is 112.28%.

Insider Transactions at Prologis

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

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on PLD. Royal Bank of Canada downgraded Prologis from an “outperform” rating to a “sector perform” rating and upped their price objective for the company from $124.00 to $127.00 in a research report on Monday, August 5th. Evercore ISI increased their target price on shares of Prologis from $124.00 to $128.00 and gave the company an “in-line” rating in a research note on Monday, September 16th. The Goldman Sachs Group lifted their price target on shares of Prologis from $140.00 to $156.00 and gave the stock a “buy” rating in a research note on Thursday, July 25th. Wells Fargo & Company increased their price objective on shares of Prologis from $142.00 to $146.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 28th. Finally, Morgan Stanley raised their price objective on shares of Prologis from $132.00 to $133.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 14th. Seven investment 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. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $132.71.

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.