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

Wall Street Analyst Weigh In

Several analysts have recently commented on PLD shares. Scotiabank upped their price objective on shares of Prologis from $135.00 to $142.00 and gave the company a “sector outperform” rating in a report on Monday, August 26th. The Goldman Sachs Group increased their price target on Prologis from $140.00 to $156.00 and gave the stock a “buy” rating in a research report on Thursday, July 25th. Wells Fargo & Company boosted their price objective on Prologis from $142.00 to $146.00 and gave the company an “overweight” rating in a report on Wednesday, August 28th. Morgan Stanley upped their target price on Prologis from $132.00 to $133.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 14th. Finally, Barclays reduced their price target on Prologis from $142.00 to $131.00 and set an “overweight” rating for the company in a research report on Thursday, October 10th. Seven equities research 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. According to data from MarketBeat.com, Prologis presently has an average rating of “Moderate Buy” and a consensus target price of $132.71.

Prologis Price Performance

NYSE:PLD opened at $122.74 on Friday. The stock has a 50 day moving average of $125.42 and a two-hundred day moving average of $117.76. Prologis has a 12 month low of $96.64 and a 12 month high of $137.52. The firm has a market cap of $113.64 billion, a P/E ratio of 35.89, a price-to-earnings-growth 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 EPS for the quarter, missing the consensus estimate of $1.37 by ($0.29). Prologis had a net margin of 36.37% and a return on equity of 4.88%. The firm had revenue of $1.90 billion during the quarter, compared to analyst estimates of $1.91 billion. During the same period in the prior year, the company posted $1.30 earnings per share. The firm’s revenue for the quarter was up 6.9% compared to the same quarter last year. On average, analysts expect that Prologis will post 5.42 earnings per share for the current fiscal year.

Prologis Announces Dividend

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

Insider Activity at Prologis

In other Prologis news, CIO Joseph Ghazal sold 5,200 shares of the firm’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 value of $671,164.00. Following the transaction, the executive now directly owns 13,187 shares of the company’s stock, valued at $1,702,046.09. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.50% of the stock is owned by corporate 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.