Prologis (NYSE:PLD) Releases FY24 Earnings Guidance

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

Prologis Stock Up 0.8 %

Shares of PLD stock opened at $121.39 on Wednesday. The company has a market capitalization of $112.39 billion, a price-to-earnings ratio of 35.49, a PEG ratio of 3.05 and a beta of 1.07. Prologis has a one year low of $96.64 and a one year high of $137.52. The company’s fifty day moving average price is $125.27 and its 200-day moving average price is $117.66. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.36 and a quick ratio of 0.36.

Prologis (NYSE:PLD) last announced its quarterly earnings data on Wednesday, July 17th. The real estate investment trust reported $0.92 EPS for the quarter, missing the consensus estimate 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 net margin of 36.37% and a return on equity of 4.88%. The firm’s revenue for the quarter was down 18.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.83 earnings per share. Sell-side analysts expect that Prologis will post 5.42 EPS for the current fiscal year.

Prologis Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, September 30th. Shareholders 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 dividend on an annualized basis and a yield of 3.16%. Prologis’s dividend payout ratio is currently 112.28%.

Wall Street Analysts Forecast Growth

PLD has been the topic of a number of research reports. Bank of America reiterated a neutral rating and issued a $128.00 price target on shares of Prologis in a report on Monday, August 12th. BMO Capital Markets reiterated a market perform rating and issued a $115.00 price target on shares of Prologis in a report on Monday, July 15th. Argus lifted their price target on shares of Prologis from $120.00 to $135.00 and gave the company a buy rating in a report on Tuesday, July 23rd. Royal Bank of Canada downgraded shares of Prologis from an outperform rating to a sector perform rating and lifted their price target for the company from $124.00 to $127.00 in a report on Monday, August 5th. Finally, Truist Financial lifted their price target on shares of Prologis from $125.00 to $137.00 and gave the company a buy rating in a report on Monday, August 5th. Seven 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. According to data from MarketBeat.com, the company has an average 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 shares were 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 directly owns 13,187 shares of the company’s stock, valued at approximately $1,702,046.09. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 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.