Prologis (NYSE:PLD) Issues Earnings Results

Prologis (NYSE:PLD) posted its quarterly earnings data on Wednesday. The real estate investment trust reported $1.08 earnings per share for the quarter, missing the consensus estimate 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 firm had revenue of $1.90 billion for the quarter, compared to the consensus estimate of $1.91 billion. During the same quarter in the previous year, the business earned $1.30 EPS. The firm’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 Stock Performance

PLD stock opened at $122.74 on Friday. Prologis has a 1-year low of $96.64 and a 1-year 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 has a 50-day moving average price of $125.42 and a 200-day moving average price of $117.76. The firm has a market cap of $113.64 billion, a PE ratio of 35.89, a price-to-earnings-growth ratio of 3.05 and a beta of 1.07.

Prologis Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 30th. Shareholders 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 dividend payout ratio (DPR) is currently 112.28%.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the stock. Bank of America restated a “neutral” rating and issued a $128.00 price target on shares of Prologis in a research note on Monday, August 12th. Evercore ISI raised their target price on shares of Prologis from $124.00 to $128.00 and gave the stock an “in-line” rating in a report on Monday, September 16th. StockNews.com upgraded Prologis from a “sell” rating to a “hold” rating in a research note on Thursday, July 18th. Barclays reduced their price target on Prologis from $142.00 to $131.00 and set an “overweight” rating on the stock in a research report on Thursday, October 10th. Finally, Wells Fargo & Company lifted 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. Seven investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Prologis currently has a consensus rating of “Moderate Buy” and a consensus price target of $132.71.

Insider Buying and Selling

In other Prologis news, CIO Joseph Ghazal sold 5,200 shares of the business’s stock in a transaction that occurred on Friday, August 23rd. The stock was 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 approximately $1,702,046.09. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.50% of the stock is currently owned by 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.