Prologis (NYSE:PLD) Releases FY 2024 Earnings Guidance

Prologis (NYSE:PLD) updated its FY 2024 earnings guidance on Wednesday. The company provided EPS guidance of 5.370-5.470 for the period, compared to the consensus EPS estimate of 5.500. The company issued revenue guidance of -. Prologis also updated its FY24 guidance to $5.45-5.55 EPS.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on PLD. Royal Bank of Canada boosted their target price on shares of Prologis from $128.00 to $145.00 and gave the stock an outperform rating in a research note on Friday, February 16th. UBS Group decreased their target price on shares of Prologis from $151.00 to $138.00 and set a buy rating on the stock in a research note on Thursday. Mizuho reaffirmed a neutral rating and set a $130.00 target price on shares of Prologis in a research note on Tuesday, April 2nd. Raymond James boosted their target price on shares of Prologis from $130.00 to $145.00 and gave the stock a strong-buy rating in a research note on Wednesday, January 24th. Finally, Morgan Stanley boosted their target price on shares of Prologis from $128.00 to $141.00 and gave the stock an overweight rating in a research note on Wednesday, January 24th. Four investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of Moderate Buy and a consensus target price of $137.86.

Prologis Price Performance

PLD stock opened at $103.49 on Friday. The firm has a market cap of $95.73 billion, a price-to-earnings ratio of 30.26, a PEG ratio of 2.14 and a beta of 1.00. The company has a quick ratio of 0.30, a current ratio of 0.08 and a debt-to-equity ratio of 0.51. Prologis has a 12-month low of $96.64 and a 12-month high of $137.52. The company’s fifty day simple moving average is $127.87 and its 200 day simple moving average is $122.02.

Prologis (NYSE:PLD) last released its earnings results on Wednesday, January 17th. The real estate investment trust reported $0.68 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.26 by ($0.58). The firm had revenue of $1.89 billion during the quarter, compared to analyst estimates of $1.85 billion. Prologis had a net margin of 38.73% and a return on equity of 5.49%. Prologis’s quarterly revenue was up 7.8% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.24 EPS. On average, analysts expect that Prologis will post 5.47 earnings per share for the current year.

Prologis Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Monday, March 18th were issued a $0.96 dividend. This is a positive change from Prologis’s previous quarterly dividend of $0.87. The ex-dividend date of this dividend was Friday, March 15th. This represents a $3.84 annualized dividend and a yield of 3.71%. Prologis’s payout ratio is presently 112.28%.

Hedge Funds Weigh In On Prologis

Several hedge funds and other institutional investors have recently bought and sold shares of PLD. Pacific Center for Financial Services acquired a new position in shares of Prologis during the first quarter valued at about $119,000. Tyler Stone Wealth Management acquired a new position in shares of Prologis during the second quarter valued at about $104,000. Certified Advisory Corp acquired a new position in shares of Prologis during the first quarter valued at about $97,000. Quantbot Technologies LP acquired a new position in shares of Prologis during the first quarter valued at about $96,000. Finally, Covington Capital Management raised its holdings in shares of Prologis by 11.0% during the third quarter. Covington Capital Management now owns 920 shares of the real estate investment trust’s stock valued at $93,000 after purchasing an additional 91 shares during the period. Institutional investors and hedge funds own 93.50% of the company’s stock.

Prologis Company Profile

Prologis, Inc is the global leader in logistics real estate with a focus on high-barrier, high-growth markets. At December 31, 2023, 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.