Prologis (NYSE:PLD) Updates FY 2024 Earnings Guidance

Prologis (NYSE:PLD) updated its FY 2024 earnings guidance on Wednesday. The company provided earnings per share guidance of 5.370-5.470 for the period, compared to the consensus earnings per share 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 analysts recently weighed in on PLD shares. Barclays dropped their price target on Prologis from $141.00 to $135.00 and set an overweight rating on the stock in a research note on Wednesday. Royal Bank of Canada upped their price target on Prologis from $128.00 to $145.00 and gave the stock an outperform rating in a research note on Friday, February 16th. UBS Group dropped their price target on Prologis from $151.00 to $138.00 and set a buy rating on the stock in a research note on Thursday. Evercore ISI dropped their price target on Prologis from $136.00 to $123.00 and set an in-line rating on the stock in a research note on Thursday. Finally, Robert W. Baird upped their price target on Prologis from $133.00 to $137.00 and gave the stock a neutral rating in a research note on Tuesday, January 23rd. Four 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’s stock. According to MarketBeat.com, Prologis currently has a consensus rating of Moderate Buy and an average price target of $140.00.

Prologis Stock Performance

Shares of Prologis stock opened at $104.67 on Friday. The company has a market cap of $96.82 billion, a PE ratio of 31.81, a price-to-earnings-growth ratio of 2.29 and a beta of 1.00. Prologis has a 52 week low of $96.64 and a 52 week high of $137.52. The business has a 50 day moving average price of $128.45 and a 200-day moving average price of $122.07. The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 0.50.

Prologis (NYSE:PLD) last issued its quarterly earnings results on Wednesday, January 17th. The real estate investment trust reported $0.68 EPS for the quarter, missing analysts’ consensus estimates of $1.26 by ($0.58). The business had revenue of $1.89 billion for the quarter, compared to analysts’ expectations of $1.85 billion. Prologis had a net margin of 38.13% and a return on equity of 5.29%. The business’s revenue was up 7.8% compared to the same quarter last year. During the same period in the previous year, the business posted $1.24 earnings per share. Equities analysts anticipate that Prologis will post 5.5 earnings per share for the current fiscal year.

Prologis Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Monday, March 18th were given a dividend of $0.96 per share. This represents a $3.84 dividend on an annualized basis and a dividend yield of 3.67%. This is an increase from Prologis’s previous quarterly dividend of $0.87. The ex-dividend date was Friday, March 15th. Prologis’s dividend payout ratio (DPR) is presently 116.72%.

Institutional Trading of Prologis

A number of institutional investors and hedge funds have recently modified their holdings of PLD. RB Capital Management LLC increased its position in shares of Prologis by 14.7% during the first quarter. RB Capital Management LLC now owns 3,004 shares of the real estate investment trust’s stock valued at $485,000 after acquiring an additional 385 shares during the last quarter. Blair William & Co. IL increased its position in shares of Prologis by 5.3% during the first quarter. Blair William & Co. IL now owns 21,612 shares of the real estate investment trust’s stock valued at $3,490,000 after acquiring an additional 1,092 shares during the last quarter. Sequoia Financial Advisors LLC grew its holdings in Prologis by 87.7% during the first quarter. Sequoia Financial Advisors LLC now owns 3,382 shares of the real estate investment trust’s stock valued at $546,000 after purchasing an additional 1,580 shares during the period. Baird Financial Group Inc. raised its stake in shares of Prologis by 41.8% in the first quarter. Baird Financial Group Inc. now owns 241,219 shares of the real estate investment trust’s stock valued at $38,952,000 after buying an additional 71,112 shares during the period. Finally, Zions Bancorporation N.A. raised its stake in shares of Prologis by 38.8% in the first quarter. Zions Bancorporation N.A. now owns 2,078 shares of the real estate investment trust’s stock valued at $336,000 after buying an additional 581 shares during the period. 93.50% of the stock is owned by hedge funds and other institutional investors.

About Prologis

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.