Prologis (NYSE:PLD) Updates FY 2024 Earnings Guidance

Prologis (NYSE:PLD) updated its FY 2024 earnings guidance on Wednesday. The company provided EPS guidance of 5.420-5.460 for the period, compared to the consensus EPS estimate of 5.410. The company issued revenue guidance of -. Prologis also updated its FY24 guidance to $5.42-5.46 EPS.

Prologis Stock Down 3.3 %

Shares of PLD opened at $122.74 on Friday. Prologis has a 52 week low of $96.64 and a 52 week high of $137.52. The firm has a market capitalization of $113.64 billion, a P/E ratio of 35.89, a P/E/G ratio of 3.05 and a beta of 1.07. The company has a 50-day simple moving average of $125.42 and a 200-day simple moving average of $117.76. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.36 and a current ratio of 0.36.

Prologis (NYSE:PLD) last announced its quarterly earnings data on Wednesday, October 16th. The real estate investment trust reported $1.08 EPS for the quarter, missing analysts’ consensus estimates of $1.37 by ($0.29). The firm had revenue of $1.90 billion during the quarter, compared to the consensus estimate of $1.91 billion. Prologis had a return on equity of 4.88% and a net margin of 36.37%. Prologis’s revenue was up 6.9% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.30 EPS. On average, equities research analysts expect that Prologis will post 5.42 earnings per share for the current year.

Prologis Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Monday, September 16th were paid a dividend of $0.96 per share. The ex-dividend date of this dividend 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 is currently 112.28%.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on PLD. StockNews.com raised shares of Prologis from a “sell” rating to a “hold” rating in a report on Thursday, July 18th. Royal Bank of Canada downgraded Prologis from an “outperform” rating to a “sector perform” rating and lifted their price objective for the company from $124.00 to $127.00 in a report on Monday, August 5th. Argus increased their target price on Prologis from $120.00 to $135.00 and gave the stock a “buy” rating in a report on Tuesday, July 23rd. Evercore ISI boosted their price target on Prologis from $124.00 to $128.00 and gave the company an “in-line” rating in a research note on Monday, September 16th. Finally, Barclays dropped their price objective on Prologis from $142.00 to $131.00 and set an “overweight” rating for the company in a research note on Thursday, October 10th. Seven research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $132.71.

Insider Activity at Prologis

In other Prologis news, CIO Joseph Ghazal sold 5,200 shares of the stock in a transaction 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 in the company, valued at approximately $1,702,046.09. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.50% of the stock is currently owned by company 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.