Prologis (NYSE:PLD) Issues FY24 Earnings Guidance

Prologis (NYSE:PLD) updated its FY24 earnings guidance on Wednesday. The company provided EPS guidance of $5.45-5.55 for the period, compared to the consensus EPS estimate of $5.50. Prologis also updated its FY 2024 guidance to 5.370-5.470 EPS.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on PLD. Raymond James lifted their price objective on shares of Prologis from $130.00 to $145.00 and gave the company a strong-buy rating in a report on Wednesday, January 24th. Royal Bank of Canada boosted their price target on shares of Prologis from $128.00 to $145.00 and gave the stock an outperform rating in a report on Friday, February 16th. Robert W. Baird boosted their price target on shares of Prologis from $133.00 to $137.00 and gave the stock a neutral rating in a report on Tuesday, January 23rd. TheStreet upgraded shares of Prologis from a c+ rating to a b- rating in a research report on Friday, January 26th. Finally, Evercore ISI restated an in-line rating and set a $136.00 price objective on shares of Prologis in a research report on Monday, March 18th. Four investment 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 company. According to data from MarketBeat.com, the company currently has a consensus rating of Moderate Buy and a consensus target price of $141.27.

Prologis Price Performance

PLD opened at $106.49 on Thursday. The stock has a market capitalization of $98.51 billion, a PE ratio of 32.37, a P/E/G ratio of 2.29 and a beta of 1.00. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.30 and a current ratio of 0.30. Prologis has a 1 year low of $96.64 and a 1 year high of $137.52. The company’s 50 day simple moving average is $128.99 and its 200 day simple moving average is $122.19.

Prologis (NYSE:PLD) last announced its quarterly earnings results on Wednesday, January 17th. The real estate investment trust reported $0.68 earnings per share 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 analyst estimates of $1.85 billion. Prologis had a net margin of 38.13% and a return on equity of 5.29%. The company’s quarterly revenue was up 7.8% on a year-over-year basis. During the same period last year, the firm earned $1.24 earnings per share. As a group, sell-side analysts expect that Prologis will post 5.5 EPS for the current year.

Prologis Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 29th. Shareholders 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 yield of 3.61%. This is a boost from Prologis’s previous quarterly dividend of $0.87. The ex-dividend date was Friday, March 15th. Prologis’s payout ratio is 116.72%.

Institutional Trading of Prologis

A number of hedge funds have recently made changes to their positions in the company. Morgan Stanley raised its stake in shares of Prologis by 48.0% during the fourth quarter. Morgan Stanley now owns 14,577,827 shares of the real estate investment trust’s stock valued at $1,643,359,000 after purchasing an additional 4,729,040 shares during the period. Nuveen Asset Management LLC raised its stake in shares of Prologis by 3.5% during the fourth quarter. Nuveen Asset Management LLC now owns 13,797,149 shares of the real estate investment trust’s stock valued at $1,839,160,000 after purchasing an additional 460,516 shares during the period. Legal & General Group Plc raised its stake in shares of Prologis by 12.4% during the fourth quarter. Legal & General Group Plc now owns 13,567,343 shares of the real estate investment trust’s stock valued at $1,808,527,000 after purchasing an additional 1,500,199 shares during the period. Norges Bank purchased a new stake in shares of Prologis during the fourth quarter valued at approximately $980,759,000. Finally, Charles Schwab Investment Management Inc. increased its stake in shares of Prologis by 3.4% in the first quarter. Charles Schwab Investment Management Inc. now owns 6,978,964 shares of the real estate investment trust’s stock worth $1,126,964,000 after buying an additional 232,619 shares during the last quarter. Hedge funds and other institutional investors own 93.50% of the company’s stock.

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.