Prologis (NYSE:PLD) Updates FY24 Earnings Guidance

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

Analyst Upgrades and Downgrades

Several research firms have recently commented on PLD. Royal Bank of Canada upped their target price on Prologis from $128.00 to $145.00 and gave the company an outperform rating in a research report on Friday, February 16th. UBS Group cut their price target on Prologis from $151.00 to $138.00 and set a buy rating for the company in a research note on Thursday. Morgan Stanley boosted their price target on Prologis from $128.00 to $141.00 and gave the company an overweight rating in a research note on Wednesday, January 24th. Barclays cut their target price on Prologis from $141.00 to $135.00 and set an overweight rating for the company in a research note on Wednesday. Finally, Raymond James upped their target price on Prologis from $130.00 to $145.00 and gave the stock a strong-buy rating in a research note on Wednesday, January 24th. Four 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 data from MarketBeat, the company has a consensus rating of Moderate Buy and a consensus target price of $137.86.

Prologis Stock Performance

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

Prologis (NYSE:PLD) last released its quarterly earnings data on Wednesday, January 17th. The real estate investment trust reported $0.68 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.26 by ($0.58). Prologis had a return on equity of 5.49% and a net margin of 38.73%. The company had revenue of $1.89 billion for the quarter, compared to the consensus estimate of $1.85 billion. During the same period last year, the company earned $1.24 EPS. Prologis’s revenue for the quarter was up 7.8% compared to the same quarter last year. Sell-side analysts expect that Prologis will post 5.47 EPS for the current 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 $0.96 dividend. This is a boost from Prologis’s previous quarterly dividend of $0.87. The ex-dividend date was Friday, March 15th. This represents a $3.84 annualized dividend and a yield of 3.71%. Prologis’s dividend payout ratio (DPR) is presently 112.28%.

Hedge Funds Weigh In On Prologis

Several large investors have recently added to or reduced their stakes in the business. Morgan Stanley lifted its position in Prologis by 48.0% in the 4th quarter. Morgan Stanley now owns 14,577,827 shares of the real estate investment trust’s stock valued at $1,643,359,000 after acquiring an additional 4,729,040 shares in the last quarter. Nuveen Asset Management LLC lifted its position in Prologis by 3.5% in the 4th 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 acquiring an additional 460,516 shares in the last quarter. Legal & General Group Plc lifted its position in Prologis by 12.4% in the 4th 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 acquiring an additional 1,500,199 shares in the last quarter. Norges Bank bought a new position in Prologis in the 4th quarter valued at about $980,759,000. Finally, Charles Schwab Investment Management Inc. lifted its position in shares of Prologis by 3.4% during the 1st 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 in the last quarter. 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.