Prologis (NYSE:PLD) Posts Quarterly Earnings Results, Misses Expectations By $0.29 EPS

Prologis (NYSE:PLD) posted its quarterly earnings data on Wednesday. The real estate investment trust reported $1.08 earnings per share for the quarter, missing analysts’ consensus estimates of $1.37 by ($0.29), Zacks reports. Prologis had a net margin of 36.37% and a return on equity of 4.88%. The company had revenue of $1.90 billion for the quarter, compared to the consensus estimate of $1.91 billion. During the same period last year, the business earned $1.30 EPS. The firm’s quarterly revenue was up 6.9% on a year-over-year basis. Prologis updated its FY24 guidance to $5.42-5.46 EPS and its FY 2024 guidance to 5.420-5.460 EPS.

Prologis Stock Up 4.6 %

NYSE PLD opened at $126.97 on Thursday. The stock’s 50-day moving average price is $125.40 and its 200-day moving average price is $117.72. The company has a market capitalization of $117.55 billion, a P/E ratio of 37.13, a price-to-earnings-growth ratio of 3.05 and a beta of 1.07. The company has a quick ratio of 0.36, a current ratio of 0.36 and a debt-to-equity ratio of 0.52. Prologis has a 52 week low of $96.64 and a 52 week high of $137.52.

Prologis Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Monday, September 16th were given a $0.96 dividend. This represents a $3.84 dividend on an annualized basis and a yield of 3.02%. The ex-dividend date of this dividend was Monday, September 16th. Prologis’s payout ratio is 112.28%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on PLD shares. The Goldman Sachs Group raised their price target on Prologis from $140.00 to $156.00 and gave the company a “buy” rating in a report on Thursday, July 25th. BMO Capital Markets reaffirmed a “market perform” rating and issued a $115.00 target price on shares of Prologis in a report on Monday, July 15th. Bank of America reiterated a “neutral” rating and issued a $128.00 target price on shares of Prologis in a research note on Monday, August 12th. Morgan Stanley raised their price target on shares of Prologis from $132.00 to $133.00 and gave the company an “overweight” rating in a research report on Wednesday, August 14th. Finally, Argus upped their price objective on Prologis from $120.00 to $135.00 and gave the company a “buy” rating in a research report on Tuesday, July 23rd. Seven investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Prologis presently has an average rating of “Moderate Buy” and an average target price of $132.71.

Insider Activity at Prologis

In other Prologis news, CIO Joseph Ghazal sold 5,200 shares of the company’s stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $129.07, for a total value of $671,164.00. Following the completion of the transaction, the executive now directly owns 13,187 shares in the company, valued at $1,702,046.09. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.50% of the stock is currently owned by corporate 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.