Prologis (NYSE:PLD) Releases FY24 Earnings Guidance

Prologis (NYSE:PLD - Get Free Report) issued an update on its FY24 earnings guidance on Wednesday morning. 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.

Prologis Trading Down 7.2 %

Shares of NYSE:PLD traded down $8.25 during trading on Wednesday, reaching $106.49. The company's stock had a trading volume of 10,489,255 shares, compared to its average volume of 3,355,902. The company has a current ratio of 0.30, a quick ratio of 0.30 and a debt-to-equity ratio of 0.50. Prologis has a 12 month low of $96.64 and a 12 month high of $137.52. The firm's 50 day simple moving average is $128.99 and its two-hundred day simple moving average is $122.19. The stock has a market capitalization of $98.51 billion, a PE ratio of 32.37, a price-to-earnings-growth ratio of 2.31 and a beta of 1.00.

Prologis (NYSE:PLD - Get Free Report) last announced its quarterly earnings data on Wednesday, January 17th. The real estate investment trust reported $0.68 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.26 by ($0.58). The firm had revenue of $1.89 billion during the quarter, compared to the consensus estimate of $1.85 billion. Prologis had a return on equity of 5.29% and a net margin of 38.13%. The firm's revenue for the quarter was up 7.8% on a year-over-year basis. During the same period in the previous year, the business earned $1.24 EPS. On average, research analysts predict that Prologis will post 5.5 EPS for the current fiscal year.

Prologis Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Monday, March 18th were paid a $0.96 dividend. The ex-dividend date of this dividend was Friday, March 15th. This represents a $3.84 annualized dividend and a yield of 3.61%. This is an increase from Prologis's previous quarterly dividend of $0.87. Prologis's dividend payout ratio (DPR) is presently 116.72%.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on PLD. Evercore ISI reissued an in-line rating and issued a $136.00 price objective on shares of Prologis in a research note on Monday, March 18th. Robert W. Baird raised their price objective on shares of Prologis from $133.00 to $137.00 and gave the stock a neutral rating in a research note on Tuesday, January 23rd. Barclays decreased their price objective on shares of Prologis from $141.00 to $135.00 and set an overweight rating for the company in a research note on Wednesday. Raymond James raised their price objective on shares of Prologis from $130.00 to $145.00 and gave the stock a strong-buy rating in a research note on Wednesday, January 24th. Finally, Royal Bank of Canada raised their target price on shares of Prologis from $128.00 to $145.00 and gave the stock an outperform rating in a research report on Friday, February 16th. Four research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of Moderate Buy and a consensus price target of $141.27.

Hedge Funds Weigh In On Prologis

Several institutional investors have recently bought and sold shares of the business. Morgan Stanley grew its holdings in Prologis by 48.0% in the fourth quarter. Morgan Stanley now owns 14,577,827 shares of the real estate investment trust's stock worth $1,643,359,000 after purchasing an additional 4,729,040 shares during the last quarter. Nuveen Asset Management LLC grew its holdings in Prologis by 3.5% in the fourth quarter. Nuveen Asset Management LLC now owns 13,797,149 shares of the real estate investment trust's stock worth $1,839,160,000 after purchasing an additional 460,516 shares during the last quarter. Legal & General Group Plc grew its holdings in Prologis by 12.4% in the fourth quarter. Legal & General Group Plc now owns 13,567,343 shares of the real estate investment trust's stock worth $1,808,527,000 after purchasing an additional 1,500,199 shares during the last quarter. Norges Bank purchased a new position in Prologis in the fourth quarter worth $980,759,000. Finally, Charles Schwab Investment Management Inc. grew its holdings in 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 purchasing an additional 232,619 shares during the last quarter. 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.