Research Analysts Issue Forecasts for Prologis, Inc.’s Q2 2024 Earnings (NYSE:PLD)

Prologis, Inc. (NYSE:PLD) – Analysts at Zacks Research increased their Q2 2024 earnings estimates for shares of Prologis in a research report issued to clients and investors on Tuesday, October 31st. Zacks Research analyst N. Dass now anticipates that the real estate investment trust will earn $1.37 per share for the quarter, up from their previous forecast of $1.35. The consensus estimate for Prologis’ current full-year earnings is $5.60 per share. Zacks Research also issued estimates for Prologis’ Q3 2024 earnings at $1.38 EPS, Q4 2024 earnings at $1.38 EPS, FY2024 earnings at $5.44 EPS, Q3 2025 earnings at $1.46 EPS and FY2025 earnings at $6.11 EPS.

Prologis (NYSE:PLD) last issued its quarterly earnings data on Tuesday, October 17th. The real estate investment trust reported $1.30 EPS for the quarter, beating the consensus estimate of $1.26 by $0.04. Prologis had a return on equity of 5.21% and a net margin of 38.24%. The company had revenue of $1.78 billion for the quarter, compared to analyst estimates of $1.72 billion. During the same period last year, the company earned $1.73 earnings per share. Prologis’s quarterly revenue was up 53.8% compared to the same quarter last year.

Other research analysts have also issued reports about the stock. Evercore ISI decreased their price target on shares of Prologis from $132.00 to $125.00 in a research note on Monday, October 9th. StockNews.com raised Prologis from a “sell” rating to a “hold” rating in a research note on Friday. Barclays reduced their price objective on Prologis from $159.00 to $153.00 and set an “overweight” rating for the company in a research note on Tuesday, October 17th. Mizuho reaffirmed a “buy” rating and set a $140.00 target price on shares of Prologis in a research note on Wednesday, September 13th. Finally, Morgan Stanley reiterated an “overweight” rating and issued a $128.00 target price on shares of Prologis in a research report on Thursday, July 20th. Three investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Prologis presently has a consensus rating of “Moderate Buy” and an average price target of $139.60.

Prologis Stock Performance

PLD opened at $104.74 on Thursday. The firm’s fifty day simple moving average is $113.09 and its two-hundred day simple moving average is $119.81. Prologis has a 52-week low of $96.64 and a 52-week high of $136.67. The company has a market cap of $96.77 billion, a price-to-earnings ratio of 32.33, a PEG ratio of 2.11 and a beta of 1.02. The company has a quick ratio of 0.34, a current ratio of 0.43 and a debt-to-equity ratio of 0.47.

Prologis Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, September 29th. Shareholders of record on Monday, September 18th were given a $0.87 dividend. The ex-dividend date of this dividend was Friday, September 15th. This represents a $3.48 dividend on an annualized basis and a yield of 3.32%. Prologis’s payout ratio is currently 107.41%.

Institutional Investors Weigh In On Prologis

Institutional investors have recently made changes to their positions in the stock. BlackRock Inc. raised its holdings in shares of Prologis by 2.0% in the 2nd quarter. BlackRock Inc. now owns 92,924,760 shares of the real estate investment trust’s stock valued at $11,395,363,000 after buying an additional 1,783,742 shares during the period. Geode Capital Management LLC lifted its position in shares of Prologis by 1.6% during the second quarter. Geode Capital Management LLC now owns 18,762,836 shares of the real estate investment trust’s stock worth $2,294,586,000 after purchasing an additional 299,124 shares in the last quarter. Bank of America Corp DE boosted its stake in shares of Prologis by 1.3% in the first quarter. Bank of America Corp DE now owns 16,364,345 shares of the real estate investment trust’s stock valued at $2,041,779,000 after purchasing an additional 217,423 shares during the period. Morgan Stanley grew its holdings in shares of Prologis by 48.0% in 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 in the last quarter. Finally, Dimensional Fund Advisors LP increased its stake in Prologis by 1.0% during the 2nd quarter. Dimensional Fund Advisors LP now owns 12,847,534 shares of the real estate investment trust’s stock worth $1,575,482,000 after buying an additional 131,090 shares during the period. 90.90% of the stock is currently owned by institutional investors and hedge funds.

About Prologis

Prologis, Inc is the global leader in logistics real estate with a focus on high-barrier, high-growth markets. At September 30, 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 (114 million square meters) in 19 countries.