Public Storage (NYSE:PSA) Shares Gap Down Following Weak Earnings

Public Storage (NYSE:PSA)’s share price gapped down prior to trading on Wednesday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $304.37, but opened at $289.78. Public Storage shares last traded at $294.61, with a volume of 73,972 shares traded.

The real estate investment trust reported $2.66 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $4.20 by ($1.54). The business had revenue of $921.70 million during the quarter, compared to the consensus estimate of $1.16 billion. Public Storage had a net margin of 45.62% and a return on equity of 36.17%. The business’s quarterly revenue was down 1.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $4.28 earnings per share.

Public Storage Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 27th. Investors of record on Wednesday, June 12th were given a $3.00 dividend. The ex-dividend date of this dividend was Wednesday, June 12th. This represents a $12.00 dividend on an annualized basis and a yield of 4.11%. Public Storage’s payout ratio is 108.99%.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the company. Barclays lowered their price objective on Public Storage from $330.00 to $327.00 and set an “overweight” rating for the company in a research report on Monday, May 20th. Wells Fargo & Company lifted their price objective on Public Storage from $310.00 to $320.00 and gave the stock an “overweight” rating in a research report on Friday, July 26th. Scotiabank lifted their price objective on Public Storage from $289.00 to $314.00 and gave the stock a “sector perform” rating in a research report on Friday, July 19th. Finally, Evercore ISI boosted their target price on Public Storage from $289.00 to $300.00 and gave the stock an “in-line” rating in a research report on Monday, July 15th. One research analyst has rated the stock with a sell rating, four have given a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $310.55.

Insider Transactions at Public Storage

In other Public Storage news, Director Kristy Pipes acquired 2,149 shares of the firm’s stock in a transaction that occurred on Tuesday, May 14th. The stock was acquired at an average cost of $278.96 per share, for a total transaction of $599,485.04. Following the transaction, the director now owns 2,149 shares of the company’s stock, valued at $599,485.04. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, Director Kristy Pipes bought 2,149 shares of the business’s stock in a transaction on Tuesday, May 14th. The shares were purchased at an average price of $278.96 per share, for a total transaction of $599,485.04. Following the purchase, the director now owns 2,149 shares of the company’s stock, valued at approximately $599,485.04. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Nathaniel A. Vitan sold 400 shares of the business’s stock in a transaction that occurred on Monday, June 10th. The stock was sold at an average price of $274.29, for a total value of $109,716.00. Following the transaction, the insider now directly owns 3,214 shares in the company, valued at $881,568.06. The disclosure for this sale can be found here. Corporate insiders own 11.00% of the company’s stock.

Hedge Funds Weigh In On Public Storage

Large investors have recently bought and sold shares of the company. EverSource Wealth Advisors LLC raised its position in Public Storage by 107.3% in the fourth quarter. EverSource Wealth Advisors LLC now owns 85 shares of the real estate investment trust’s stock valued at $26,000 after purchasing an additional 44 shares during the last quarter. Core Wealth Advisors Inc. bought a new position in shares of Public Storage during the fourth quarter worth about $30,000. EdgeRock Capital LLC bought a new position in shares of Public Storage during the fourth quarter worth about $32,000. OFI Invest Asset Management bought a new position in shares of Public Storage during the second quarter worth about $32,000. Finally, Private Ocean LLC raised its position in shares of Public Storage by 5,450.0% during the fourth quarter. Private Ocean LLC now owns 111 shares of the real estate investment trust’s stock worth $34,000 after acquiring an additional 109 shares during the last quarter. 78.79% of the stock is currently owned by institutional investors.

Public Storage Stock Down 4.1 %

The company has a debt-to-equity ratio of 1.59, a current ratio of 0.54 and a quick ratio of 0.54. The company has a market capitalization of $51.28 billion, a P/E ratio of 27.64, a P/E/G ratio of 4.41 and a beta of 0.65. The stock has a 50-day moving average price of $287.41 and a 200-day moving average price of $282.57.

Public Storage Company Profile

Public Storage, a member of the S&P 500 and FT Global 500, is a REIT that primarily acquires, develops, owns, and operates self-storage facilities. At December 31, 2023, we had: (i) interests in 3,044 self-storage facilities located in 40 states with approximately 218 million net rentable square feet in the United States and (ii) a 35% common equity interest in Shurgard Self Storage Limited (Euronext Brussels: SHUR), which owned 275 self-storage facilities located in seven Western European nations with approximately 15 million net rentable square feet operated under the Shurgard brand.