Public Storage (NYSE:PSA) Releases FY24 Earnings Guidance

Public Storage (NYSE:PSA) issued an update on its FY24 earnings guidance on Wednesday morning. The company provided earnings per share guidance of $16.50-$16.85 for the period, compared to the consensus earnings per share estimate of $16.77.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on PSA shares. Barclays boosted their target price on Public Storage from $374.00 to $381.00 and gave the company an “overweight” rating in a report on Monday. Bank of America lowered shares of Public Storage from a “buy” rating to a “neutral” rating and set a $318.00 target price on the stock. in a research report on Monday, August 5th. Evercore ISI decreased their price target on shares of Public Storage from $343.00 to $338.00 and set an “in-line” rating for the company in a research note on Monday, October 14th. Royal Bank of Canada initiated coverage on shares of Public Storage in a report on Tuesday, September 10th. They issued a “sector perform” rating and a $358.00 target price for the company. Finally, Morgan Stanley raised their price target on Public Storage from $293.00 to $315.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 2nd. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, six have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $341.43.

Public Storage Price Performance

Shares of PSA stock traded up $4.57 during trading hours on Wednesday, hitting $335.83. The company’s stock had a trading volume of 1,167,434 shares, compared to its average volume of 705,241. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 1.72. The business has a fifty day moving average of $347.97 and a 200-day moving average of $308.07. Public Storage has a twelve month low of $233.18 and a twelve month high of $369.99. The stock has a market cap of $58.78 billion, a price-to-earnings ratio of 31.43, a P/E/G ratio of 4.74 and a beta of 0.68.

Public Storage (NYSE:PSA) last issued its quarterly earnings results on Tuesday, July 30th. The real estate investment trust reported $2.66 EPS for the quarter, missing analysts’ consensus estimates of $4.20 by ($1.54). The firm had revenue of $921.70 million for the quarter, compared to analysts’ expectations of $1.16 billion. Public Storage had a return on equity of 36.55% and a net margin of 44.88%. The business’s quarterly revenue was down 1.0% compared to the same quarter last year. During the same quarter last year, the firm earned $4.28 earnings per share. As a group, equities research analysts anticipate that Public Storage will post 16.73 EPS for the current year.

Public Storage Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Friday, September 13th were paid a dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a dividend yield of 3.57%. The ex-dividend date of this dividend was Friday, September 13th. Public Storage’s dividend payout ratio is currently 112.46%.

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.