Public Storage (NYSE:PSA) Releases FY24 Earnings Guidance

Public Storage (NYSE:PSA) updated its FY24 earnings guidance on Tuesday. The company provided EPS guidance of $16.50-$16.85 for the period, compared to the consensus EPS estimate of $16.92. Public Storage also updated its FY 2024 guidance to 16.500-16.850 EPS.

Wall Street Analyst Weigh In

PSA has been the subject of a number of research reports. Evercore ISI boosted their price target on Public Storage from $289.00 to $300.00 and gave the company an in-line rating in a research report on Monday, July 15th. Scotiabank increased their target price on shares of Public Storage from $289.00 to $314.00 and gave the stock a sector perform rating in a research report on Friday, July 19th. Barclays reduced their price target on shares of Public Storage from $330.00 to $327.00 and set an overweight rating on the stock in a research report on Monday, May 20th. Finally, Wells Fargo & Company increased their price objective on shares of Public Storage from $310.00 to $320.00 and gave the stock an overweight rating in a research report on Friday, July 26th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, six have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of Moderate Buy and an average target price of $310.55.

Public Storage Stock Down 2.8 %

NYSE PSA traded down $8.45 during mid-day trading on Wednesday, reaching $295.92. 1,622,734 shares of the company’s stock traded hands, compared to its average volume of 712,858. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 1.59. The company has a fifty day simple moving average of $287.67 and a 200-day simple moving average of $282.66. The company has a market cap of $52.00 billion, a price-to-earnings ratio of 26.88, a P/E/G ratio of 4.41 and a beta of 0.65. Public Storage has a 1-year low of $233.18 and a 1-year high of $314.93.

Public Storage (NYSE:PSA) last released its 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 the consensus estimate of $1.16 billion. Public Storage had a return on equity of 36.17% and a net margin of 45.62%. The company’s quarterly revenue was down 1.0% on a year-over-year basis. During the same period in the prior year, the business earned $4.28 EPS. As a group, equities research analysts expect that Public Storage will post 16.88 EPS for the current year.

Public Storage Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, June 27th. Investors of record on Wednesday, June 12th were issued a $3.00 dividend. This represents a $12.00 annualized dividend and a dividend yield of 4.06%. The ex-dividend date of this dividend was Wednesday, June 12th. Public Storage’s dividend payout ratio (DPR) is 108.99%.

Insider Buying and Selling

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

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.