Public Storage (NYSE:PSA) Releases FY24 Earnings Guidance

Public Storage (NYSE:PSA) updated its FY24 earnings guidance on Tuesday. The company provided earnings per share guidance of $16.60-17.20 for the period, compared to the consensus earnings per share estimate of $16.94.

Analysts Set New Price Targets

PSA has been the topic of several recent analyst reports. Raymond James raised shares of Public Storage from a market perform rating to a strong-buy rating and set a $330.00 target price on the stock in a research note on Thursday, March 28th. Wells Fargo & Company raised Public Storage from an equal weight rating to an overweight rating and raised their price objective for the company from $280.00 to $310.00 in a report on Friday, April 5th. Deutsche Bank Aktiengesellschaft initiated coverage on Public Storage in a research note on Tuesday, January 30th. They set a sell rating and a $250.00 target price for the company. Barclays assumed coverage on shares of Public Storage in a report on Wednesday, March 27th. They issued an overweight rating and a $330.00 price target for the company. Finally, Scotiabank increased their price objective on shares of Public Storage from $267.00 to $270.00 and gave the company a sector perform rating in a report on Monday, March 18th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of Moderate Buy and a consensus target price of $305.00.

Public Storage Trading Down 1.3 %

PSA stock traded down $3.48 during mid-day trading on Tuesday, hitting $259.45. 934,347 shares of the company were exchanged, compared to its average volume of 725,061. The business has a fifty day simple moving average of $278.31 and a 200-day simple moving average of $276.27. The firm has a market capitalization of $45.58 billion, a P/E ratio of 23.77, a PEG ratio of 3.38 and a beta of 0.54. Public Storage has a 12-month low of $233.18 and a 12-month high of $312.25. The company has a quick ratio of 0.62, a current ratio of 0.62 and a debt-to-equity ratio of 1.58.

Public Storage (NYSE:PSA) last issued its quarterly earnings data on Tuesday, February 20th. The real estate investment trust reported $2.21 earnings per share for the quarter, missing analysts’ consensus estimates of $4.15 by ($1.94). The firm had revenue of $1.16 billion during the quarter, compared to analyst estimates of $1.14 billion. Public Storage had a net margin of 45.34% and a return on equity of 35.31%. The company’s quarterly revenue was up 6.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $4.16 earnings per share. On average, equities research analysts predict that Public Storage will post 16.92 earnings per share for the current fiscal year.

Public Storage Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Wednesday, March 13th were issued a dividend of $3.00 per share. The ex-dividend date was Tuesday, March 12th. This represents a $12.00 dividend on an annualized basis and a yield of 4.63%. Public Storage’s dividend payout ratio (DPR) is presently 108.50%.

About Public Storage

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.