Public Storage (NYSE:PSA) Issues FY24 Earnings Guidance

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

Public Storage Stock Performance

Shares of NYSE:PSA traded down $3.48 on Tuesday, reaching $259.45. 934,347 shares of the company’s stock were exchanged, compared to its average volume of 725,061. The company has a current ratio of 0.62, a quick ratio of 0.62 and a debt-to-equity ratio of 1.58. The company has a market capitalization of $45.58 billion, a price-to-earnings ratio of 23.77, a PEG ratio of 3.38 and a beta of 0.54. The company has a fifty day moving average of $278.31 and a 200-day moving average of $276.27. Public Storage has a twelve month low of $233.18 and a twelve month high of $312.25.

Public Storage (NYSE:PSA) last released its quarterly earnings data on Tuesday, February 20th. The real estate investment trust reported $2.21 earnings per share for the quarter, missing the consensus estimate of $4.15 by ($1.94). The business 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 business’s quarterly revenue was up 6.6% compared to the same quarter last year. During the same period last year, the business earned $4.16 earnings per share. On average, research analysts predict that Public Storage will post 16.92 EPS for the current fiscal year.

Public Storage Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Wednesday, March 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 4.63%. The ex-dividend date of this dividend was Tuesday, March 12th. Public Storage’s payout ratio is 108.50%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the company. Raymond James upgraded 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 report on Thursday, March 28th. Scotiabank boosted their target price on shares of Public Storage from $267.00 to $270.00 and gave the company a sector perform rating in a research report on Monday, March 18th. BMO Capital Markets upped their price target on Public Storage from $325.00 to $330.00 and gave the stock an outperform rating in a research note on Tuesday, March 19th. The Goldman Sachs Group raised their price objective on Public Storage from $307.00 to $340.00 and gave the company a buy rating in a research note on Thursday, January 11th. Finally, Deutsche Bank Aktiengesellschaft began coverage on Public Storage in a research report on Tuesday, January 30th. They set a sell rating and a $250.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of Moderate Buy and a consensus price target of $305.00.

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.