Public Storage (NYSE:PSA) Updates FY 2024 Earnings Guidance

Public Storage (NYSE:PSA) updated its FY 2024 earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of 16.500-16.850 for the period, compared to the consensus estimate of 16.910. The company issued revenue guidance of -. Public Storage also updated its FY24 guidance to $16.50-$16.85 EPS.

Public Storage Stock Performance

Shares of NYSE PSA traded up $1.57 during midday trading on Tuesday, reaching $304.37. The company’s stock had a trading volume of 536,257 shares, compared to its average volume of 706,572. The stock has a market capitalization of $53.49 billion, a P/E ratio of 27.64, a PEG ratio of 4.38 and a beta of 0.65. 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 firm has a 50 day moving average price of $286.98 and a 200-day moving average price of $282.50. Public Storage has a 12-month low of $233.18 and a 12-month high of $314.93.

Public Storage Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, June 27th. Investors of record on Wednesday, June 12th were given a dividend of $3.00 per share. The ex-dividend date of this dividend was Wednesday, June 12th. This represents a $12.00 annualized dividend and a yield of 3.94%. Public Storage’s payout ratio is currently 108.99%.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the company. Barclays decreased their target price 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. Evercore ISI increased their price target on Public Storage from $289.00 to $300.00 and gave the stock an in-line rating in a research note on Monday, July 15th. Wells Fargo & Company boosted their price objective on Public Storage from $310.00 to $320.00 and gave the company an overweight rating in a research note on Friday. Finally, Scotiabank upped their price objective on shares of Public Storage from $289.00 to $314.00 and gave the company a sector perform rating in a report on Friday, July 19th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of Moderate Buy and a consensus target price of $310.55.

Insider Buying and Selling

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

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.