Public Storage (NYSE:PSA) Releases Quarterly Earnings Results, Misses Expectations By $1.54 EPS

Public Storage (NYSE:PSA) issued its quarterly earnings data on Tuesday. The real estate investment trust reported $2.66 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $4.20 by ($1.54), RTT News reports. The firm had revenue of $921.70 million for the quarter, compared to analyst estimates of $1.16 billion. Public Storage had a net margin of 45.62% and a return on equity of 36.17%. The firm’s revenue for the quarter was down 1.0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $4.28 EPS. Public Storage updated its FY24 guidance to $16.50-$16.85 EPS and its FY 2024 guidance to 16.500-16.850 EPS.

Public Storage Price Performance

Shares of PSA traded down $5.51 during trading hours on Wednesday, reaching $298.86. The company had a trading volume of 820,840 shares, compared to its average volume of 707,364. The firm has a 50 day simple moving average of $287.41 and a 200-day simple moving average of $282.57. 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 market capitalization of $52.52 billion, a price-to-earnings ratio of 27.64, a PEG ratio of 4.41 and a beta of 0.65. Public Storage has a 12-month low of $233.18 and a 12-month high of $314.93.

Public Storage Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 27th. Shareholders of record on Wednesday, June 12th were given a dividend of $3.00 per share. The ex-dividend date was Wednesday, June 12th. This represents a $12.00 dividend on an annualized basis and a yield of 4.02%. Public Storage’s payout ratio is currently 108.99%.

Wall Street Analysts Forecast Growth

Several research firms have commented on PSA. 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. Wells Fargo & Company upped 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. Barclays cut their price objective on shares of Public Storage from $330.00 to $327.00 and set an “overweight” rating for the company in a research report on Monday, May 20th. Finally, Evercore ISI increased their target price on shares of Public Storage from $289.00 to $300.00 and gave the stock an “in-line” rating in a report on Monday, July 15th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Public Storage presently has an average rating of “Moderate Buy” and a consensus price target of $310.55.

Insider Buying and Selling at Public Storage

In other news, Director Kristy Pipes purchased 2,149 shares of the firm’s stock in a transaction on Tuesday, May 14th. The shares were bought at an average cost of $278.96 per share, with a total value of $599,485.04. Following the purchase, the director now directly owns 2,149 shares of the company’s stock, valued at $599,485.04. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Public Storage news, insider Nathaniel A. Vitan sold 400 shares of Public Storage stock in a transaction 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 completion of the transaction, the insider now owns 3,214 shares of the company’s stock, valued at $881,568.06. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Kristy Pipes acquired 2,149 shares of the firm’s stock in a transaction on Tuesday, May 14th. The stock was acquired at an average cost of $278.96 per share, with a total value of $599,485.04. Following the acquisition, the director now owns 2,149 shares of the company’s stock, valued at $599,485.04. The disclosure for this purchase can be found here. 11.00% of the stock is currently owned by 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.