Public Storage (NYSE:PSA – Get Free Report) 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
Read Our Latest Analysis on Public Storage
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.
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