FY2024 EPS Estimates for Public Storage Lowered by Analyst

Public Storage (NYSE:PSA) – Equities research analysts at Zacks Research decreased their FY2024 EPS estimates for shares of Public Storage in a research note issued on Wednesday, November 20th. Zacks Research analyst R. Department now expects that the real estate investment trust will earn $16.68 per share for the year, down from their previous estimate of $16.71. The consensus estimate for Public Storage’s current full-year earnings is $16.73 per share. Zacks Research also issued estimates for Public Storage’s Q4 2024 earnings at $4.22 EPS, Q2 2025 earnings at $4.38 EPS and Q4 2025 earnings at $4.35 EPS.

A number of other equities analysts have also recently issued reports on PSA. Jefferies Financial Group raised their price objective on shares of Public Storage from $360.00 to $422.00 and gave the company a “buy” rating in a research note on Wednesday, September 18th. Bank of America cut Public Storage from a “buy” rating to a “neutral” rating and set a $318.00 price target for the company. in a research note on Monday, August 5th. Royal Bank of Canada reduced their price objective on shares of Public Storage from $358.00 to $344.00 and set a “sector perform” rating on the stock in a research note on Friday, November 8th. Barclays lowered their target price on shares of Public Storage from $381.00 to $380.00 and set an “overweight” rating for the company in a research note on Tuesday, November 12th. Finally, Wells Fargo & Company reduced their target price on Public Storage from $375.00 to $365.00 and set an “overweight” rating on the stock in a report on Tuesday, November 5th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, six have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $339.64.

Public Storage Stock Up 1.3 %

Shares of NYSE:PSA opened at $337.24 on Friday. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 1.77. The firm has a market cap of $59.05 billion, a P/E ratio of 35.02, a P/E/G ratio of 5.56 and a beta of 0.70. Public Storage has a 12 month low of $251.49 and a 12 month high of $369.99. The company’s 50-day moving average price is $344.25 and its two-hundred day moving average price is $315.91.

Institutional Investors Weigh In On Public Storage

Hedge funds and other institutional investors have recently bought and sold shares of the company. State Street Corp lifted its holdings in shares of Public Storage by 0.5% during the third quarter. State Street Corp now owns 10,370,658 shares of the real estate investment trust’s stock worth $3,773,571,000 after purchasing an additional 55,123 shares during the period. Price T Rowe Associates Inc. MD raised its stake in Public Storage by 4.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 5,432,643 shares of the real estate investment trust’s stock worth $1,575,794,000 after buying an additional 219,391 shares during the last quarter. FMR LLC lifted its holdings in Public Storage by 20.9% in the third quarter. FMR LLC now owns 5,025,869 shares of the real estate investment trust’s stock valued at $1,828,763,000 after buying an additional 869,066 shares during the period. Geode Capital Management LLC boosted its position in Public Storage by 1.4% during the third quarter. Geode Capital Management LLC now owns 3,931,572 shares of the real estate investment trust’s stock valued at $1,425,941,000 after acquiring an additional 52,807 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its holdings in Public Storage by 2.0% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,813,136 shares of the real estate investment trust’s stock worth $1,023,080,000 after acquiring an additional 54,992 shares during the period. Institutional investors own 78.79% of the company’s stock.

Public Storage Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, December 30th. Stockholders of record on Friday, December 13th will be paid a $3.00 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $12.00 dividend on an annualized basis and a dividend yield of 3.56%. Public Storage’s payout ratio is currently 124.61%.

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.