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

Public Storage (NYSE:PSA) issued an update on its FY 2024 earnings guidance on Tuesday morning. The company provided EPS guidance of 16.600-17.200 for the period, compared to the consensus EPS estimate of 16.940. The company issued revenue guidance of -. Public Storage also updated its FY24 guidance to $16.60-17.20 EPS.

Public Storage Stock Down 1.3 %

Shares of PSA stock traded down $3.48 during trading hours on Tuesday, reaching $259.45. The company had a trading volume of 934,347 shares, compared to its average volume of 725,064. Public Storage has a 12 month low of $233.18 and a 12 month high of $312.25. The company has a debt-to-equity ratio of 1.58, a current ratio of 0.62 and a quick ratio of 0.62. The business has a fifty day simple moving average of $277.82 and a 200-day simple moving average of $276.18. The company has a market cap of $45.58 billion, a price-to-earnings ratio of 23.46, a price-to-earnings-growth ratio of 3.38 and a beta of 0.54.

Public Storage (NYSE:PSA) last posted its earnings results on Tuesday, February 20th. The real estate investment trust reported $2.21 earnings per share for the quarter, missing analysts’ consensus estimates of $4.15 by ($1.94). Public Storage had a net margin of 45.34% and a return on equity of 35.31%. The company had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.14 billion. During the same quarter in the prior year, the business earned $4.16 EPS. The firm’s revenue for the quarter was up 6.6% compared to the same quarter last year. On average, research analysts expect that Public Storage will post 16.92 earnings per share for the current fiscal year.

Public Storage Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Wednesday, March 13th were issued a dividend of $3.00 per share. The ex-dividend date of this dividend was Tuesday, March 12th. This represents a $12.00 dividend on an annualized basis and a yield of 4.63%. Public Storage’s dividend payout ratio (DPR) is currently 108.50%.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the company. Deutsche Bank Aktiengesellschaft assumed coverage on Public Storage in a report on Tuesday, January 30th. They set a sell rating and a $250.00 price target on the stock. Scotiabank lifted their price target on Public Storage from $267.00 to $270.00 and gave the stock a sector perform rating in a report on Monday, March 18th. The Goldman Sachs Group raised their target price on Public Storage from $307.00 to $340.00 and gave the stock a buy rating in a research report on Thursday, January 11th. Barclays initiated coverage on Public Storage in a research report on Wednesday, March 27th. They issued an overweight rating and a $330.00 target price for the company. Finally, BMO Capital Markets raised their target price on Public Storage from $325.00 to $330.00 and gave the stock an outperform rating in a research report on Tuesday, March 19th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of Moderate Buy and a consensus price target of $305.00.

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.