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 guidance of 16.500-16.850 for the period, compared to the consensus earnings per share 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 Trading Up 1.9 %

PSA traded up $5.56 during trading hours on Friday, reaching $305.64. The company’s stock had a trading volume of 270,078 shares, compared to its average volume of 710,210. The business’s 50-day moving average is $288.18 and its 200-day moving average is $282.78. 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 stock has a market cap of $53.71 billion, a PE ratio of 27.26, a P/E/G ratio of 4.33 and a beta of 0.65. Public Storage has a fifty-two week low of $233.18 and a fifty-two week high of $314.93.

Public Storage (NYSE:PSA) last announced its quarterly earnings results on Tuesday, July 30th. The real estate investment trust reported $2.66 EPS for the quarter, missing the consensus estimate of $4.20 by ($1.54). The business had revenue of $921.70 million during the quarter, compared to analyst estimates of $1.16 billion. Public Storage had a net margin of 44.88% and a return on equity of 36.06%. The business’s revenue for the quarter was down 1.0% on a year-over-year basis. During the same period last year, the company earned $4.28 EPS. As a group, equities research analysts predict that Public Storage will post 16.83 earnings per share for the current fiscal year.

Public Storage Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Friday, September 13th will be paid a $3.00 dividend. This represents a $12.00 dividend on an annualized basis and a dividend yield of 3.93%. Public Storage’s dividend payout ratio (DPR) is 108.99%.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on PSA shares. Barclays reduced their target price on shares of Public Storage from $330.00 to $327.00 and set an overweight rating on the stock in a report on Monday, May 20th. Scotiabank increased their price objective on Public Storage from $289.00 to $314.00 and gave the company a sector perform rating in a research note on Friday, July 19th. Wells Fargo & Company boosted their target price on Public Storage from $310.00 to $320.00 and gave the stock an overweight rating in a research note on Friday, July 26th. Evercore ISI upped their price target on Public Storage from $289.00 to $300.00 and gave the stock an in-line rating in a report on Monday, July 15th. Finally, Truist Financial cut Public Storage from a buy rating to a hold rating and set a $306.00 price objective for the company. in a research note on Thursday. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, five have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of Moderate Buy and an average price target of $309.73.

Insider Buying and Selling

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

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.