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

Public Storage (NYSE:PSA) issued its earnings results on Tuesday. The real estate investment trust reported $2.66 earnings per share for the quarter, missing the consensus estimate of $4.20 by ($1.54), RTT News reports. The company had revenue of $921.70 million for the quarter, compared to analyst estimates of $1.16 billion. Public Storage had a return on equity of 36.17% and a net margin of 45.62%. The company’s revenue for the quarter was down 1.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $4.28 earnings per share. 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 Stock Down 1.5 %

NYSE:PSA traded down $4.45 during trading hours on Wednesday, hitting $299.92. The company’s stock had a trading volume of 393,046 shares, compared to its average volume of 704,160. The stock has a market capitalization of $52.70 billion, a P/E ratio of 27.64, a price-to-earnings-growth ratio of 4.41 and a beta of 0.65. The stock has a fifty day moving average of $287.41 and a 200-day 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. Public Storage has a 52-week low of $233.18 and a 52-week high of $314.93.

Public Storage Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 27th. Investors of record on Wednesday, June 12th were issued a $3.00 dividend. This represents a $12.00 annualized dividend and a yield of 4.00%. The ex-dividend date of this dividend was Wednesday, June 12th. Public Storage’s dividend payout ratio (DPR) is presently 108.99%.

Insider Activity at Public Storage

In related news, Director Kristy Pipes acquired 2,149 shares of the firm’s stock in a transaction on Tuesday, May 14th. The stock was bought at an average price of $278.96 per share, for a total transaction of $599,485.04. Following the completion of the purchase, the director now directly owns 2,149 shares of the company’s stock, valued at approximately $599,485.04. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, Director Kristy Pipes acquired 2,149 shares of the firm’s stock in a transaction on Tuesday, May 14th. The stock was bought at an average price of $278.96 per share, for a total transaction of $599,485.04. Following the completion of the purchase, the director now directly owns 2,149 shares of the company’s stock, valued at approximately $599,485.04. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, 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 transaction of $109,716.00. Following the completion of the transaction, the insider now owns 3,214 shares of the company’s stock, valued at approximately $881,568.06. The disclosure for this sale can be found here. 11.00% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

PSA has been the topic of several recent research reports. Barclays lowered their target price on Public Storage from $330.00 to $327.00 and set an “overweight” rating on the stock in a report on Monday, May 20th. Evercore ISI upped their price objective on Public Storage from $289.00 to $300.00 and gave the company an “in-line” rating in a report on Monday, July 15th. Scotiabank upped their price objective on Public Storage from $289.00 to $314.00 and gave the company a “sector perform” rating in a report on Friday, July 19th. Finally, Wells Fargo & Company upped their price objective on Public Storage from $310.00 to $320.00 and gave the company an “overweight” rating in a report on Friday, July 26th. One investment analyst has rated the stock with a sell rating, four have given a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $310.55.

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.