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

Public Storage (NYSE:PSA) issued an update on its FY 2024 earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of 16.500-16.850 for the period, compared to the consensus 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 Price Performance

PSA traded down $8.45 on Wednesday, hitting $295.92. 1,622,734 shares of the company’s stock were exchanged, compared to its average volume of 712,858. Public Storage has a fifty-two week low of $233.18 and a fifty-two week high of $314.93. 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 firm has a 50-day moving average price of $287.67 and a 200-day moving average price of $282.66. The stock has a market cap of $52.00 billion, a price-to-earnings ratio of 26.88, a P/E/G ratio of 4.41 and a beta of 0.65.

Public Storage (NYSE:PSA) last announced its quarterly earnings results on Tuesday, July 30th. The real estate investment trust reported $2.66 earnings per share for the quarter, missing the consensus estimate of $4.20 by ($1.54). 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 company’s revenue was down 1.0% compared to the same quarter last year. During the same period in the previous year, the firm posted $4.28 EPS. As a group, equities analysts anticipate that Public Storage will post 16.88 earnings per share for the current year.

Public Storage Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, June 27th. Stockholders of record on Wednesday, June 12th were given a dividend of $3.00 per share. The ex-dividend date of this dividend was Wednesday, June 12th. This represents a $12.00 annualized dividend and a dividend yield of 4.06%. Public Storage’s payout ratio is 108.99%.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on PSA. Scotiabank boosted their price target on shares of Public Storage from $289.00 to $314.00 and gave the company a sector perform rating in a research report on Friday, July 19th. Evercore ISI boosted their price objective on shares of Public Storage from $289.00 to $300.00 and gave the company an in-line rating in a report on Monday, July 15th. Barclays reduced their price objective 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. Finally, Wells Fargo & Company boosted their price objective on shares of 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 assigned a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of Moderate Buy and an average target price of $310.55.

Insiders Place Their Bets

In other Public Storage news, Director Kristy Pipes purchased 2,149 shares of the business’s stock in a transaction on Tuesday, May 14th. The shares were bought at an average cost 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 $599,485.04. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, insider Nathaniel A. Vitan sold 400 shares of the company’s stock in a transaction that occurred 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 sale, the insider now directly owns 3,214 shares in the company, valued at $881,568.06. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Kristy Pipes bought 2,149 shares of the business’s stock in a transaction that occurred on Tuesday, May 14th. The shares were purchased 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 disclosure for this purchase can be found here. Insiders own 11.00% of the company’s stock.

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.