Public Storage (NYSE:PSA) Announces Earnings Results

Public Storage (NYSE:PSA) announced its earnings results on Monday. The real estate investment trust reported $4.34 EPS for the quarter, beating analysts’ consensus estimates of $2.49 by $1.85, Zacks reports. The business had revenue of $1.37 billion during the quarter, compared to analysts’ expectations of $1.34 billion. Public Storage had a net margin of 41.80% and a return on equity of 40.98%.

Public Storage Stock Down 1.0%

Shares of NYSE PSA traded down $2.95 during midday trading on Monday, hitting $306.94. 880,175 shares of the company’s stock were exchanged, compared to its average volume of 1,054,857. The firm’s fifty day simple moving average is $299.38 and its 200-day simple moving average is $308.38. Public Storage has a twelve month low of $256.54 and a twelve month high of $335.55. The company has a debt-to-equity ratio of 2.06, a current ratio of 0.66 and a quick ratio of 0.66. The company has a market cap of $53.90 billion, a PE ratio of 29.29, a P/E/G ratio of 4.63 and a beta of 0.94.

Public Storage Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 6th. Shareholders of record on Tuesday, September 15th were given a $3.00 dividend. The ex-dividend date of this dividend was Tuesday, September 15th. This represents a $12.00 dividend on an annualized basis and a dividend yield of 3.9%. Public Storage’s dividend payout ratio is currently 114.50%.

Wall Street Analysts Forecast Growth

PSA has been the topic of several research analyst reports. Truist Financial assumed coverage on shares of Public Storage in a research note on Friday, October 2nd. They issued a “buy” rating and a $317.00 price target on the stock. Royal Bank Of Canada reaffirmed a “sector perform” rating and set a $318.00 target price on shares of Public Storage in a research report on Tuesday, October 20th. Evercore set a $308.00 price target on shares of Public Storage in a research report on Monday, September 21st. Barclays boosted their price objective on shares of Public Storage from $350.00 to $351.00 and gave the stock an “equal weight” rating in a research note on Thursday, September 10th. Finally, Raymond James Financial began coverage on shares of Public Storage in a research note on Thursday, July 16th. They set a “market perform” rating on the stock. Seven equities research analysts have rated the stock with a Buy rating and fourteen have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $323.42.

Insiders Place Their Bets

In related news, insider Nathaniel A. Vitan sold 1,414 shares of the firm’s stock in a transaction dated Thursday, August 13th. The stock was sold at an average price of $327.53, for a total transaction of $463,127.42. The transaction was disclosed in a document filed with the SEC, which is available at this link. Corporate insiders own 11.10% of the company’s stock.

Public Storage Company Profile

Public Storage (NYSE: PSA) is a real estate investment trust focused on the ownership, operation and development of self-storage facilities. The company rents storage units to residential and business customers, offering solutions for household belongings, commercial inventory, records, vehicles and other personal property. Many locations provide features such as climate-controlled units, electronic access, online reservations and moving and packing supplies.

Founded in 1972, Public Storage has grown into one of the largest self-storage operators in the United States.