Public Storage (NYSE:PSA – Get Free Report) 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
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.
Read Our Latest Analysis on PSA
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.
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