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 (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 Stock Performance

Shares of NYSE PSA traded up $5.56 during trading hours on Friday, hitting $305.64. 270,078 shares of the company’s stock were exchanged, compared to its average volume of 710,210. The stock has a market capitalization of $53.71 billion, a price-to-earnings ratio of 27.26, a PEG ratio of 4.33 and a beta of 0.65. The company’s 50-day moving average price is $288.18 and its 200-day moving average price 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. Public Storage has a 1-year low of $233.18 and a 1-year high of $314.93.

Public Storage (NYSE:PSA) last posted its quarterly earnings data 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). Public Storage had a net margin of 44.88% and a return on equity of 36.06%. The business had revenue of $921.70 million during the quarter, compared to the consensus estimate of $1.16 billion. During the same period in the prior year, the company posted $4.28 earnings per share. The firm’s revenue was down 1.0% compared to the same quarter last year. On average, sell-side analysts expect that Public Storage will post 16.83 earnings per share for the current fiscal year.

Public Storage Dividend Announcement

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

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the company. Barclays decreased their target price on Public Storage from $330.00 to $327.00 and set an overweight rating on the stock in a research report on Monday, May 20th. Wells Fargo & Company lifted their price objective on Public Storage from $310.00 to $320.00 and gave the stock an overweight rating in a report on Friday, July 26th. Scotiabank upped their target price 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. Evercore ISI boosted their price target 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. Finally, Truist Financial lowered shares of Public Storage from a buy rating to a hold rating and set a $306.00 target price on the stock. in a research report on Thursday. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of Moderate Buy and a consensus target price of $309.73.

Insider Buying and Selling at Public Storage

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

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.