Public Storage (PSA) to Release Earnings on Tuesday

Public Storage (NYSE:PSA) will be releasing its earnings data after the market closes on Tuesday, April 30th. Analysts expect Public Storage to post earnings of $4.07 per share for the quarter. Public Storage has set its FY24 guidance at $16.60-17.20 EPS and its FY 2024 guidance at 16.600-17.200 EPS.Individual that are interested in registering for the company’s earnings conference call can do so using this link.

Public Storage (NYSE:PSA) last released its quarterly earnings data on Tuesday, February 20th. The real estate investment trust reported $2.21 earnings per share for the quarter, missing the consensus estimate of $4.15 by ($1.94). Public Storage had a net margin of 45.34% and a return on equity of 35.31%. The firm had revenue of $1.16 billion during the quarter, compared to analysts’ expectations of $1.14 billion. During the same period in the previous year, the business earned $4.16 earnings per share. The business’s revenue for the quarter was up 6.6% on a year-over-year basis. On average, analysts expect Public Storage to post $17 EPS for the current fiscal year and $18 EPS for the next fiscal year.

Public Storage Stock Performance

NYSE PSA opened at $261.44 on Tuesday. Public Storage has a 1-year low of $233.18 and a 1-year high of $312.25. The company has a market capitalization of $45.93 billion, a P/E ratio of 23.64, a PEG ratio of 3.42 and a beta of 0.54. The business has a 50 day moving average price of $280.36 and a 200 day moving average price of $276.63. The company has a debt-to-equity ratio of 1.58, a current ratio of 0.62 and a quick ratio of 0.62.

Public Storage Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Wednesday, March 13th were paid a $3.00 dividend. This represents a $12.00 annualized dividend and a yield of 4.59%. The ex-dividend date of this dividend was Tuesday, March 12th. Public Storage’s payout ratio is currently 108.50%.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the company. BMO Capital Markets raised their price objective on Public Storage from $325.00 to $330.00 and gave the company an “outperform” rating in a research note on Tuesday, March 19th. Raymond James upgraded Public Storage from a “market perform” rating to a “strong-buy” rating and set a $330.00 target price on the stock in a report on Thursday, March 28th. Scotiabank increased their target price on Public Storage from $267.00 to $270.00 and gave the company a “sector perform” rating in a report on Monday, March 18th. Barclays started coverage on Public Storage in a report on Wednesday, March 27th. They set an “overweight” rating and a $330.00 target price on the stock. Finally, Wells Fargo & Company upgraded Public Storage from an “equal weight” rating to an “overweight” rating and increased their target price for the company from $280.00 to $310.00 in a report on Friday, April 5th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $305.00.

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.