Public Storage (PSA) Expected to Post Earnings of $2.61 Per Share

Analysts expect that Public Storage (NYSE:PSA) will post earnings per share of $2.61 for the current fiscal quarter, Zacks reports. Six analysts have provided estimates for Public Storage’s earnings, with the highest EPS estimate coming in at $2.69 and the lowest estimate coming in at $2.54. Public Storage reported earnings of $1.78 per share during the same quarter last year, which indicates a positive year-over-year growth rate of 46.6%. The firm is scheduled to issue its next earnings results after the market closes on Wednesday, October 25th.

According to Zacks, analysts expect that Public Storage will report full year earnings of $10.23 per share for the current year, with EPS estimates ranging from $10.09 to $10.39. For the next fiscal year, analysts forecast that the firm will report earnings of $10.64 per share, with EPS estimates ranging from $10.39 to $10.88. Zacks’ earnings per share calculations are a mean average based on a survey of sell-side research analysts that that provide coverage for Public Storage.

Public Storage (NYSE:PSA) last issued its quarterly earnings data on Wednesday, July 26th. The real estate investment trust reported $1.59 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.54 by ($0.95). Public Storage had a net margin of 53.35% and a return on equity of 27.80%. The company had revenue of $624.20 million for the quarter, compared to analysts’ expectations of $626.27 million. During the same quarter last year, the company earned $2.40 earnings per share. The company’s revenue for the quarter was up 5.0% on a year-over-year basis.

A number of research analysts have weighed in on PSA shares. Zacks Investment Research lowered shares of Public Storage from a “hold” rating to a “sell” rating in a research note on Tuesday, July 11th. Bank of America Corporation decreased their target price on shares of Public Storage from $222.00 to $218.00 and set a “neutral” rating on the stock in a research note on Thursday, July 20th. Jefferies Group LLC reissued a “hold” rating and issued a $222.00 target price on shares of Public Storage in a research note on Friday, July 14th. BMO Capital Markets started coverage on shares of Public Storage in a research note on Monday, September 11th. They issued an “underperform” rating and a $193.00 target price on the stock. Finally, Argus decreased their target price on shares of Public Storage from $260.00 to $250.00 and set a “buy” rating on the stock in a research note on Tuesday, August 1st. Four analysts have rated the stock with a sell rating, eight have issued a hold rating and one has assigned a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $214.91.

Shares of Public Storage (PSA) traded down 0.56% during midday trading on Friday, reaching $214.67. The company’s stock had a trading volume of 516,379 shares. The firm has a market cap of $37.35 billion, a price-to-earnings ratio of 30.62 and a beta of 0.44. Public Storage has a one year low of $192.15 and a one year high of $232.21. The stock’s 50 day moving average price is $212.26 and its 200 day moving average price is $211.25.

The company also recently declared a quarterly dividend, which was paid on Thursday, September 28th. Stockholders of record on Wednesday, September 13th were given a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a dividend yield of 3.73%. The ex-dividend date was Tuesday, September 12th. Public Storage’s payout ratio is presently 113.96%.

In other news, Director Ronald P. Spogli purchased 2,000 shares of Public Storage stock in a transaction dated Thursday, August 3rd. The shares were purchased at an average price of $200.59 per share, with a total value of $401,180.00. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 14.42% of the stock is currently owned by insiders.

A number of institutional investors have recently bought and sold shares of PSA. Bessemer Group Inc. acquired a new stake in Public Storage in the 2nd quarter valued at approximately $105,000. Northwestern Mutual Wealth Management Co. increased its holdings in Public Storage by 15.3% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 566 shares of the real estate investment trust’s stock valued at $119,000 after purchasing an additional 75 shares during the last quarter. CENTRAL TRUST Co increased its holdings in Public Storage by 41.3% in the 2nd quarter. CENTRAL TRUST Co now owns 578 shares of the real estate investment trust’s stock valued at $121,000 after purchasing an additional 169 shares during the last quarter. Guardian Life Insurance Co. of America increased its holdings in Public Storage by 0.9% in the 1st quarter. Guardian Life Insurance Co. of America now owns 576 shares of the real estate investment trust’s stock valued at $126,000 after purchasing an additional 5 shares during the last quarter. Finally, Johnson Financial Group Inc. increased its holdings in Public Storage by 274.4% in the 2nd quarter. Johnson Financial Group Inc. now owns 614 shares of the real estate investment trust’s stock valued at $128,000 after purchasing an additional 450 shares during the last quarter. Hedge funds and other institutional investors own 80.04% of the company’s stock.

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Public Storage Company Profile

Public Storage is a real estate investment trust (REIT). The Company’s principal business activities include the ownership and operation of self-storage facilities, which offer storage spaces for lease, generally on a month-to-month basis, for personal and business use, ancillary activities, such as merchandise sales and tenant reinsurance to the tenants at its self-storage facilities, as well as the acquisition and development of additional self-storage space.

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Earnings History and Estimates for Public Storage (NYSE:PSA)

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