Public Storage (NYSE:PSA) Updates FY24 Earnings Guidance

Public Storage (NYSE:PSA) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided earnings per share guidance of $16.60-17.20 for the period, compared to the consensus earnings per share estimate of $16.94. Public Storage also updated its FY 2024 guidance to 16.600-17.200 EPS.

Public Storage Price Performance

Shares of NYSE:PSA traded down $3.48 during trading on Tuesday, reaching $259.45. 934,347 shares of the company traded hands, compared to its average volume of 725,064. The company’s 50 day moving average is $277.82 and its two-hundred day moving average is $276.18. The firm has a market capitalization of $45.58 billion, a PE ratio of 23.46, a PEG ratio of 3.38 and a beta of 0.54. The company has a quick ratio of 0.62, a current ratio of 0.62 and a debt-to-equity ratio of 1.58. Public Storage has a 52 week low of $233.18 and a 52 week high of $312.25.

Public Storage (NYSE:PSA) last released its earnings results on Tuesday, February 20th. The real estate investment trust reported $2.21 earnings per share for the quarter, missing analysts’ consensus estimates of $4.15 by ($1.94). The company had revenue of $1.16 billion for the quarter, compared to the consensus estimate of $1.14 billion. Public Storage had a net margin of 45.34% and a return on equity of 35.31%. The business’s revenue was up 6.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $4.16 earnings per share. As a group, sell-side analysts predict that Public Storage will post 16.92 earnings per share for the current year.

Public Storage Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Wednesday, March 13th were given a dividend of $3.00 per share. The ex-dividend date of this dividend was Tuesday, March 12th. This represents a $12.00 annualized dividend and a dividend yield of 4.63%. Public Storage’s dividend payout ratio is currently 108.50%.

Analysts Set New Price Targets

Several brokerages recently weighed in on PSA. Barclays began coverage on Public Storage in a research report on Wednesday, March 27th. They set an overweight rating and a $330.00 price objective for the company. BMO Capital Markets upped their price objective on Public Storage from $325.00 to $330.00 and gave the stock an outperform rating in a research report on Tuesday, March 19th. Deutsche Bank Aktiengesellschaft started coverage on Public Storage in a research report on Tuesday, January 30th. They set a sell rating and a $250.00 price objective for the company. Wells Fargo & Company raised Public Storage from an equal weight rating to an overweight rating and upped their target price for the stock from $280.00 to $310.00 in a report on Friday, April 5th. Finally, Scotiabank upped their target price on Public Storage from $267.00 to $270.00 and gave the stock a sector perform rating in a report on Monday, March 18th. One analyst has rated the stock with a sell rating, four have given a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Public Storage currently has an average 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.