Public Storage (NYSE:PSA) Issues 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 16.600-17.200 for the period, compared to the consensus estimate of 16.940. The company issued revenue guidance of -. Public Storage also updated its FY24 guidance to $16.60-17.20 EPS.

Public Storage Stock Performance

Shares of Public Storage stock traded down $3.48 on Tuesday, reaching $259.45. 934,347 shares of the stock were exchanged, compared to its average volume of 725,064. The company has a current ratio of 0.62, a quick ratio of 0.62 and a debt-to-equity ratio of 1.58. The firm has a market capitalization of $45.58 billion, a PE ratio of 23.77, a PEG ratio of 3.38 and a beta of 0.54. Public Storage has a 1-year low of $233.18 and a 1-year high of $312.25. The business has a fifty day moving average price of $278.31 and a two-hundred day moving average price of $276.27.

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

Public Storage Announces Dividend

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

Wall Street Analyst Weigh In

PSA has been the subject of several research reports. BMO Capital Markets lifted their price objective on Public Storage from $325.00 to $330.00 and gave the stock an outperform rating in a report on Tuesday, March 19th. Barclays began coverage on Public Storage in a research note on Wednesday, March 27th. They set an overweight rating and a $330.00 price target for the company. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Public Storage in a research note on Tuesday, January 30th. They issued a sell rating and a $250.00 price objective on the stock. The Goldman Sachs Group raised their target price on shares of Public Storage from $307.00 to $340.00 and gave the company a buy rating in a report on Thursday, January 11th. Finally, Raymond James raised shares of Public Storage from a market perform rating to a strong-buy rating and set a $330.00 price target on the stock in a report on Thursday, March 28th. One analyst has rated the stock with a sell rating, four have assigned a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company presently 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.