Research Analysts Issue Forecasts for Public Storage’s Q3 2024 Earnings (NYSE:PSA)

Public Storage (NYSE:PSA) – Investment analysts at KeyCorp issued their Q3 2024 earnings per share (EPS) estimates for shares of Public Storage in a note issued to investors on Sunday, September 8th. KeyCorp analyst T. Thomas expects that the real estate investment trust will earn $4.26 per share for the quarter. The consensus estimate for Public Storage’s current full-year earnings is $16.72 per share. KeyCorp also issued estimates for Public Storage’s Q4 2024 earnings at $4.25 EPS, FY2024 earnings at $16.78 EPS and FY2025 earnings at $17.57 EPS.

Several other equities research analysts have also recently weighed in on PSA. Truist Financial cut shares of Public Storage from a “buy” rating to a “hold” rating and set a $306.00 target price for the company. in a research note on Thursday, August 1st. Royal Bank of Canada assumed coverage on Public Storage in a report on Tuesday. They set a “sector perform” rating and a $358.00 price objective on the stock. Scotiabank upped their target price on Public Storage from $308.00 to $339.00 and gave the company a “sector perform” rating in a research note on Thursday, August 22nd. Barclays lifted their price target on shares of Public Storage from $327.00 to $374.00 and gave the stock an “overweight” rating in a research note on Thursday, August 22nd. Finally, Evercore ISI increased their price objective on shares of Public Storage from $330.00 to $334.00 and gave the company an “in-line” rating in a research note on Wednesday, August 28th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, six have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, Public Storage has an average rating of “Moderate Buy” and an average target price of $326.21.

Public Storage Price Performance

Shares of Public Storage stock opened at $359.23 on Wednesday. The company has a debt-to-equity ratio of 1.72, a current ratio of 0.93 and a quick ratio of 0.93. The company has a market cap of $62.87 billion, a PE ratio of 32.63, a price-to-earnings-growth ratio of 5.72 and a beta of 0.67. The firm has a fifty day moving average price of $317.38 and a two-hundred day moving average price of $291.90. Public Storage has a fifty-two week low of $233.18 and a fifty-two week high of $361.23.

Public Storage (NYSE:PSA) last issued its quarterly earnings results on Tuesday, July 30th. The real estate investment trust reported $2.66 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.20 by ($1.54). The business had revenue of $921.70 million during the quarter, compared to analyst estimates of $1.16 billion. Public Storage had a net margin of 44.88% and a return on equity of 36.55%. The company’s revenue for the quarter was down 1.0% compared to the same quarter last year. During the same period in the prior year, the business posted $4.28 earnings per share.

Institutional Investors Weigh In On Public Storage

A number of large investors have recently bought and sold shares of PSA. Sanctuary Advisors LLC acquired a new position in shares of Public Storage during the second quarter worth approximately $2,442,000. Creekside Partners bought a new position in Public Storage in the 2nd quarter valued at $320,000. Heartland Bank & Trust Co boosted its position in Public Storage by 4.5% in the 2nd quarter. Heartland Bank & Trust Co now owns 1,510 shares of the real estate investment trust’s stock valued at $434,000 after buying an additional 65 shares during the last quarter. SPC Financial Inc. raised its position in shares of Public Storage by 14.0% during the second quarter. SPC Financial Inc. now owns 1,222 shares of the real estate investment trust’s stock worth $352,000 after acquiring an additional 150 shares during the last quarter. Finally, Advisory Alpha LLC lifted its stake in shares of Public Storage by 29.1% during the second quarter. Advisory Alpha LLC now owns 1,291 shares of the real estate investment trust’s stock valued at $372,000 after acquiring an additional 291 shares during the period. 78.79% of the stock is currently owned by institutional investors.

Public Storage Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Friday, September 13th will be paid a $3.00 dividend. This represents a $12.00 dividend on an annualized basis and a dividend yield of 3.34%. The ex-dividend date is Friday, September 13th. Public Storage’s dividend payout ratio (DPR) is currently 108.99%.

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.