Public Storage (PSA) Scheduled to Post Quarterly Earnings on Tuesday

Public Storage (NYSE:PSA) will post its quarterly earnings results 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 wish to listen to the company’s earnings conference call can do so using this link.

Public Storage (NYSE:PSA) last issued its earnings results on Tuesday, February 20th. The real estate investment trust reported $2.21 EPS for the quarter, missing analysts’ consensus estimates of $4.15 by ($1.94). Public Storage had a net margin of 45.34% and a return on equity of 35.31%. The business had revenue of $1.16 billion during the quarter, compared to analysts’ expectations of $1.14 billion. During the same period in the prior year, the business posted $4.16 EPS. The business’s revenue 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

Public Storage stock opened at $257.73 on Monday. Public Storage has a 12-month low of $233.18 and a 12-month high of $312.25. The company has a market capitalization of $45.28 billion, a price-to-earnings ratio of 23.30, a price-to-earnings-growth ratio of 3.38 and a beta of 0.54. The company has a debt-to-equity ratio of 1.58, a current ratio of 0.62 and a quick ratio of 0.62. The firm’s fifty day moving average price is $278.68 and its 200 day moving average price is $276.34.

Public Storage Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Wednesday, March 13th were paid a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a yield of 4.66%. The ex-dividend date of this dividend was Tuesday, March 12th. Public Storage’s dividend payout ratio (DPR) is 108.50%.

Wall Street Analyst Weigh In

Several brokerages have weighed in on PSA. Scotiabank raised their price objective on shares of Public Storage from $267.00 to $270.00 and gave the stock a “sector perform” rating in a report on Monday, March 18th. Barclays assumed coverage on shares of Public Storage in a research note on Wednesday, March 27th. They set an “overweight” rating and a $330.00 target price for the company. Raymond James raised shares of Public Storage from a “market perform” rating to a “strong-buy” rating and set a $330.00 target price for the company in a research note on Thursday, March 28th. The Goldman Sachs Group boosted their target price on shares of Public Storage from $307.00 to $340.00 and gave the company a “buy” rating in a research note on Thursday, January 11th. Finally, Wells Fargo & Company raised shares of Public Storage from an “equal weight” rating to an “overweight” rating and boosted their target price for the company from $280.00 to $310.00 in a research note on Friday, April 5th. One equities 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 issued a strong buy rating to the company’s stock. Based on data from MarketBeat, 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.