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

Public Storage (NYSE:PSA - Free Report) - Research analysts at KeyCorp issued their Q3 2024 earnings estimates for Public Storage in a report released on Sunday, September 8th. KeyCorp analyst T. Thomas anticipates that the real estate investment trust will post earnings of $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.

Public Storage (NYSE:PSA - Get Free Report) last posted its quarterly earnings data on Tuesday, July 30th. The real estate investment trust reported $2.66 earnings per share for the quarter, missing analysts' consensus estimates of $4.20 by ($1.54). Public Storage had a net margin of 44.88% and a return on equity of 36.55%. The company had revenue of $921.70 million for the quarter, compared to the consensus estimate of $1.16 billion. During the same period last year, the business earned $4.28 EPS. The firm's quarterly revenue was down 1.0% on a year-over-year basis.

A number of other research firms have also weighed in on PSA. Bank of America lowered shares of Public Storage from a "buy" rating to a "neutral" rating and set a $318.00 price objective for the company. in a research note on Monday, August 5th. Evercore ISI raised their price target on shares of Public Storage from $330.00 to $334.00 and gave the company an "in-line" rating in a research report on Wednesday, August 28th. Citigroup boosted their price objective on shares of Public Storage from $303.00 to $378.00 and gave the stock a "buy" rating in a report on Friday, August 30th. Scotiabank increased 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. Finally, Wolfe Research upgraded Public Storage to a "strong-buy" rating in a research note on Wednesday, September 4th. One analyst has rated the stock with a sell rating, seven have given a hold rating, six have given a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $326.21.

Public Storage Stock Up 0.0 %

Shares of PSA traded up $0.09 during trading hours on Wednesday, hitting $359.23. The company had a trading volume of 597,520 shares, compared to its average volume of 606,347. The stock has a market capitalization of $62.87 billion, a price-to-earnings ratio of 32.63, a P/E/G ratio of 5.72 and a beta of 0.67. The firm has a fifty day moving average price of $315.94 and a 200-day moving average price of $291.42. Public Storage has a 52-week low of $233.18 and a 52-week high of $361.23. The company has a debt-to-equity ratio of 1.72, a quick ratio of 0.93 and a current ratio of 0.93.

Public Storage Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Friday, September 13th will be given a $3.00 dividend. The ex-dividend date of this dividend is Friday, September 13th. This represents a $12.00 annualized dividend and a yield of 3.34%. Public Storage's payout ratio is 108.99%.

Institutional Investors Weigh In On Public Storage

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Private Advisor Group LLC raised its holdings in Public Storage by 2.0% in the 4th quarter. Private Advisor Group LLC now owns 4,587 shares of the real estate investment trust's stock worth $1,399,000 after purchasing an additional 92 shares during the period. Gryphon Financial Partners LLC raised its stake in shares of Public Storage by 2.5% in the fourth quarter. Gryphon Financial Partners LLC now owns 1,562 shares of the real estate investment trust's stock worth $476,000 after buying an additional 38 shares during the period. Principal Securities Inc. purchased a new position in shares of Public Storage during the 4th quarter valued at about $549,000. AGF Management Ltd. purchased a new position in shares of Public Storage during the 4th quarter valued at about $865,000. Finally, Johnson Investment Counsel Inc. grew its stake in shares of Public Storage by 25.6% during the 4th quarter. Johnson Investment Counsel Inc. now owns 1,164 shares of the real estate investment trust's stock valued at $355,000 after acquiring an additional 237 shares during the period. Hedge funds and other institutional investors own 78.79% of the company's stock.

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.