Public Storage (PSA) to Release Earnings on Tuesday

Public Storage (NYSE:PSA) is scheduled to be issuing its quarterly earnings data after the market closes on Tuesday, April 30th. Analysts expect the company to announce 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.Parties interested in listening to the company’s conference call can do so using this link.

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

Shares of NYSE:PSA opened at $261.44 on Tuesday. Public Storage has a 12 month low of $233.18 and a 12 month high of $312.25. The stock has a market cap of $45.93 billion, a price-to-earnings ratio of 23.64, a PEG ratio of 3.42 and a beta of 0.54. The stock’s 50 day moving average price is $280.36 and its 200 day moving average price is $276.63. The company has a debt-to-equity ratio of 1.58, a current ratio of 0.62 and a quick ratio of 0.62.

Public Storage Announces Dividend

The company also recently announced 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. The ex-dividend date of this dividend was Tuesday, March 12th. This represents a $12.00 annualized dividend and a yield of 4.59%. Public Storage’s payout ratio is 108.50%.

Analysts Set New Price Targets

Several brokerages recently commented on PSA. Barclays began coverage on Public Storage in a report on Wednesday, March 27th. They set an “overweight” rating and a $330.00 target price on the stock. The Goldman Sachs Group boosted their target price on Public Storage from $307.00 to $340.00 and gave the stock a “buy” rating in a report on Thursday, January 11th. Raymond James raised Public Storage from a “market perform” rating to a “strong-buy” rating and set a $330.00 target price on the stock in a report on Thursday, March 28th. Deutsche Bank Aktiengesellschaft initiated coverage on Public Storage in a report on Tuesday, January 30th. They issued a “sell” rating and a $250.00 price target on the stock. Finally, Truist Financial upped their price target on Public Storage from $285.00 to $315.00 and gave the company a “buy” rating in a report on Thursday, December 28th. One analyst has rated the stock with a sell rating, four have assigned a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $305.00.

Public Storage Company Profile

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.