Zacks Research Analysts Reduce Earnings Estimates for Public Storage (NYSE:PSA) (2024)

Public Storage (NYSE:PSA – Free Report) – Investment analysts at Zacks Research reduced their Q3 2024 earnings per share (EPS) estimates for Public Storage in a research note issued on Tuesday, May 21st. Zacks Research analyst R. Department now anticipates that the real estate investment trust will post earnings of $4.30 per share for the quarter, down from their prior forecast of $4.31. The consensus estimate for Public Storage’s current full-year earnings is $16.91 per share. Zacks Research also issued estimates for Public Storage’s Q4 2024 earnings at $4.25 EPS, Q2 2025 earnings at $4.41 EPS, Q4 2025 earnings at $4.44 EPS, Q1 2026 earnings at $4.39 EPS and FY2026 earnings at $18.18 EPS.

Public Storage (NYSE:PSA – Get Free Report) last posted its quarterly earnings results on Tuesday, February 20th. The real estate investment trust reported $2.21 earnings per share for the quarter, missing analysts’ consensus estimates of $4.15 by ($1.94). Public Storage had a return on equity of 36.17% and a net margin of 45.62%. The business had revenue of $1.16 billion for the quarter, compared to the consensus estimate of $1.14 billion. During the same period last year, the firm earned $4.16 earnings per share. The company’s quarterly revenue was up 6.6% on a year-over-year basis.

Several other brokerages also recently commented on PSA. 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. Scotiabank lifted their target price on Public Storage from $267.00 to $270.00 and gave the stock a “sector perform” rating in a report on Monday, March 18th. Barclays lowered their price target on Public Storage from $330.00 to $327.00 and set an “overweight” rating for the company in a report on Monday. Wells Fargo & Company upgraded Public Storage from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $280.00 to $310.00 in a report on Friday, April 5th. Finally, Deutsche Bank Aktiengesellschaft began coverage on shares of Public Storage in a report on Tuesday, January 30th. They set a “sell” rating and a $250.00 target price on the stock. One analyst has rated the stock with a sell rating, four have given a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $304.75.

View Our Latest Research Report on Public Storage

Public Storage Trading Down 0.0 %

NYSE PSA opened at $283.01 on Thursday. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 1.59. 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 $49.73 billion, a PE ratio of 25.70, a P/E/G ratio of 3.95 and a beta of 0.57. The stock has a 50-day simple moving average of $275.04 and a 200 day simple moving average of $278.95.

Public Storage Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, June 27th. Stockholders of record on Wednesday, June 12th will be paid a dividend of $3.00 per share. The ex-dividend date is Wednesday, June 12th. This represents a $12.00 dividend on an annualized basis and a dividend yield of 4.24%. Public Storage’s dividend payout ratio is 108.99%.

Insider Activity

In related news, Director Kristy Pipes purchased 2,149 shares of Public Storage stock in a transaction that occurred on Tuesday, May 14th. The stock was purchased at an average cost of $278.96 per share, with a total value of $599,485.04. Following the completion of the transaction, the director now owns 2,149 shares of the company’s stock, valued at approximately $599,485.04. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 11.00% of the stock is owned by corporate insiders.

Institutional Trading of Public Storage

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Empirical Financial Services LLC d.b.a. Empirical Wealth Management raised its stake in Public Storage by 4.1% in the third quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 1,097 shares of the real estate investment trust’s stock valued at $289,000 after buying an additional 43 shares during the period. Larson Financial Group LLC acquired a new stake in Public Storage during the 3rd quarter valued at $76,000. Truepoint Inc. bought a new position in Public Storage during the third quarter worth $241,000. US Bancorp DE boosted its position in Public Storage by 4.0% during the third quarter. US Bancorp DE now owns 46,092 shares of the real estate investment trust’s stock worth $12,106,000 after purchasing an additional 1,758 shares during the period. Finally, MGO One Seven LLC increased its holdings in shares of Public Storage by 31.4% in the third quarter. MGO One Seven LLC now owns 1,223 shares of the real estate investment trust’s stock valued at $322,000 after purchasing an additional 292 shares during the last quarter. 78.79% of the stock is owned by institutional investors.

Public Storage Company Profile

(Get Free Report)

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.

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