KeyCorp Weighs in on Public Storage’s Q3 2024 Earnings (NYSE:PSA)

Public Storage (NYSE:PSA) – Equities researchers at KeyCorp issued their Q3 2024 EPS estimates for Public Storage in a research report issued on Sunday, September 8th. KeyCorp analyst T. Thomas forecasts 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) last posted its earnings results on Tuesday, July 30th. The real estate investment trust reported $2.66 earnings per share for the quarter, missing the consensus estimate of $4.20 by ($1.54). The firm had revenue of $921.70 million during the quarter, compared to analysts’ expectations of $1.16 billion. Public Storage had a net margin of 44.88% and a return on equity of 36.55%. The firm’s revenue for the quarter was down 1.0% on a year-over-year basis. During the same period in the previous year, the firm posted $4.28 earnings per share.

A number of other research firms have also commented on PSA. Barclays upped their target price on shares of Public Storage from $327.00 to $374.00 and gave the company an “overweight” rating in a report on Thursday, August 22nd. Wolfe Research raised Public Storage to a “strong-buy” rating in a research note on Wednesday, September 4th. Wells Fargo & Company lifted their target price on Public Storage from $310.00 to $320.00 and gave the company an “overweight” rating in a research note on Friday, July 26th. Scotiabank upped their price target on Public Storage from $308.00 to $339.00 and gave the stock a “sector perform” rating in a research note on Thursday, August 22nd. Finally, Citigroup increased their price target on Public Storage from $303.00 to $378.00 and gave the stock a “buy” rating in a report on Friday, August 30th. One research analyst has rated the stock with a sell rating, seven have given a hold rating, six have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, Public Storage currently has a consensus rating of “Moderate Buy” and an average price target of $326.21.

Public Storage Stock Performance

Shares of Public Storage stock opened at $359.12 on Wednesday. The firm’s fifty day simple moving average is $318.81 and its 200-day simple moving average is $292.36. Public Storage has a 12 month low of $233.18 and a 12 month high of $361.23. The stock has a market capitalization of $62.85 billion, a price-to-earnings ratio of 32.62, a PEG ratio of 5.72 and a beta of 0.67. The company has a debt-to-equity ratio of 1.72, a current ratio of 0.93 and a quick ratio of 0.93.

Institutional Investors Weigh In On Public Storage

Several institutional investors have recently modified their holdings of the company. EverSource Wealth Advisors LLC raised its holdings in Public Storage by 107.3% during the fourth quarter. EverSource Wealth Advisors LLC now owns 85 shares of the real estate investment trust’s stock worth $26,000 after purchasing an additional 44 shares during the last quarter. Core Wealth Advisors Inc. purchased a new position in shares of Public Storage in the fourth quarter valued at $30,000. OFI Invest Asset Management acquired a new position in shares of Public Storage during the 2nd quarter worth $32,000. ICA Group Wealth Management LLC purchased a new stake in shares of Public Storage in the 4th quarter worth about $37,000. Finally, Opal Wealth Advisors LLC purchased a new stake in shares of Public Storage in the 2nd quarter worth about $36,000. Hedge funds and other institutional investors own 78.79% of the company’s stock.

Public Storage Announces Dividend

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

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.