Public Storage (PSA) to Release Quarterly Earnings on Wednesday

Public Storage (NYSE:PSA) is set to announce its earnings results after the market closes on Wednesday, October 30th. Analysts expect the company to announce earnings of $4.25 per share for the quarter. Public Storage has set its FY24 guidance at $16.50-$16.85 EPS and its FY 2024 guidance at 16.500-16.850 EPS.Investors that are interested in participating in the company’s conference call can do so using this link.

Public Storage (NYSE:PSA) last announced its quarterly earnings results on Tuesday, July 30th. The real estate investment trust reported $2.66 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.20 by ($1.54). The company had revenue of $921.70 million for 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%. Public Storage’s quarterly revenue was down 1.0% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $4.28 EPS. On average, analysts expect Public Storage to post $17 EPS for the current fiscal year and $17 EPS for the next fiscal year.

Public Storage Price Performance

Shares of PSA opened at $336.34 on Monday. The stock has a market cap of $59.10 billion, a PE ratio of 30.55, a price-to-earnings-growth ratio of 4.72 and a beta of 0.68. 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 has a fifty-two week low of $233.18 and a fifty-two week high of $369.99. The firm’s 50-day simple moving average is $347.58 and its two-hundred day simple moving average is $307.22.

Public Storage Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Friday, September 13th were issued a $3.00 dividend. This represents a $12.00 dividend on an annualized basis and a yield of 3.57%. The ex-dividend date of this dividend was Friday, September 13th. Public Storage’s dividend payout ratio (DPR) is presently 108.99%.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the stock. Bank of America cut shares of Public Storage from a “buy” rating to a “neutral” rating and set a $318.00 price objective on the stock. in a report on Monday, August 5th. Jefferies Financial Group upped their price objective on shares of Public Storage from $360.00 to $422.00 and gave the stock a “buy” rating in a report on Wednesday, September 18th. Morgan Stanley upped their price objective on shares of Public Storage from $293.00 to $315.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 2nd. Scotiabank upped their price objective on shares of Public Storage from $308.00 to $339.00 and gave the stock a “sector perform” rating in a report on Thursday, August 22nd. Finally, Wolfe Research upgraded shares of Public Storage to a “strong-buy” rating in a report on Wednesday, September 4th. One analyst has rated the stock with a sell rating, six have assigned a hold rating, six have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $340.93.

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.