Public Storage FY2024 EPS Forecast Reduced by Zacks Research

Public Storage (NYSE:PSA) – Analysts at Zacks Research decreased their FY2024 earnings estimates for shares of Public Storage in a research note issued on Wednesday, November 20th. Zacks Research analyst R. Department now forecasts that the real estate investment trust will post earnings of $16.68 per share for the year, down from their previous forecast of $16.71. The consensus estimate for Public Storage’s current full-year earnings is $16.73 per share. Zacks Research also issued estimates for Public Storage’s Q4 2024 earnings at $4.22 EPS, Q2 2025 earnings at $4.38 EPS and Q4 2025 earnings at $4.35 EPS.

A number of other equities research analysts have also weighed in on PSA. Morgan Stanley boosted their price target on Public Storage from $293.00 to $315.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 2nd. Jefferies Financial Group raised their price target 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. Wells Fargo & Company dropped their price objective on shares of Public Storage from $375.00 to $365.00 and set an “overweight” rating on the stock in a report on Tuesday, November 5th. Bank of America cut Public Storage from a “buy” rating to a “neutral” rating and set a $318.00 price target for the company. in a research report on Monday, August 5th. Finally, Citigroup raised their price objective on Public Storage from $303.00 to $378.00 and gave the stock a “buy” rating in a research note on Friday, August 30th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, six have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $339.64.

Public Storage Stock Up 0.5 %

Shares of PSA stock opened at $337.58 on Friday. The stock’s fifty day moving average price is $343.82 and its 200 day moving average price is $316.69. Public Storage has a 1-year low of $251.49 and a 1-year high of $369.99. The company has a market cap of $59.11 billion, a price-to-earnings ratio of 35.06, a price-to-earnings-growth ratio of 5.59 and a beta of 0.70. The company has a debt-to-equity ratio of 1.77, a current ratio of 0.97 and a quick ratio of 0.97.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. McIlrath & Eck LLC grew its position in shares of Public Storage by 24.6% during the 3rd quarter. McIlrath & Eck LLC now owns 218 shares of the real estate investment trust’s stock valued at $79,000 after acquiring an additional 43 shares during the period. TD Private Client Wealth LLC boosted its position in Public Storage by 2.4% during the third quarter. TD Private Client Wealth LLC now owns 1,695 shares of the real estate investment trust’s stock worth $617,000 after purchasing an additional 39 shares in the last quarter. Sunbelt Securities Inc. grew its holdings in Public Storage by 42.3% in the third quarter. Sunbelt Securities Inc. now owns 919 shares of the real estate investment trust’s stock valued at $334,000 after purchasing an additional 273 shares during the period. Toronto Dominion Bank increased its position in shares of Public Storage by 49.0% in the third quarter. Toronto Dominion Bank now owns 78,471 shares of the real estate investment trust’s stock valued at $28,553,000 after buying an additional 25,805 shares in the last quarter. Finally, Coldstream Capital Management Inc. increased its position in shares of Public Storage by 16.9% in the third quarter. Coldstream Capital Management Inc. now owns 1,993 shares of the real estate investment trust’s stock valued at $718,000 after buying an additional 288 shares in the last quarter. Institutional investors and hedge funds own 78.79% of the company’s stock.

Public Storage Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, December 30th. Investors of record on Friday, December 13th will be given a dividend of $3.00 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $12.00 annualized dividend and a yield of 3.55%. Public Storage’s dividend payout ratio is presently 124.61%.

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.