Public Storage Expected to Post FY2023 Earnings of $16.78 Per Share (NYSE:PSA)

Public Storage (NYSE:PSA – Get Rating) – Equities researchers at KeyCorp decreased their FY2023 earnings per share (EPS) estimates for Public Storage in a research note issued to investors on Sunday, March 12th. KeyCorp analyst T. Thomas now anticipates that the real estate investment trust will post earnings of $16.78 per share for the year, down from their previous forecast of $17.36. The consensus estimate for Public Storage’s current full-year earnings is $16.78 per share. KeyCorp also issued estimates for Public Storage’s Q1 2024 earnings at $4.19 EPS, Q2 2024 earnings at $4.40 EPS, Q3 2024 earnings at $4.46 EPS, Q4 2024 earnings at $4.45 EPS and FY2024 earnings at $17.50 EPS.

Separately, Raymond James downgraded Public Storage from an “outperform” rating to a “market perform” rating in a research report on Monday, January 9th. Six research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat, Public Storage presently has a consensus rating of “Hold” and a consensus price target of $368.91.

Public Storage Stock Up 0.4 %

Public Storage stock opened at $287.64 on Tuesday. The business has a fifty day moving average of $295.34 and a two-hundred day moving average of $297.36. The company has a quick ratio of 1.51, a current ratio of 1.51 and a debt-to-equity ratio of 1.18. The firm has a market cap of $50.56 billion, a P/E ratio of 12.25, a P/E/G ratio of 2.22 and a beta of 0.44. Public Storage has a twelve month low of $270.13 and a twelve month high of $421.76.

Public Storage (NYSE:PSA – Get Rating) last announced its earnings results on Tuesday, February 21st. The real estate investment trust reported $2.06 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.99 by ($1.93). The business had revenue of $1.09 billion for the quarter, compared to analysts’ expectations of $1.07 billion. Public Storage had a net margin of 101.60% and a return on equity of 72.77%. The firm’s quarterly revenue was up 17.8% on a year-over-year basis. During the same quarter last year, the firm earned $3.54 EPS.

Public Storage Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, March 30th. Stockholders of record on Wednesday, March 15th will be given a dividend of $3.00 per share. This is a boost from Public Storage’s previous quarterly dividend of $2.00. This represents a $12.00 annualized dividend and a dividend yield of 4.17%. The ex-dividend date is Tuesday, March 14th. Public Storage’s payout ratio is 34.06%.

Institutional Investors Weigh In On Public Storage

Several institutional investors have recently modified their holdings of the company. Mather Group LLC. increased its stake in shares of Public Storage by 29.8% during the fourth quarter. Mather Group LLC. now owns 1,333 shares of the real estate investment trust’s stock worth $374,000 after acquiring an additional 306 shares during the period. Smithbridge Asset Management Inc. DE purchased a new stake in shares of Public Storage in the fourth quarter valued at about $697,000. Trust Investment Advisors purchased a new position in shares of Public Storage during the fourth quarter valued at approximately $1,362,000. Natixis lifted its stake in shares of Public Storage by 136.8% during the fourth quarter. Natixis now owns 144,488 shares of the real estate investment trust’s stock valued at $40,484,000 after buying an additional 83,459 shares during the period. Finally, Bbjs Financial Advisors LLC purchased a new position in shares of Public Storage during the fourth quarter valued at approximately $465,000. 77.88% of the stock is owned by hedge funds and other institutional investors.

About Public Storage

(Get Rating)

Public Storage operates as a real estate investment trust, which engages in acquiring, developing, owning and operating self-storage facilities. It operates through the following segments: Self-storage Operations, Ancillary Operations, and Other Items. The Self-storage Operations segment reflects the rental operations from all self-storage facilities.